CFPB Official Discusses New Servicing Rules

first_img Share Save Data Provider Black Knight to Acquire Top of Mind 2 days ago Home / Featured / CFPB Official Discusses New Servicing Rules September 25, 2014 1,122 Views Servicers Navigate the Post-Pandemic World 2 days ago Demand Propels Home Prices Upward 2 days ago A recurring theme during many of the six labs at the Five Star Conference earlier this week was compliance and how it has changed the mortgage and real estate industries in the last few years.The laws are constantly changing, however, making compliance an even further complicated issue. Laurie Maggiano, a program manager for servicing and secondary markets at the Consumer Financial Protection Bureau (CFPB), was on hand to discuss the ever-changing world of mortgage servicing statutes for the “CFPB’s National Servicing Standards – Update Session” section of the FSC Compliance Lab on September 15.”Mortgage servicing in 2014 isn’t NASCAR where you direct your staff around a predicable track repeating the same steps over and over,” Maggiano said. “To a great extent it is like a rodeo with state and federal regulators changing the rules of engagement; bank and non-bank servicers competing for product and investors so risk averse that it is surprising there are any new loans coming out of the chute. It is a demanding but also an exciting and creative time to be in this business.”Maggiano presented four new actions that have either recently been enacted or are pending with comments welcome. The first was the Interpretive Rule on Successors in Interest e, which was published on July 8. The Ability to Repay or ATR rule which became law last January is intended to stop consumers from assuming debt they cannot repay and applies to new originations and mortgage assumptions. The Interpretive Rule was added to give an exemption from the ATR rule to successors in interest who inherit a property’s title but are not listed on the mortgage, such as divorced or surviving spouses.The second action that Maggiano discussed was the Publication of Consumer Complaint Narratives, which was proposed on July 17 with comments due September 22. This proposal involves expanding the existing consumer complaint  database to include the text of consumers’  complaints against financial institutions. While the CFPB says such a rule will benefit consumers by providing them with necessary information and will result in more transparency among financial institutions, some analysts have criticized this rule; since there is no way to verify the allegations made in the complaints, the CFPB may in some cases be publishing unfounded grumblings of disgruntled individuals.The third rule brought up was the Home Mortgage Disclosure Act (HMDA) Proposed Rule, which was issued on July 28 and is taking comments until October 22. Some of the proposed new HMDA data fields were was  required by the Dodd-Frank Reform Act in 2010, but the CFPB would also be expanding the reporting by adding some data fields. The new rule would also standardize reporting between large and small banks. The Servicing Transfer Bulletin, which was published on August 19, was the fourth action Maggiano discussed. While it is not the purpose of CFPB to inhibit transfers, she said, the purpose of this rule is to ensure that borrowers, especially those in the process of loss mitigation, are not harmed in any way by a mortgage loan transfer over which they have no control.Indeed, the summer of 2014 was a busy one for updating CFPB laws and proposing new ones, which is bound to keep servicers on their toes as far as compliance goes.”As you can see by the pace of change in just the past two, quiet, lazy months of summer, when you might expect that Washington shuts down and goes home, servicing policy is dynamic and fast paced,” Maggiano said. CFPB Official Discusses New Servicing Rules  Print This Post Previous: Wells Fargo’s J.K. Huey Receives 2014 Five Star Lifetime Achievement Award Next: Underwater Rate Dips; Borrower Equity Jumps by $1 Trillion Brian Honea’s writing and editing career spans nearly two decades across many forms of media. He served as sports editor for two suburban newspaper chains in the DFW area and has freelanced for such publications as the Yahoo! Contributor Network, Dallas Home Improvement magazine, and the Dallas Morning News. He has written four non-fiction sports books, the latest of which, The Life of Coach Chuck Curtis, was published by the TCU Press in December 2014. A lifelong Texan, Brian received his master’s degree from Amberton University in Garland. About Author: Brian Honea Demand Propels Home Prices Upward 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days agocenter_img Tagged with: CFPB Compliance Five Star Conference Home Mortgage Disclosure Act mortgage servicing Servicers Navigate the Post-Pandemic World 2 days ago Sign up for DS News Daily Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Best Markets For Residential Property Investors 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Related Articles The Week Ahead: Nearing the Forbearance Exit 2 days ago The Best Markets For Residential Property Investors 2 days ago in Featured, Government, Headlines, News CFPB Compliance Five Star Conference Home Mortgage Disclosure Act mortgage servicing 2014-09-25 Brian Honea Subscribelast_img read more

