Mortgage and Home Equity

Mortgage and home equity products have received increased regulatory and legislative scrutiny over the past few years. Historically, CBA has focused on home equity as a major retail product of our members. However, the Dodd-Frank Act’s elimination of federal preemption standards previously afforded to operational subsidiaries has forced many depository institutions to internalize their primary mortgage products, making them a more traditional retail issue. CBA is focused primarily on the efforts of the CFPB to regulate in this space, including TILA-RESPA reform, Qualified Mortgage (QM) rulemaking, and Dodd-Frank Title 14 rulemaking.
  • March 22, 2017
    Download Whitepape r. KPMG LLP (KPMG) is pleased to announce the release of the new point-of-view document related to our Chief Compliance Officer (CCO) Survey findings , The compliance journey: Boosting the value of compliance in a changing regulatory climate . In a time of new U.S. administrative impacts to the regulatory environment, determining how to boost the value you get from your...
  • March 15, 2017
    On Wednesday, March 15, 2017, the CFPB ordered Nationstar Mortgage LLC to pay a $1.75 million civil penalty for violating HMDA by consistently failing to report accurate data about mortgage transactions in 2012 through 2014. Nationstar, a nationwide nonbank mortgage lender headquartered in Coppell, TX, is a wholly-owned subsidiary of Nationstar Mortgage Holdings Inc. With nearly three million...
  • March 15, 2017
    Even the more sophisticated data-driven financial services marketers are struggling to figure out how to effectively and efficiently integrate personalization into multichannel customer and prospect marketing strategies. This iteration of the Epsilon 5 & 5 is intended to trigger some contrarian thoughts and challenge your marketing status quo. In this issue, we’ll talk about personalization,...
  • February 8, 2017
    On Wednesday, February 8, 2017, the CFPB released its monthly complaint snapshot highlighting consumer complaints about mortgages. The snapshot shows consumers continue to report experiencing problems with mortgage servicers, specifically when making mortgage payments. As of January 1, 2017, the CFPB handled approximately 260,500 mortgage-related complaints. Some complaints involved funds being...
  • January 31, 2017
    On Tuesday, January 31, 2017, the CFPB took action against Prospect Mortgage, LLC, for allegedly paying illegal kickbacks for mortgage business referrals. The CFPB also took action against two real estate brokers and a mortgage servicer who allegedly took illegal kickbacks from Prospect. Under the terms of the consent order, Prospect will pay a $3.5 million civil penalty for its illegal conduct,...
  • January 23, 2017
    On Monday, January 23, 2017, the Bureau took separate actions against Citi Financial Servicing and Citi Mortgage for allegedly not informing borrowers about their options to avoid foreclosure and asking consumers to complete excessive paperwork for foreclosure relief. Specifically the CFPB claims Citi Financial: Kept consumers “in the dark” about foreclosure relief options; Misled consumers about...
  • January 5, 2017
    On Thursday, January 5, 2017, the OCC issued its Fall Semiannual Risk Perspective , covering January to June of 2016. As in past reports, strategic, credit, operational and compliance risk were top concerns. However, leveraged lending – a top concern in the past – has diminished in focus, while governance over sales practices rose to the level of a key risk area. Key findings include: Strategic...

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