CFPB lays pathway to compliance for lenders, servicers

Written by Shereefat Balogun, Regulatory Compliance Counsel. On August 4, 2016, the CFPB amended its mortgage servicing requirements. Since then, NAFCU has been combing through and analyzing the 900+ page rule to help our members better understand the changes and new requirements. We have already blogged on the changes relating to Successors in Interest, Force-Placed Insurance, and Loss.

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In other words, smart lenders know that the more things change, the more they stay the same. And for countless organizations, that means continuing to invest as much or more in compliance, as we learned at our recent webinar with the American Financial Services Association, Regulatory Alphabet Soup: As the CFPB evolves, who’s watching lenders now?

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The CFPB rules also define a new class of mortgages for which borrowers who qualify are presumed to be able to repay. These mortgages are called "Qualified Mortgages" or "QMs." QMs are designed to be safer and easier to understand than many of the loans consumers got in the lead-up to the financial crisis. Any lender who

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What is CFPB Compliance for Realtors? The term CFPB compliance can come across as a little misleading. The CFPB isn’t a set of regulations, but a regulatory agency that enforces a wide range of laws. Many cfpb enforcement actions focus on banks and mortgage lenders, not on realty companies.

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Oversight of mortgage servicers is under way by the new Consumer Financial Protection Bureau, launched on July 21. Under Dodd-Frank, the CFPB will follow its Mortgage Servicing Oversight Manual, released today as part of a larger supervision manual it will use to enforce consumer financial protection today and in the years to come.

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LENDERS COMPLIANCE GROUP is the first full-service, mortgage risk management firm in the country, specializing exclusively in residential mortgage compliance and offering a full suite of services in residential mortgage banking for banks and non-banks. We are pioneers in outsourcing solutions in residential mortgage compliance.

Fannie Mae announces sweeping program for mortgage lender freedom from penalties; Freddie could take more than a decade to unload REO inventory; Deutsche Bank analysts expect pressure to extend HARP; Fremont Unloads $4 Billion in Whole Loans; Categories. Home Loans; Archives. June 2019; May 2019

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