Servicing issues remained the top type of mortgage-related complaint received by the CFPB. The only mortgage category to see an increase in complaints was loan applications. (Includes two data tables.)
While updates to Regulation X are needed, many of the bureau’s proposed changes will create limitations or additional challenges for mortgage servicers, according to industry experts.
The regulators clarified that the final document is intended to be limited to “real estate-related financial transactions that are secured by a single 1-to-4 family residential property.”
A recent Supreme Court ruling that in-house adjudications seeking civil penalties entitle the defendant to a jury trial will have an impact on how the CFPB uses administrative proceedings.
The Office of the Comptroller of the Currency is reviewing its 2020 interpretation of preemption under the Dodd-Frank Act to see if any updates are needed, according to Acting Comptroller Michael Hsu.
The bureau said some companies may be in violation of the CFPA if they include language in their non-disclosure agreements that discourage employees from reporting illegal misconduct.