The Consumer Financial Protection Bureau said Thursday that it plans to reopen its rulemaking for the Home Mortgage Disclosure Act and will not assess penalties against mortgage lenders for any errors in data collected in 2018.
Regulations, enforcements and industry practices have evolved since the inception of Dodd-Frank. Today’s regulatory landscape is more challenging than ever, with increased scrutiny by regulators, less time for organizations to react and stricter enforcement actions for violations. These new demands are forcing firms to look for new ways to monitor and manage change and ensure they are compliant.
The U.S. is taking steps to stamp out the practice of servicemembers and veterans being pressured into taking mortgages they don't need, a move that officials say will lower consumer costs and could lead to financial penalties for lenders.
Block One Capital has signed a binding term sheet to acquire 40% of the equity of Finzat, a private entity aiming to develop a blockchain system to create a safer, more compliant digital mortgage process.
Ocwen Financial Corp. will move its servicing portfolio to Black Knight's LoanSphere MSP system of record, following years of regulatory scrutiny of its existing technology provided by Altisource Portfolio Solutions.
Credit Suisse's plan for consumer relief in a multibillion-dollar Department of Justice settlement related to residential mortgage-backed securities could reduce the costs involved, according to the settlement monitor's first report.