The CFPB continues to flex its regulatory muscle, announcing today that it is rescinding seven policies put in place to help consumers during the pandemic. These rescissions include its leniency on reporting HMDA data, flexibilities on industry appraisal standards and flexibilities on reporting credit data.
"Because many financial institutions have developed more robust remote capabilities and demonstrated improved operations, it is no longer prudent to maintain these flexibilities. The CFPB's first priority, today and always, is protecting consumers from harm," said CFPB Acting Director Dave Uejio.
The Bureau action that may have the most impact is its withdrawal from the Statement on Bureau Supervisory and Enforcement Response to COVID-19 Pandemic, in which it stated that it would take into account staffing and related resource challenges as it relates to supervisory activities and enforcement actions.
Today, the Bureau reversed that, saying it "believes that companies should have had sufficient time to adapt to the pandemic and should now be able adequately to comply with the law and respond to enforcement actions or supervisory activities without the flexibility afforded under the statement."
In this episode, HousingWire Digital Media Manager Alcynna Lloyd interviews Jaya Dey, senior economist in the single-family client and community engagement division at Freddie Mac, about affordable housing and how it impacts minority homeownership.
Eight days after Compass unveiled a hoped-for Wall Street valuation of over $10 billion, the resi brokerage has significantly scaled back its IPO ambitions.
Automatically order settlement services based on your lending guidelines with technology identifying key loan attributes: Loan Amount, FICO, and LTV. Reduce your time to close, fulfillment costs and increase your team's efficiency. See this ONE solution in action.
As lenders adjust to evolving risk perspectives and perhaps even enhanced compliance regulations, they need to be able to react in real time and make the necessary changes quickly. Leveraging technology can help. Presented by DataVerify
The need for process automation is great, not just to provide more satisfying mortgage experiences but also to significantly increase productivity, reduce operational costs and minimize the impact of human error. Read More.
Sponsor Content
HousingWire, 433 East Las Colinas Blvd., Suite 830, Irving, TX 75039, (469) 893-1480
EmoticonEmoticon