The outage of Ellie Mae's Encompass systems at the end of the first quarter appears to be due to a malfunction on Ellie Mae's end, not a malicious attack.
Mortgage-related complaints to the CFPB as of the first quarter of 2014 were down significantly compared with the previous year, though they increased compared with the fourth quarter of 2013.
In a statement submitted for the record to the House Financial Services Committee last week, the Mortgage Bankers Association said it remains concerned that the CFPB’s ability-to-repay rule could unduly tighten mortgage credit for a significant number of creditworthy families who seek to buy or refinance a home. To improve the rule, the MBA rattled off a handful of suggestions, the first of which was to establish cure procedures. “The CFPB should adopt rules allowing lenders to cure calculation errors and other processing mistakes made while attempting to meet the qualified mortgage requirements,” the trade group said. “Without such procedures, lenders will be forced to avoid transactions at the boundaries of the points-and-fees cap, debt-to-income limits and the annual percentage...