After three quarters of steady declines, the number of mortgage-related complaints received by the CFPB rose again in the first quarter of 2022. Mr. Cooper Group was the most frequent target of customer ire. (Includestwo data charts.)
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Although CFPB Director Rohit Chopra’s tenure so far has been unusually quiet on the mortgage front, industry attorneys and executives said other actions indicate there’s enforcement on the horizon.
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Industry trade groups believe the request for information is unwarranted as fees on consumer financial products and services are already backed by adequate disclosure requirements.
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The denial rate on applications for refinances increased in 2021, while the purchase-mortgage denial rate declined. For both categories, inadequate debt-to-income ratios were the main reason for denials. (Includes two data charts.)
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The CFPB names banks reporting the most overdraft fee and non-sufficient fund revenue in 2021; the bureau is examining transcript withholding as a debt collection practice; complaints relating to medical bills.
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The creation of a U.S. sovereign wealth fund could grease the skids for an end to the conservatorships of Fannie Mae and Freddie Mac.
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