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

Top Gazette stories of 2020

first_imgThe danger of ‘misinformation, disinformation, delusions, and deceit’By Alvin PowellCommencement speaker Martin Baron, editor of The Washington Post, sends along the Class of 2020 with the message that facts and the truth matter and are worth fighting for.,An enduring bondBy Rose Lincoln, with photos by Jon Chase, Rose Lincoln, Stephanie Mitchell, and Kris SnibbeStudents we interviewed in 2017, now seniors, reflect on the friendships forged with their first-year roommates.Lessons for decision-makers The fire this timeBy Christina PazzaneseLawrence D. Bobo, dean of social science and the W.E.B. Du Bois Professor of the Social Sciences, dissects police killings of Black men and the history and cognitive forces behind racial bigotry and violence, and why he sees signs of hope.,Why America can’t escape its racist rootsBy Liz MineoOrlando Patterson, the John Cowles Professor of Sociology, says there’s been progress, but the nation needs to reject white supremacist ideology, bigotry in policing, and segregation.A high-stakes election,After a hard election, the real work beginsBy Harvard StaffScholars from a range of fields look for hints of future prospects in the past and predict what lies ahead in economy, health care, equity, and more.How might the election change the nation’s place on world stage?By Christina PazzaneseExperts and analysts from the Harvard Kennedy School and Davis Center for Russian and Eurasian Studies examine possibilities in foreign policy, intelligence, and defense.Brighter days for arts forecast in Biden administrationBy Manisha Aggarwal-Schifellite and Colleen WalshExperts say cultural resources may help heal battered nation after brutal 2020.Health & Medicine Feel like kids, spouse, work giving you gray hair? They may beBy Jessica LauNew findings involving nervous system and stem cells suggest just how stress may trigger the change.What we know and don’t know about potBy Alvin PowellKevin Hill, associate professor of psychiatry, talks about fearmongering and rosy myths, safe use and addiction.,How caffeine changed the worldBy Colleen WalshAuthor Michael Pollan discusses his latest work on the world’s most-used psychoactive substance.Science & Technology The Gazette ran its first story on the coronavirus outbreak on Jan. 30, a Q&A with the Chan School’s Marc Lipsitch outlining what experts knew (and didn’t) about the disease at the time. The picture sharpened in the following weeks. And the deadly pandemic dominated our coverage, touching as it did every part of our lives and shining a harsh spotlight on social, political, and economic inequities. It also had a major role in the two other big stories of the year: the national reckoning over race and the high-stakes presidential election. In addition to all that, there were scientific discoveries, achievements in the arts, academic milestones, and a virtual celebration honoring the Class of 2020. But the larger theme running throughout felt familiar: members of the community rising to challenges and striving to make things better, both on campus and in the wider world, with thoughtfulness and creativity. Here’s a look back at an extraordinary year through a sampling of some of our most-read stories.COVID-19 hits home A new threat to beesBy Juan SiliezarBut murder hornets are nothing compared with pesticides, climate change, Harvard experts say.,When a bird brain tops Harvard students on a testBy Juan Siliezar with video by Justin SaglioExperiment tests human vs. parrot memory in a complex shell game.State of the nation Do justices really set aside personal beliefs? Nope, legal scholar saysBy Liz MineoMichael Klarman, an authority on constitutional law and history and Kirkland & Ellis Professor of Law at Harvard Law School, sees trouble ahead in large conservative majority on Supreme Court.Two-parent homes aren’t the key for allBy Manisha Aggarwal-SchifelliteWhy single-parent homes don’t affect Black children as negatively as white kids.Earth Day turns 50,How Earth Day gave birth to environmental movementBy Christina PazzaneseDenis Hayes, one of the event’s founders, recalls the first and how its influence spread.Harvard endowment to go greenhouse gas-neutral by 2050By Colleen WalshUniversity’s efforts to eliminate carbon footprint extend to investment portfolio.Photography,Life along the Charles from sunrise to sunsetBy Rose Lincoln with photos by Rose Lincoln and Stephanie MitchellGazette photographers record the life that teems along the waterway.,History in a snap … or twoBy Anna Burgess with photos by Stephanie MitchellNine Harvard buildings, two photographers, 88 years apart.center_img ‘I thought: This is going to be interesting’By Colleen WalshPresident Bacow shares his own experience having COVID-19.,‘Unsteady,’ ‘lucky,’ and ‘overwhelmed’By Manisha Aggarwal-Schifellite and Jill RadskenIn March, students reflect on the shift to online classes and unplanned move home.A day in the life of an ER docBy Colleen WalshThird-year resident Anita Chary describes the personal and professional trials brought by the pandemic.Emotional toll of pandemic Feeling more anxious and stressed? You’re not aloneBy Alvin PowellChan School’s Karestan Koenen, professor of psychiatric epidemiology, discusses rising mental health concerns in the coronavirus era.,What pandemic dreams may comeBy Colleen WalshHarvard researcher Deirdre Barrett, assistant professor of psychology, says many are having nights full of bugs, masks, and natural disasters.Staying connected,Harbingers of Housing DayBy Juan Siliezar with photos by Stephanie MitchellA Who’s Who of the Big 12 — mascots, that is.Creating community in the virtual classroomBy Manisha Aggarwal-SchifelliteFaculty adapt their courses to bring students together.Postcards from hereHarvard undergrads tell us about the changes brought by the pandemic back home and how they’re keeping in touch with friends from the College.Honoring the Class of 2020 Time to fix American education with race-for-space resolveBy Liz MineoPaul Reville, former secretary of education for Massachusetts, says COVID-19 school closures have turned a spotlight on inequities and other shortcomings.How COVID turned a spotlight on weak worker rightsBy Liz MineoSharon Block, executive director of the Labor and Worklife Program, and Benjamin Sachs, the Kestnbaum Professor of Labor and Industry, point to flaws in the social safety net, an indifferent OSHA, and a system that favors employers over employees.A brave new world,What will the new post-pandemic normal look like?By Alvin PowellOutbreak forced changes big and small, some of which are here to stay.What might COVID cost the U.S.? Try $16 trillionBy Alvin PowellDavid Cutler, the Otto Eckstein Professor of Applied Economics, and Lawrence Summers, the Charles W. Eliot University Professor and former U.S. Treasury secretary, say national testing, contact tracing could make huge difference in saving costs.Quest for racial justice The Daily Gazette Sign up for daily emails to get the latest Harvard news.last_img read more

