1) The Consumer Financial Protection Bureau (CFPB) recently issued a report highlighting problems such as unfair and deceptive practices in the mortgage servicing market uncovered through the Bureau’s supervision program in 2013. Mortgage servicing practices that harm consumers are a key priority and the CFPB is ready to take action. These issues come about under.
On Monday, Jan. 6, the CFPB, in response to the mortgage rules that took effect Jan. 10, developed a “fact vs. fiction guide” regarding the new Ability-to-Repay (ATR) and Qualified Mortgage (QM) standards. This document is intended to aid institutions with interpreting the rules and helping to dispel some of the most common misconceptions about.
Effective January 18, 2014, new appraisal rules kick in under Regulation B (Equal Credit Opportunity Act) requiring creditors to notify loan applicants of the availability, and automatically provide copies, of any appraisal done as part of the underwriting process. These include any internal valuation assessments or the results from on-line automated valuation models (AVM). Are.