Industry watchers believe mortgage servicers have a lot on their plate this year in terms of compliance with CARES Act forbearance, state-level relief guidance and limitations on foreclosures.
The task force said Congress should authorize the bureau to issue federal licenses to non-depositories that provide lending services. But any proposal to preempt state licensing laws will face significant pushback.
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.
After dropping sharply in March, new mortgage applications spiked while other consumer credits struggled to find their footing, according to new research from the CFPB.
To offer legally compliant SPCPs, financial institutions must have a written plan in place that identifies the class of persons the program is designed to benefit. And there’s more…
The Mortgage Bankers Association has drafted a model bill for state regulators to provide regulatory flexibility allowing mortgage loan originators to work from home, with prescribed regulator standards for consumer and data protection.