The Consumer Financial Protection Bureau (CFPB) today finalized a rule facilitating the transition away from the LIBOR interest rate index for consumer financial products. The rule establishes requirements for how creditors must select replacement indices for existing LIBOR-linked consumer loans after April 1, 2022.
In the years leading up to the subprime crisis, one opaque and easily manipulable index, LIBOR, came to dominate adjustable rate home mortgage loan contracts. In the wake of the crisis, we learned that large international banks had conspired to set the LIBOR rate in order to conceal weaknesses in the financial system and to boost their bottom line.
Today, the Consumer Financial Protection Bureau (CFPB), jointly with other government agencies, announced a return to enforcement of critical protections for families and homeowners.
The Consumer Financial Protection Bureau (CFPB) joined four other federal financial regulatory agencies and state bank and credit union regulators today in issuing a statement highlighting the risks posed by the discontinuation of LIBOR (originally an acronym for London Interbank Offered Rate).
Mortgage refinance loans drove an increase in closed-end originations in 2020, new CFPB report finds
A new Home Mortgage Disclosure Act (HMDA) data report on residential mortgage lending trends released today by the Consumer Financial Protection Bureau finds that the total number of closed-end originations as well as applications increased substantially between 2019 and 2020.
The Consumer Financial Protection Bureau (CFPB) today published a report detailing 16 large mortgage servicers’ COVID-19 pandemic response. The report’s data metrics include call handling and loan delinquency rates, and they highlight the industry’s widely varied response to the pandemic.
CFPB Issues Interpretive Rule on Certain Mortgage and Disclosure Timing Requirements for the 2021 Juneteenth Federal Holiday
The Consumer Financial Protection Bureau (CFPB) today released an interpretive rule to assist the mortgage industry in determining whether to treat June 19, 2021, as a federal holiday or a business day for purposes of compliance with certain time-sensitive borrower protections.
The Consumer Financial Protection Bureau (CFPB) today finalized amendments to the federal mortgage servicing regulations to reinforce the ongoing economic recovery as the federal foreclosure moratoria are phased out and which will help protect mortgage borrowers from unwelcome surprises as they exit forbearance.
Manufactured Housing Loan Borrowers Face Higher Interest Rates, Risks, and Barriers to Credit, New CFPB Report Finds
Today the Consumer Financial Protection Bureau (CFPB) published a report that provides new insights into manufactured housing financing, a vital source of lending for millions of manufactured housing homeowners.
The Consumer Financial Protection Bureau (CFPB) released two reports today showing that more work needs to be done to help mortgage borrowers coping with the COVID-19 pandemic and economic downturn.
Today the Consumer Financial Protection Bureau (CFPB) formally delayed the mandatory compliance date of the General Qualified Mortgage (QM) final rule from July 1, 2021 to October 1, 2022.
The Consumer Financial Protection Bureau (CFPB) today proposed a set of rule changes intended to help prevent avoidable foreclosures as the emergency federal foreclosure protections expire.
New Report From Consumer Financial Protection Bureau Finds Over 11 Million Families At Risk Of Losing Housing
Today, the Consumer Financial Protection Bureau (CFPB) issued a report that warns of widespread evictions and foreclosures once federal, state, and local pandemic protections come to an end, absent additional public and private action. Over 11 million families are behind on their rent or mortgage payments: 2.1 million families are behind at least three months on mortgage payments, while 8.8 million are behind on rent. Homeowners alone are estimated to owe almost $90 billion in missed payments. The last time this many families were behind on their mortgages was during the Great Recession.
On January 19, 2021, the Consumer Financial Protection Bureau issued a final rule to implement a requirement of the Economic Growth, Regulatory Relief, and Consumer Protection Act.
Consumer Financial Protection Bureau Sues 1st Alliance Lending, LLC and Its Principals for Alleged Unlawful Mortgage Lending Practices
On January 15, 2021, the Consumer Financial Protection Bureau filed a lawsuit against 1st Alliance Lending, LLC, John Christopher DiIorio, Kevin Robert St. Lawrence, and Socrates Aramburu for allegedly engaging in various unlawful mortgage-lending practices.
Consumer Financial Protection Bureau Issues Two Final Rules to Promote Access to Responsible, Affordable Mortgage Credit
On December 10, 2020, the Consumer Financial Protection Bureau issued final rules related to qualified mortgage (QM) loans.
Agencies Announce Threshold for Smaller Loan Exemption from Appraisal Requirements for Higher-Priced Mortgage Loans
The Consumer Financial Protection Bureau, Federal Reserve Board, and Office of the Comptroller of the Currency today announced that the threshold for exempting loans from special appraisal requirements for higher-priced mortgage loans during 2021 will remain at $27,200, as it was in 2020.
Consumer Financial Protection Bureau Announces Settlement With Washington Federal Bank, N.A. For Flawed Mortgage-Loan Data Reporting
Today, the Consumer Financial Protection Bureau settled with Washington Federal Bank, N.A., a federally insured national bank, to address the Bureau’s finding that it reported inaccurate Home Mortgage Disclosure Act data about its mortgage transactions for 2016 and 2017.
Consumer Financial Protection Bureau Settles with Ninth Mortgage Company to Address Deceptive Loan Advertisements Sent to Servicemembers and Veterans
On October 26, 2020, the Consumer Financial Protection Bureau issued a consent order against Low VA Rates LLC, which sent consumers mailers for mortgage loans guaranteed by the U.S. Department of Veterans Affairs that contained false, misleading, and inaccurate statements.
The Consumer Financial Protection Bureau issued a final rule to extend the Government-Sponsored Enterprise Patch until the mandatory compliance date of a final rule amending the General Qualified Mortgage loan definition in Regulation Z.
Research examining changes to terms and cost of a mortgage loan during the origination process also released
Homeownership is part of the American Dream. The GSEs play a central role in the $11 trillion single-family mortgage market, helping many consumers achieve their dream of owning a home.
CFPB to Extend Comment Period for Notice of Proposed Rulemaking on New Category of Qualified Mortgages
The Consumer Financial Protection Bureau is extending the comment period on its notice of proposed rulemaking to create a new category of seasoned qualified mortgages by three days.
The Consumer Financial Protection Bureau issued a report examining the early effects of the COVID-19 pandemic on consumer credit.
El CFPB Anuncia Que Está Intentando Contactar a Aquellos Consumidores Que Sean Elegibles Para Recibir Compensación Económica por El Caso Siringoringo
La Oficina para la Protección Financiera del Consumidor ha publicado el día de hoy una serie de anuncios de servicio público con el fin de contactar a aquellos consumidores que hayan sido perjudicados por la oficina de abogados Siringoringo, Stephen Lyster Siringoringo, Clausen & Cobb Management Company, Inc. y Joshua Cobb.