Recently we reported that the Consumer Financial Protection Bureau was auditing three large nonbank mortgage lenders, three of which are based in California. (We’re working on getting confirmation and asking those firms if they could share their experiences with us.) But rest assured, the CFPB will get around to auditing just about every nonbank lender of any decent size. But will it release those audits to the public – or will inquiring minds need to file a Freedom of Information Act request? Meanwhile, mortgage analyst Joe Garrett recently told his clients this: “Even if the CFPB hasn't contacted you about scheduling an exam, it's quite possible that they are monitoring you. They have stated that they will, to the extent possible, use existing information, including exams by state regulatory bodies, your HMDA reports, lawsuits filed on behalf of consumers, consumer complaints filed with the CFPB, newspaper articles, web postings, Neighborhood Watch Scores, lenders' websites, and your loan volume. Oh yes, they are watching you.”
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Title insurers, whose activity is highly correlated to mortgage production, wrote $15.1 billion in premiums during 2023, down from $21 billion in 2022 and $26.2 billion for the year before that.
9h ago -
The Federal Open Market Committee held the federal funds rate at current levels, citing "lack of further progress" toward meeting inflation goals.
10h ago -
Both quasi-public mortgage investors have new requirements for when borrowers question valuations. Freddie Mac is expanding use of title insurance alternatives.
10h ago -
A new policy directive aims to fortify critical infrastructure by enhancing collaboration between U.S. intelligence agencies and systemically important financial entities.
11h ago -
Mark Warren and Thom Tillis have introduced the Secure Artificial Intelligence Act of 2024 to address the unique risks of AI.
May 1 -
The April 26 update came two days after the group received preliminary approval for the Sitzer/Burnett agreement.
May 1