CFPB WARNS OF FORECLOSURE SURGE AND COMPLIANCE RISK
Category: CFPB, ECOA, Regulation B, Regulation X, RESPA
On April 1, 2021, the CFPB issued Compliance Bulletin 2021-02 warning mortgage services of a pending wave of foreclosures when the pandemic-related federal emergency mortgage protections expire this summer and fall.Since the CARES Act was enacted, 6.9 million borrowers have entered a forbearance program. As of January 2021, more than 2.1 million borrowers in forbearance programs were more than 90 days behind on their mortgage payments (including borrowers who have forborne three or more payments),
On March 31, 2021, the Board of Governors of the Federal Reserve Board published ten Frequently Asked Questions about Regulation O.
Updated HMDA Guide
Category: HMDA
On March 30, 2021, the federal financial institution regulatory agencies announced the release of the 2021 edition of A Guide to HMDA Reporting: Getting It Right! for Home Mortgage Disclosure Act (HMDA)-related data collected in 2021 and reported in 2022.
On March 11, 2021, the OCC, Board, FDIC, FCA, and NCUA proposed to supplement the Interagency Flood Insurance Questions and Answers with new interagency questions and answers related to the private flood insurance rules. These newly proposed Questions and Answers Regarding Private Flood Insurance are in addition to the Proposed Interagency Questions and Answers Regarding Flood Insurance that the Agencies released in 2020.In 2020 the Agencies stated in their proposed revisions that since the private
On January 24, 2020 the Consumer Financial Protection Bureau (CFPB) approved a Policy Statement that was intended to clarify the meaning of “abusive” in Unfair, Deceptive, or Abusive Acts or Practices. Compliance Resource informed you of this in our blog early last year. The statement provided a framework for the CFPB’s exercise of its supervisory and enforcement authority to address abusive acts or practices in an effort to provide a common-sense framework on how the
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