HUD Issues New CARES-Act Flexibilities

first_img Related Articles Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago September 9, 2020 1,907 Views  Print This Post United States Department of Housing and Urban Development (HUD) Secretary Ben Carson today announced new requirements and flexibility for the $3.96 billion provided to states and local governments for the Emergency Solutions Grants Program under the CARES Act (ESG-CV). The notice details requirements for the additional ESG-CV funds provided to communities to help prevent, prepare for, and respond to the coronavirus pandemic.This announcement comes in addition to one last week in which Carson urged localities to utilize these same grants to help homeowners and/or renters facing eviction.“President Trump and the Department have been working hard since the onset of this pandemic to ensure that localities are properly equipped with the funding and resources necessary to keep the American people safe,” said Secretary Carson. “These flexibilities allow local governments to tailor CARES Act funds to the unique needs of their community. Through President Trump’s leadership we are making significant headway in combating this invisible enemy and returning the country to economic prosperity.”Key flexibilities and requirements found in the notice:New eligible activities for ESG-CV funds and annual ESG allocations used to prevent, prepare for, and respond to coronavirus, including new types of temporary emergency shelters and landlord incentives.Discretion beyond what is permitted in the ESG regulations for ESG-CV funds and annual ESG allocations used to prevent, prepare for, and respond to coronavirus, including paying for hotel costs for individuals currently being assisted by ESG or CoC programs as necessary to quarantine or isolate.Extending the obligation deadline for recipients, and establishing revised expenditure deadlines for ESG-CV funds.For more information on HUD’s COVID-19 response, including requirements for ESG-CV funds, please visit the website. HUD Issues New CARES-Act Flexibilities 2020-09-09 Christina Hughes Babb Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Home / Daily Dose / HUD Issues New CARES-Act Flexibilities About Author: Christina Hughes Babb Previous: Despite Aid, Some Borrowers Still Unable to Pay Bills Next: California Wildfires Have Burned 2 Million Acres Sign up for DS News Daily Servicers Navigate the Post-Pandemic World 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago The Best Markets For Residential Property Investors 2 days ago The Best Markets For Residential Property Investors 2 days ago in Daily Dose, Featured, Government, News Servicers Navigate the Post-Pandemic World 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Share Save Demand Propels Home Prices Upward 2 days ago Christina Hughes Babb is a reporter for DS News and MReport. A graduate of Southern Methodist University, she has been a reporter, editor, and publisher in the Dallas area for more than 15 years. During her 10 years at Advocate Media and Dallas Magazine, she published thousands of articles covering local politics, real estate, development, crime, the arts, entertainment, and human interest, among other topics. She has won two national Mayborn School of Journalism Ten Spurs awards for nonfiction, and has penned pieces for Texas Monthly, Salon.com, Dallas Observer, Edible, and the Dallas Morning News, among others. Demand Propels Home Prices Upward 2 days ago Subscribelast_img read more

Police appeal after Derry assault and robbery

first_imgNewsx Adverts Google+ By News Highland – March 8, 2012 Almost 10,000 appointments cancelled in Saolta Hospital Group this week Twitter Police appeal after Derry assault and robbery Guidelines for reopening of hospitality sector published WhatsApp Police in Derry are appealing for witnesses following a report of a robbery that occurred in the Ardmore Road area of the City during the early hours of this morning, Thursday 8th March.The 25 year old man was walking in the area shortly before 12.30am when he was knocked to the ground by two unknown males. A sum of cash and a bank card were taken.The man sustained a cut to his head in the incident. The men are described as wearing dark hooded tops and had a large dog with them. WhatsApp Pinterest Need for issues with Mica redress scheme to be addressed raised in Seanad alsocenter_img Calls for maternity restrictions to be lifted at LUH Twitter Facebook Pinterest Facebook RELATED ARTICLESMORE FROM AUTHOR LUH system challenged by however, work to reduce risk to patients ongoing – Dr Hamilton Previous articleJoe McHugh claims people want to pay Household Charge in the Post OfficeNext articleMore details of weekend school protest revealed News Highland Business Matters Ep 45 – Boyd Robinson, Annette Houston & Michael Margey Google+last_img read more