Mortgage Brokers to CFPB Official, Loud and Clear: Please Resign

The message sent this week from the National Association of Independent Housing Professionals to the Consumer Financial Protection Bureau’s Deputy Director Raj Date is clear and simple: Resign. The association has called for Date’s resignation in light of comments he made at two separate mortgage and banking industry associations—comments that NAIHP says “attack mortgage brokers.” […]

CFPB Targets Senior Financial Fraud, Questions “Expert” Designations

The Consumer Financial Protection Bureau today announced a specific initiative aimed toward protecting older Americans from deceptive financial practices and abuse. The effort includes an examination of professionals who are deemed designated as the best advisors for seniors.  Citing $2.9 billion lost to the “silent crime” of financial exploitation of older Americans, CFPB Director Richard […]

Lenders to CFPB: Exempt FHA Loans from LO Comp Battle

As the Consumer Financial Protection Bureau gathers information in the process of developing a new rule in loan originator compensation, one industry trade group is making an alternative suggestion: Forget about LO comp rules for Fannie Mae, Freddie Mac and Federal Housing Administration loans.  The agency has exemption authority to deem certain types of loans […]

In New Meetings with CFPB, Mortgage Lenders Find More Questions than Answers

Mortgage industry representatives have been meeting with CFPB officials to talk about uncertainties and concerns regarding the CFPB’s plans to establish new loan originator compensation rules. This week, through two conference calls, 19 mortgage representatives met with the agency in an effort to get some answers. But what they found instead were more questions. “I […]

Five Federal Agencies to Cooperate on Oversight of Large Financial Institutions

Five federal agencies announced today an understanding of the way they will work together to supervise large insured depository institutions specified as having more than $10 billion in assets and their affiliates.  Under Dodd-Frank, the Consumer Financial Protection Bureau and “prudential” regulators—The Federal Reserve Board, Federal Deposit Insurance Corporation, National Credit Union Administration and Office […]

CFPB Meets with Fed, Industry On Loan Officer Compensation and Audit Plans

Consumer Financial Protection Bureau officials met last week with Treasury Department representatives on the topic of loan originator compensation. Those in attendance reported that the CFPB’s flat-fee compensation plans are a “done deal,” and National Mortgage News’ Paul Muolo summed it up late last week:  Roughly 18 representatives of the residential lending industry sat around […]

CFPB Says it Will Now Examine Companies Posing “Risk” to Consumers

The Consumer Financial Protection Bureau announced last week that it is proposing a rule to supervise non-banks it deems as posing risk to consumers.  In addition to its supervision of certain types of financial companies, including all mortgage lenders, the Bureau is now ramping up efforts on the segment of companies it determines somehow pose […]

Is the CFPB Creating a “Seismic Shock” Through LO Comp Rule Making?

The question of the Consumer Financial Protection Bureau’s take on the way in which loan originators are compensated has sparked conversation this week following an outline of the CFPB’s plans for upcoming rule making which would place controls on discount points, origination fees and broker compensation.  “The Consumer Financial Protection Bureau (CFPB) is considering putting […]

CFPB To Mortgage Originators: We Hear Your Compensation Concerns

The Consumer Financial Protection Bureau says it is listening to mortgage industry feedback in its loan originator compensation rule making. A federal official told industry members Tuesday that its recent rule making discussion is far from final, according to a report from National Mortgage News. Additionally, the CFPB says it will consider industry input as […]

CFPB Wants New Mortgage Origination Rules on Points, Fees

The Consumer Financial Protection Bureau announced Wednesday that it will be making new rules for all mortgage originators. The rules target the point-fee structure mortgage originators use and set certain qualification and screening standards for bank and non-bank originators. “Mortgages today often come with so many different types of fees and points that it can […]