Patrice Ficklin appointed to interagency mortgage appraisal task force; Maine updates mortgage servicer definition; states take action on RON; GreenSky to refund $9 million in unauthorized loans.
Six months after leaving the bureau, former CFPB Director Kathy Kraninger has some advice for companies: Have a process in place for identifying mistakes before the bureau and state examiners do so.
Mortgage lender/servicer violations including redlining, compensation based on product type, deceptive waivers and misrepresentations regarding foreclosure timelines were reported.
The Hartford, CT-based firm is accused of using unlicensed employees to engage in mortgage origination activities in violation of the Truth in Lending Act. The bureau is seeking injunctions against the defendants, as well as damages, redress and penalties.
One of the biggest issues mortgage lenders will face is implementing changes to the general qualified-mortgage rule, which has a mandatory compliance date of July 2021.
Citing existing mortgage regulations at the federal level, the Urban Institute said it might be most appropriate for the FHFA or the Federal Reserve to regulate nonbank mortgage servicers.
Names of possible successors to Kathy Kraninger include two from Sen. Elizabeth Warren’s inner circle: Rep. Katie Porter and FTC Commissioner Rohit Chopra.
Is Onity Group eyeing a sale? Perhaps. And why not? Servicing values are approaching a 25-year high.
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