CFPB Finalizes Minor Changes to “Know Before You Owe” Mortgage Rules
Tweaks Address Mortgage Disclosures After Locking Interest Rates and Information on Construction Loans The Bureau today finalized two minor modifications to...
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Prepared Remarks of CFPB Director Richard Cordray at Operation HOPE
Our first survey, at the beginning of last year, found that nearly half of all consumers do not shop around for a mortgage when buying a home. So this week...
Prepared Remarks of CFPB Director Richard Cordray at the Brookings Institution
Our first survey, performed at the beginning of last year, found that nearly half of all consumers do not shop around for a mortgage when buying a home...
CFPB Report Finds Nearly Half of Borrowers Do Not Shop for a Mortgage
CFPB Releases "Owning a Home" Toolkit to Help Consumers Shopping for a Mortgage Today, the Bureau released a report finding that almost half of consumers do...
Prepared Remarks of CFPB Director Richard Cordray at The Clearing House
Today I want to talk to you about electronic payment networks in general. This includes the ACH system but it also includes debit card networks and the...
CFPB Proposes Expanded Foreclosure Protections
Today, the Bureau proposed additional measures to ensure that homeowners and struggling borrowers are treated fairly by mortgage servicers. The proposal...
CFPB Provides Guidance to Help Lenders Avoid Discrimination Against Consumers Receiving Disability Income
Bureau Warns Lenders Against Creating Illegal Hurdles for Recipients of Social Security Disability Income Today, the Bureau is issuing a bulletin to help...
CFPB Takes Action Against Franklin Loan Corporation for Steering Consumers into Costlier Mortgages
Company to Pay $730,000 to Consumers Harmed by Illegal Bonus Program Today, the Bureau ordered a California mortgage lender, Franklin Loan Corporation, to...
Prepared Remarks of CFPB Director Richard Cordray at University of Michigan Law School
Our efforts reflect concern about access to credit and do not reflect a one-sided perspective to maximize consumer protection or industry deterrence at all costs. There is such a thing as doing too little, and there is such a thing as doing too much. We are aiming instead at doing justice.
CFPB Finalizes Minor Changes to Mortgage Rules to Ensure Access to Credit
The Bureau today finalized minor adjustments to its mortgage rules to ensure access to credit. The adjustments, which were proposed in April, include two...
CFPB Takes Action Against Mortgage Kickback Agreements
Bureau Orders Michigan Title Insurance Agency to Pay $200,000 Today, the Bureau ordered Lighthouse Title, a Michigan title insurance agency, to pay $200,000...
CFPB Finds Majority of Manufactured-Housing Borrowers Have Expensive Loans
Bureau Finds that Manufactured-Home Owners are More Likely to be Older or to Have Lower Net Worth The Bureau released a report which found that...
Prepared Remarks of CFPB Director Richard Cordray on the Flagstar Enforcement Action Press Call
Today the Bureau is taking its first enforcement action under the Bureau's new mortgage servicing rules. We are entering an order against Michigan-based...
CFPB Takes Action Against Flagstar Bank for Violating New Mortgage Servicing Rules
Today the Bureau took action against Michigan-based Flagstar Bank for violating the CFPB's new mortgage servicing rules by illegally blocking borrowers'...
Federal Financial Institutions Examination Council Announces Availability of 2013 Data on Mortgage Lending
The Federal Financial Institutions Examination Council (FFIEC) today announced the availability of data on mortgage lending transactions at 7,190 U.S...
Agencies Announce Increases in Dollar Thresholds in Regulations Z and M for Exempt Consumer Credit and Lease Transactions
The Federal Reserve Board and the Bureau today announced increases in the dollar thresholds in Regulation Z (Truth in Lending) and Regulation M (Consumer...
Written Testimony of CFPB Director Richard Cordray Before the Senate Committee on Banking, Housing and Urban Affairs
Chairman Johnson, Ranking Member Crapo, and Members of the Committee, thank you for the opportunity to testify today about the implementation of the Dodd-Frank Act. We appreciate your oversight and leadership as we all work to strengthen our financial system and to ensure that it serves both consumers and the long-term foundations of the American economy.
Prepared Remarks of CFPB Deputy Director Steve Antonakes at the American Mortgage Conference
Good afternoon. Thank you for the invitation to speak with you today. I know that we share common goals: a strong and vibrant housing sector, as well as a highly competitive, sustainable economy.
CFPB Announces Mortgage EClosing Pilot Participants
The Bureau today announced the selection of participants for its mortgage eClosing pilot program. The three-month pilot will begin later this year, and will...
CFPB Issues Bulletin to Prevent Runarounds in Mortgage Servicing Transfers
Bureau Highlights Risks in Transferring Loans Under Loss Mitigation Review Today, the Bureau is releasing a bulletin outlining expectations for mortgage...
CFPB Orders Amerisave To Pay $19.3 Million For Bait-And-Switch Mortgage Scheme
Today, the Bureau took action against Amerisave Mortgage Corporation, its affiliate, Novo Appraisal Management Company, and the owner of both companies...
Written Testimony of CFPB Director Richard Cordray Before the House Committee on Financial Services Subcommittee on Oversight and Investigation
Chairman McHenry, Ranking Member Green, and Members of the Subcommittee, I am glad to be here today to address certain personnel and management matters at...
CFPB Proposes Rule to Improve Information About Access to Credit in the Mortgage Market
Today, the Bureau proposed a rule to improve information reported about the residential mortgage market. The rule would shed more light on consumers' access...
CFPB, FTC and States Announce Sweep Against Foreclosure Relief Scammers
The Bureau, the Federal Trade Commission (FTC), and 15 states announced a sweep against foreclosure relief scammers that used deceptive marketing tactics to...
Consumer advisory: Don’t fall for a foreclosure relief scam or bogus legal help
Along with other cases from federal and state partners, today we charged that mortgage rescue scammers have taken $25 million in illegal advance fees from consumers. It serves as a reminder of how important it is to watch out for scam artists trying to take advantage of people who need help avoiding foreclosure. Read more to learn how to protect yourself from these scams.