By Ryan Schuette | 02/21/2012
The Consumer Financial Protection Bureau took steps Tuesday to engage mortgage lenders by forming a small business panel to review the integration of mortgage disclosure requirements into a single uniform document. The Dodd-Frank Act obligates the bureau to streamline conflicting rules and statutory requirements from the Real Estate Settlement Procedures Act and Truth-in-Lending Act. The CFPB billed the panel as a way to increase transparency with mortgage lenders.
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By Ryan Schuette | 01/12/2012
The Consumer Financial Protection Bureau published procedures Thursday for examiners responsible for taking a look at underwriting risk for borrowers in connection with mortgage originators, brokers, and nonbank financial entities. The CFPB's 23-page Mortgage Origination Examination Procedures assign examiners to look into bad appraisal forms, deteriorations in underwriting standards, independence in mortgage industry professionals, and – not least – the ability of borrowers to repay their mortgage loans.
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By Ryan Schuette | 01/05/2012
The Consumer Financial Protection Bureau made clear Thursday that it will exercise its full authority to supervise a host of nonbank financial entities, with mortgage originators, brokers, servicers, and others in plain view. The bureau, newly empowered by Richard Cordray’s recess appointment Wednesday, offered up a video in which the new director addressed a virtual audience Thursday. The bureau released an 800-plus-page manual for nonbank examiners detailing their examination procedures, which focus on an entity’s volume of business, services, and products.
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By Ryan Schuette | 11/29/2011
The Consumer Financial Protection Bureau will clarify and hone rules from 18 consumer financial laws it arrogated from seven federal regulatory agencies in July.
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