Heard that one before and it usually means trouble. This time it could be true. CFPB has launched a site to provide Realtors with information about the new TRID disclosures, their use and benefits to the consumer (Know Before You Owe). The information is intended to educate Realtors on what has changed, what information a lender needs to provide a…
Under Dodd-Frank, the CFPB is required to conduct a study of the mortgage arbitration process and its effects on consumers. Interestingly, a study of the CFPB report on arbitration done by the Mercatus Center at Georgia University found the CFPB’s own findings do not support the need for them to meddle in the current arbitration process (Arbitration). Once more it…
The CFPB has been reporting on consumer complaints for the past few tears, this is not new. However, they are now expanding this reporting to provide more specifics on the types of complaints received, and the companies receiving the most complaints (Complaints). You can read this article for all the gory details. What does this mean for lenders? First and…
As a follow-up to my prior post about CFPB’s birthday, here’s a new one. CFPB is giving the industry a present. Today, CFPB issued the final rule on the extension of the implementation date for TRID. It’s official! The new date is now, Saturday, October 3, 2105 (TRID Start Date). Ain’t that nice? It doesn’t stop there. The final rule…
While many breweries offer their seasonal beers, the CFPB chooses to issue its seasonal report of the general results of audits performed. They recently issued their Summer version of their Supervisory Highlights providing information on audits performed between January and April of 2015. The effect is quite different; CFPB’s report is sobering, while the beer on the other hand…you get…
This goes under the “Are you kidding me?” category. CFPB has filed an order for RPM Mortgage, a California lender, to pay $19 million dollars in fines; $18 million as rebates to harmed consumers and $1 million in civil money penalties. They also ordered RPM’s CEO, Erwin Robert Hirt, to personally pay an additional $1 Million civil penalty. The total…
