This shows that the Consumer Financial Protection Bureau will hold a company responsible for the actions of a third party, regardless of intent, if a consumer is negatively affected.
Devising a risk mitigation plan and the training and oversight necessary to implement it requires lenders and servicers to conduct a scientific investigation into the policies, procedures and controls they already have in place.
A program that moves distressed mortgages out of the foreclosure pipeline can save the FHA and GSEs money and give troubled borrowers a better shot at staying in their homes but only if it's properly implemented.
The Consumer Financial Protection Bureau's complaint database is an excellent source of information to help lenders make adjustments and refine their operations.
The 2014 Mortgage Technology Awards are 15 years in the making and continue a long tradition of honoring the best and brightest industry innovators.
The Federal Housing Administration raised mortgage insurance fees during the financial crisis in order to cover a wave of defaults. Now that the housing market has steadied, the agency should adjust its policies.
A plea for the Federal Housing Administration official to finish clarifying the rights of spouses unnamed on Home Equity Conversion Mortgages before she leaves office.
Common sense underwriting, a regulatory system that abides by contract law, and borrowers who consider homeownership a privilege, not an entitlement, make Canada perfect for private -label residential mortgage-backed securities.
Not every distressed borrower can, will or should get a modification. But in cases where they make sense, mod decisions should be swift and significant.
The time has come for residential private-label mortgage-backed securities in Canada, but the market will look nothing like the United States'.
For the average consumer, bundling purchases is a proven approach to improving value while reducing cost.
Bank of America has taken a significant reputational hit as a result of its 2008 acquisition of Countrywide Financial. Could it have mitigated some of the damage with a different branding strategy?
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.
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.