Posts on mortgage compliance and industry regulation including TRID, HMDA, and MERS.
In case you weren’t aware (and you should be), the CFPB is at it again. This time they propose to institute a system to allow consumers to rate the service they received from lenders when handling their complaints. (Complaints) Once the complaint is closed, the consumer could rate the lender with a score of 1 to 5 (1 being the…
With the election and the economy supposedly improving, the Fed raised rates in December. That was expected. With that raise also came an increase in mortgage rates. That was also expected. However, now that things have settled down a little, mortgage rates have once again come down a little. According to Freddie Mac, the 30-year fixed rate dropped to 4.12%,…
If you’re football fan, you saw a great college football game that decided the National Champion on Monday night. Alabama is considered to be the best college football team in the nation. Some believe they are good enough to compete with some pro teams. Don’t tell that to Clemson. They beat Alabama 35-31 in a hard-fought game that went down…
And it ain’t Auld Lang Syne. The Department of Justice (DOJ) isn’t quite finished yet. They recently settled with Troy, Michigan lender United Shore Financial Services (USFS) to the tune of $48 million. This may be music to their ears, but surely not to United Shore’s. It is important to note that this settlement was the result of an investigation…
It sounds a little strange. A policy created for no action. It outlines what companies must do to determine if CFPB will not take, or is not contemplating taking, supervisory or regulatory action pertaining to a specific financial product to be offered to consumers (No Action.) Pretty good deal. It’s like when you play Monopoly and you pull the get…
Don’t look now but among all the talk of the new Trump administration’s defanging of the CFPB, the CFPB has fined three Reverse Mortgage lenders for deceptive advertising. According to CFPB all three, American Advisors, Reverse Mortgage Solutions, and Aegean Financial used inaccurate advertising to promote their reverse mortgage product to unsuspecting seniors. That’s no so nice. According to statements…
