CFPB announces corrections to mortgage servicing amendments




The Consumer Financial Protection Bureau announced June 27 it is making several technical corrections to its 2016 amendments to the agency’s mortgage servicing rules.

In August 2016, the CFPB issued a final rule amending certain mortgage servicing rules issued by the bureau in 2013 under the Real Estate Settlement Procedures Act (Regulation X) and the Truth in Lending Act (Regulation Z).

The corrections to the amendments address two typographical errors, the authority citation for Regulation Z. They also provide guidance related to the implementation date of the rule, which is scheduled to take effect on Oct. 19.

To learn more about the CFPB corrections, click here.

NMLS ombudsman to host meeting Aug. 1

An open meeting of the NMLS ombudsman will be held on Aug. 1, from 9 a.m. to noon, in conjunction with the 2017 American Association of Residential Mortgage Regulators Annual Regulatory Conference in San Antonio, Texas.

Interested persons must attend the ombudsman meeting to present their issues. Suggested agenda items regarding the Nationwide Multistate Licensing System, state licensing and/or federal registration will be accepted until July 18 by emailing ombudsman@nmls.org. Conference registration is not required to attend the meeting.

To learn more about the AARMR conference, click here.

FHFA proposes housing goals for Fannie Mae, Freddie Mac

The Federal Housing Finance Authority on June 29 proposed a rule that would establish new housing goals for Fannie Mae and Freddie Mac for 2018-2020.

The proposed goals would establish new single family housing goals and new multifamily housing goals for Fannie Mae and Freddie Mac. When approved, the new goals will replace existing goals that are set to expire at the end of 2017.

Interested parties are invited to make comments on the proposed rule within 60 days of publication in the Federal Register.

To learn more about the proposed housing goals, click here.

CFPB releases consumer complaint report

The Consumer Financial Protection Bureau on June 27 released a special edition of its monthly complaint report, providing a snapshot of consumer complaints from across the country.

The report found the complaint volume rose by 7% from 271,600 in 2015 to 291,400 in 2016. Debt collection and mortgage complaints account for about half of all complaints submitted to the CFPB, according to the report.

The special edition report includes new national statistics that are also calculated for each state and the District of Columbia.

The monthly complaint report can be found here.

State regulators release annual reports on non-bank supervision

State regulators on June 29 issued three annual reports highlighting the state of non-bank supervision in the U.S.

The reports, released by the Conference of State Bank Supervisors, were developed collaboratively by state agencies participating on the State Coordinating Committee, the Multi-State Mortgage Committee and the Multi-State MSB Examination Taskforce. The reports provide significant insight into the non-bank financial market, as well as advancements among state regulators to effectively oversee multi-state non-depository industries in 2016, according to a CSBS news release.

To learn more about the reports, click here.


About the author

John Roszkowski

Finance Editor John Roszkowski develops and edits content for OnCourse Learning’s financial services blog, which covers industry news and trends in mortgage, banking, compliance, credit unions, gaming and nonbank financial services. He has more than 25 years of writing and editing experience, having previously worked for weekly and daily newspapers.

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