July Dodd-Frank Progress Report

July Dodd-Frank Progress Report Dodd-Frank was signed into law in 2010. The Dodd-Frank Act created the Consumer Financial Protection Bureau (CFPB). The CFPB was founded in July of 2011. The Dodd-Fank Act gave the CFPB rulemaking authority. Davis Polk has just released its progress report on that rulemaking progress. There are 390 total rulemaking requirements in the Dodd-Frank Act. These … [Read more...]

Kevin W Hardin

Kevin W Hardin BIO The Mortgage Mediation Group assists homeowners, attorneys, realtors, loan officers, and other professionals with issues related to Mortgages. These issues may be Credit Report Errors, Short Sale, Loan Modification, Foreclosure, Deficiency, RESPA, TILA and Post Foreclosure-related claims under the California Homeowner Bill of Rights. Kevin W Hardin is the Specialized … [Read more...]

CFPB Trid Rule Correction

CFPB Monitor - TRID rule technical correction? TRID rule technical correction? Posted: 10 Feb 2016 06:58 AM PST Richard J. Andreano, Jr. In today’s Federal Register the CFPB published a correction to the TILA/RESPA Integrated Disclosure (TRID) rule supplementary information as published on December 31, 2013 with regard to property taxes and certain similar … [Read more...]

CFPB Is Not Self Funded

CFPB Is Not Self Funded If the CFPB is not self funded, then how are they funded? I have been to many a presentation by various parties in the real estate industry that represent that the CFPB is self funded, however the CFPB is not self funded. Let's start with how they came into existence. You can read the long version at the The CFPB strategic plan, budget, and performance plan and … [Read more...]

Steering Consumers to Higher Interest Rates Costs Mortgage Company $19 Million

CFPB Orders RPM Mortgage to Pay $19 Million for Steering Consumers Into Costlier Mortgages It appears that mortgage companies and loan officers still do not grasp the full extent of the Consumer Financial Protection Bureau's (CFPB) effort to protect consumers from higher loan costs from steering consumers into higher interest rates. The CFPB announced today new fines for RPM Mortgage. The … [Read more...]

PAY-TO-PLAY MORTGAGE KICKBACK SCHEME

PAY-TO-PLAY MORTGAGE KICKBACK SCHEME   It seems like every day we are hearing about another enforcement action by the CFPB. This time it was against a Title Company and Mortgage Loan Officers. See announcement from the CFPB here Their scheme is being called a Pay-To-Play Mortgage Kickback Scheme. They knew it was wrong and illegal, if not, why did they create separate companies to … [Read more...]

Loan Officer Compensation

Loan Officer Compensation We discuss the Consumer Financial Protection Bureau's (CFPB) results of examinations of mortgage companies and their compliance with the loan officer compensation rule. Every 6 months the CFPB releases its Supervisory Highlights. This is a summary of actions taken, by the CFPB, when violations have been discovered. From July 2014 through December 2014 the CFPB … [Read more...]

Marketing Services Agreements

Marketing Services Agreements Marketing Services Agreements are dying a slow death. I have already discussed this issue in two of my previous posts. The first one concerned Lighthouse Title and the next one was concerning Wells Fargo and Chase. In each case the CFPB made itself very clear how it intends to interpret and enforce RESPA Section 8(a) and 8(b). You can read those regulations at 24 CFR … [Read more...]

CFPB Takes Action Against Wells Fargo and JPMorgan Chase For Illegal Kickbacks

CFPB Takes Action Against Wells Fargo and JPMorgan Chase For Illegal Kickbacks CFPB took action today against Wells Fargo and JPMorgan Chase for illegal marketing services arrangements i.e illegal kickbacks. Copy of complaint. The consent orders, filed today, "would require $24 million in civil penalties from Wells Fargo, $600,000 in civil penalties from JPMorgan Chase, and $11.1 million in … [Read more...]

NAR Sends Letter To CFPB On Mini Correspondent Business

NAR Sends Letter To CFPB On Mini Correspondent Business On september 30th, we found out that NAR sends letter to CFPB on mini correspondent business. I had previously reviewed CFPB's position on this, in our blog post, on July 14, 2014 of this year.The National Association of Realtors' ( NAR's) position is that any move by the CFPB would limit access to financing for consumers. I agree with … [Read more...]