"Today's action signals a new era of enforcement to protect consumers against the cost of servicer runarounds," said CFPB Director Richard Cordray.
The Consumer Financial Protection Bureau's action against Flagstar Bank on Monday marked a series of firsts for the agency, including the first time it enforced its new mortgage servicing rules and the first time it banned a servicer from servicing new loans until fixes are made.
Peter Accolla set goals for transactions, dollar volume and how much money he wanted to make.
Whether it's a formal merger/acquisition deal or a loan production office changing affiliations, successfully bringing together the cultures of two organizations is crucial to creating a harmonious union.
The regulator of Fannie Mae and Freddie Mac should require banks and mortgage lenders to obtain independent, third-party tests to ensure compliance with its guidelines, according to a government watchdog report.
The coming surge of servicemembers winding down their time in the military is expected to keep Veterans Affairs-backed mortgage lending an attractive opportunity for soldiers reestablishing their civilian lives.
In the coming months, banks, mortgage lenders, consumer advocates and policy wonks will be slicing and dicing the latest Home Mortgage Disclosure Act data, as they do every year. Rarely, if ever, have the stakes been higher.
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