Klopp warns: Liverpool will continue to blaze the trail

first_img “It’s unbelievable, to be honest. We won four trophies – big ones – and I couldn’t be more proud,” he said. “Normally I’m a person who doesn’t need pictures with something. As long as I can remember it, it’s worth it. But I will have a picture with all four trophies because it doesn’t happen often.” The coronavirus pandemic not only delayed Liverpool clinching the league crown but also denied them from receiving the trophy in front of their supporters, though Klopp hopes the absent audience understands the role they have played in the successful campaign. “That’s how life is – you make the best of what you can get,” the former Borussia Dortmund boss said. “Our families are allowed to be there, which is incredible. read also:BREAKING: Liverpool hit Chelsea 5-3 in Anfield thriller “Everything would be better with fans, but we’ve known for months that would not be possible. A few months ago, I wasn’t even sure it was going to be possible to even play football. “I couldn’t be happier, to be honest. It would be perfect if the stadium was full, I know, but we cannot change it. What we try to do to make clear for the people is that we do it for them.” FacebookTwitterWhatsAppEmail分享 Loading… Jurgen Klopp issued a warning to the rest of the Premier League that Liverpool “will not stop” despite ending the club’s long wait to be crowned champions again. The Reds lifted the trophy on Wednesday after a 5-3 win over Chelsea in their final home game of an unforgettable season, though no fans were present inside Anfield. However, the players and staff were able to have their families in attendance to enjoy the occasion, with the ceremony taking place on a stage built on the famous Kop end. Liverpool had never previously won the title in the Premier League era, their last triumph coming 30 years ago under Kenny Dalglish, who was involved in the presentation. “We will not stop. We will not stop. We have challenges, internal challenges. We can improve, obviously,” Klopp told Sky Sports. “We have players. Naby [Keita] played pretty much only the last part of the season. We pretty much have the chance to take another step. But we have to because the others will not sleep. Klopp steered Liverpool to Champions League glory last season, while they have also lifted the UEFA Super Cup and the Club World Cup this term. While not usually one for nostalgia, the German coach admitted he will have a photo with all four trophies so he can forever remember the achievement.center_img Promoted Content6 Extreme Facts About HurricanesThe Very Last Bitcoin Will Be Mined Around 2140. Read More5 Of The World’s Most Unique Theme Parks7 Universities In The World With The Highest Market ValueWhat’s Up With All The Female Remakes?Who Is The Most Powerful Woman On Earth?Best & Worst Celebrity Endorsed Games Ever MadeWho Earns More Than Ronaldo?A Soviet Shot Put Thrower’s Record Hasn’t Been Beaten To This DayWho’s The Best Car Manufacturer Of All Time?You’ve Only Seen Such Colorful Hairdos In A Handful Of AnimeWhich Country Is The Most Romantic In The World?last_img read more