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.)
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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.
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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.”
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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.
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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.
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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.
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Federal banking agencies reviewing regulations; CFPB countersues lease-to-own company; the bureau considers penalties against Equifax; lawsuit against CFPB credit card late fee rule to stay in Texas; lenders seek more time to comply with Section 1033 rule.
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