The Justice Department and the Consumer Financial Protection Bureau in a recent court filing said the agency’s past enforcement actions can survive even if the U.S. Supreme Court finds its structure unconstitutional.
Read More
Congress is mulling legislation that would allow lenders to rely on technical standards other than Appendix Q to determine a borrower’s debt-to-income ratio under the ability-to-repay rule. The move is aimed at mitigating the risk from the expiration of the qualified-mortgage patch.
Read More
The Pennsylvania Department of Banking and Securities unveiled six enforcement actions during the third quarter against licensed mortgage lenders for operating a servicing business without a license.
Read More
A district court not convinced that the CFPB’s structure is unconstitutional declined to drop a case filed by the bureau against Ocwen Financial Corp. over alleged mortgage servicing failures.
Read More
The House Financial Services Committee passed eight bills on debt collection, including prohibiting the CFPB from issuing any rule that would allow collectors to contact borrowers with unlimited text messages and emails.
Read More
A district judge in Wisconsin ordered two now-defunct mortgage relief firms and their principals to pay $59 million over foreclosure abuses. The payment includes $21.7 million in consumer restitution and a $37.3 million fine.
Read More
The bureau issued an interpretive rule that certain screening and training requirements under the Secure and Fair Enforcement for Mortgage Licensing Act do not apply to loan originators with temporary authority.
Read More