Under the Consumer Financial Protection Bureau plan, lenders would need to respond to virtually every public complaint even those by consumers, disgruntled employees, and competitors that abuse this forum.
Like the ER, the mortgage process starts out with a high degree of both anxiety and frustration, especially at the beginning.
The CFPB's guidance provides no specific rules or bright lines leaving the agency the flexibility to call it how it sees it and reflecting a desire to regulate through enforcement.
Just because a group of athletes or loan officers are the most skilled individual players does not mean that together they make the most capable team, writes Garth Graham.
A nonprofit housing group has found an ambitious middle ground between those who oppose any change to the mortgage interest deduction untouched and those who say it must go.
A Supreme Court ruling overturning circuit court rulings in D.R. Horton Inc. v. the National Labor Relations Board is in question. This affects the enforceability of class waiver arbitration agreements.
Banking presents opportunities for non-depository mortgage companies seeking to boost competitiveness and expand market share.
Though probably not endangered this year, low-income housing tax credits have been suggested for elimination often enough to alarm those who work with this important financing source for multifamily construction.
Loan officers have traditionally been on an island with borrowers, with little management involvement in an originators communications with clients. Increasingly, lenders need to think about systems and/or protocols to ensure that such communications are handled properly.
Unless the industry is content to be a boutique player with a hugely smaller pool of potential borrowers, it had better emulate the Fed and ease on down the road.
Its going to become important for mortgage originators to educate prospective homeowners on actions they can take to lower their student loan payments, and thereby move them closer to homeownership.
The CFPB has opened a back door by accusing a lender of engaging in unfair and deceptive acts in connection with originating loans that the borrowers could not "afford."
The GSEs make mortgages? Banks don't? For an economics professor who has made the causes of the housing collapse a central campaign issue, David Brat sure doesn't sweat the details.
Student loan payments can be up to 20% of a graduate's current monthly debt obligations. Based on current housing ratios, that does not leave a lot of room for mortgage payments.
The Consumer Financial Protection Bureau recognized a distinction in terms of the treatment of persons working for a company based upon their classification as employees or contractors.