Many active-duty service members are unaware that they are eligible to postpone mortgage payments under the Servicemembers Civil Relief Act. A group of major financial services companies have pledged to improve communication about this option, according to the Financial Services Roundtable's Tim Pawlenty and John Dalton.
It is clear that the Consumer Finance Protection Bureau has made the mortgage industry a top priority and its supervised entities have had to fall in line with its expansive rules and regulations quickly.
The latest action against an auto lender underscores the CFPB's expectation that lenders will affirmatively act to protect customers throughout and after the consumption of the transaction.
A mortgage industry laden with government enticements has no choice but to honor a duty to serve its benefactor's affordable housing goals, claim the contributing authors of a new book.
Millennials may be the first group of homebuyer-aged Americans that don't buy into the American dream at least not the homeownership part of it.
The mortgage interest tax deduction is supposed to encourage homeownership among low- and middle-income Americans. But it primarily benefits higher-income taxpayers, according to a new study from the Mercatus Center at George Mason University.
HMDA data provides information regarding home mortgage lending activity, and the proposed CFPB rule appears to significantly expand data reporting requirements for mortgage industry participants.
All employees, including executives, need to be focused on compliance and customer complaints. The Consumer Financial Protection Bureau is specifically concerned when a company does not appropriately monitor third-party vendors.
One thing lenders often overlook is the manner in which potentially isolated compliance problems can in retrospect be weaved into an elaborate and intentional conspiracy.
In about six years, by 2020, one out of three adult Americans will be a Millennial. By 2025, they will make up about 75% of the workforce.
Though there is still a year for mortgage lenders to get in compliance with the Consumer Financial Protection Bureau's document changes, the perils of missing that deadline are considerable.
The overall message that mini-correspondents were intended as transitions, not permanent business models means that the loan channel would be examined for consistency with the intended purpose.
Minority borrowers, as a group, are more likely to use the same lender again and more likely to comment about the experience in social media.
Selling loans into the secondary market was a good strategy for housing finance agencies when rates were falling, but now they are said to be heading back to traditional bond financings to boost their balance sheets.
Lenders need to take the initiative to analyze their Home Mortgage Disclosure Act data before the Consumer Financial Protection Bureau does.