“We think the new administration will be aggressive and, quite frankly, willing to press the boundaries, since they can’t really know the limits of their authority unless they test it.”
With many COVID-19 mortgage forbearance programs winding down, the CFPB and the Department of Justice today sent letters to mortgage servicers reminding them of service member and veteran mortgage borrowers’ rights under federal laws and regulations, including the CARES Act, the Servicemembers Civil Relief Act, Regulation X and Regulation Z.
The CFPB today issued a “Supervisory Highlights” report focusing on examiner observations of several financial products conducted between January and June of 2021.
Federal Reserve Governor Michelle Bowman remains “concerned about some of the differences in the prudential oversight of banks and nonbank” mortgage servicers, she said in a speech today.
The Federal Housing Administration in recent days posted draft updates for comment on the defect taxonomy for servicing loan reviews, which is used to identify loan-level defects and remedies for these shortcomings.
The American Bankers Association today wrote to Ginnie Mae in response to a recent request for input on eligibility requirements for single-family mortgage-backed securities issuers.
The American Bankers Association and two other banking trade groups urged the FDIC yesterday to address concerns about proposed changes to regulations regarding deposit insurance rules for revocable trusts, irrevocable trusts and mortgage servicing accounts.
The Consumer Financial Protection Bureau today released a report highlighting data collected from 16 bank and non-bank mortgage servicers between Dec. 2020 and April 2021.
Customer satisfaction with mortgage servicers industrywide increased six points to 787 on a scale of 1,000 during the pandemic, according to the J.D. Power 2021 Primary Mortgage Servicer Satisfaction Study released today.
As advocated by American Bankers Association, the Conference of State Bank Supervisors today published model state regulatory prudential standards for nonbank mortgage servicers.