Much of the conversation over the past few weeks following the election of Joe Biden to the White House has focused on the bureau’s mortgage-related actions.
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The CFPB’s latest financial report reveals a 9.4% increase in the agency’s spending in fiscal year 2020 driven by a 5.2% growth in its workforce.
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Some 279,000 mortgage borrowers who were current before the pandemic struck are now delinquent but not in forbearance, according to the CFPB.
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The changes under the final debt collection rule, such as call frequency limitations, will impact the operation of certain mortgage servicers who are now deemed FDCPA debt collectors.
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Mortgage trade groups are asking the CFPB to expressly permit servicers, in the case of escrow shortage, to include a lump-sum repayment option in account statements.
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One of Seila Law’s arguments was that the CID cannot be ratified because the applicable three-year statute of limitations had expired. The court, however, said the time bar only applies to lawsuits.
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For 2021, the appraisal exemption threshold for higher-priced mortgages remains unchanged at $27,200, according to a joint announcement by the CFPB, the Federal Reserve Board and the OCC.
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The CFPB halts reorganization of its supervision, enforcement and fair lending division; the bureau refuses to rescind a policy regarding credit reporting agencies.
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It will be the 11th issuance of its type by loanDepot.
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