CFPB updates HMDA reporting guidance

On July 19, 2017, the CFPB issued HMDA Loan Scenarios to provide additional guidance to the industry on reporting transactions under the revised HMDA rule. Most provisions from the revised rule will take effect on January 1, 2018. The guidance, which is provided as an illustrative aid to help financial institutions prepare their Home Mortgage Disclosure [...]

By | 2017-07-19T23:36:45+00:00 July 19th, 2017|0 Comments

CFPB finalizes amendments to mortgage disclosure rule

Today, the CFPB officially released the finalized updates to its “Know Before You Owe” mortgage disclosure rule, also known as the TILA-RESPA Integrated Disclosure Rule (TRID). According to the Bureau’s press release, the new amendments are intended to “formalize guidance in the rule, and provide greater clarity and certainty.” TRID first took effect in [...]

By | 2017-07-07T21:39:41+00:00 July 7th, 2017|0 Comments

Prospect Mortgage hit with $4 million fine for mortgage lending violations

On July 3, 2017, the Department of Justice (DOJ) announced that Prospect Mortgage will pay approximately $4,157,000 to settle allegations the company committed civil mortgage fraud by underwriting mortgages that did not comply with Federal Housing Administration (FHA) standards. According to the DOJ, the California-based mortgage lender engaged in fraud carried out against the Direct [...]

By | 2017-07-07T22:09:15+00:00 July 5th, 2017|0 Comments

CFPB issues implementation guidance for mortgage servicing rules

On June 27, 2017, the CFPB released two documents relating to the 2016 amendments to the 2013 mortgage rules under the Real Estate Settlement Procedures Act (Regulation X) and the Truth in Lending Act (Regulation Z), collectively known as the 2016 Mortgage Servicing Final Rule. The first document contained technical, non-substantive corrections to the [...]

By | 2017-06-28T17:52:42+00:00 June 28th, 2017|0 Comments

Mortgage relief law firm to pay CFPB $39 million in settlement

On Wednesday, a Wisconsin federal judge approved a $39 million judgment against a now-defunct mortgage assistance relief law firm. The settlement resolves CFPB claims that The Mortgage Law Group LLP took advantage of struggling homeowners by tricking them into pay significant fee for loan modification assistance and other services that they never received. The [...]

By | 2017-06-24T15:40:46+00:00 June 23rd, 2017|0 Comments

20 states, CFPB take action against Ocwen for mortgage servicing violations

Last week, over 20 state mortgage regulators issued joint cease-and-desist orders to Ocwen Financial and Ocwen Loan Servicing for alleged widespread issues with consumer escrow accounts and allegations that Ocwen and its subsidiaries were conducting “willful and ongoing unlicensed activity” in certain states. A committee of state mortgage regulators, called the Multi-State Mortgage Committee, agreed to [...]

By | 2017-04-24T06:42:29+00:00 April 24th, 2017|0 Comments