The CFPB has asserted broad RESPA enforcement authority in a recent decision significantly expanding the liability of PHH Corporation for accepting “kickbacks” from mortgage insurers. The CFPB upheld an Administrative Law Judge’s finding that PHH had violated RESPA but increased the number of separate violations involved, increasing the required disgorgement from $6 million to $109… Read More »

A legislative committee in Colorado has approved a measure that would create a commission to help oversee the title insurance industry and strengthen consumer protections in that state. The gap between what sellers think their homes are worth and their appraised values is widening. American Banker reports that CFPB officials have acknowledged privately that the… Read More »

Federal Housing Finance Agency Director Mel Watt is insisting that loans with low (3 percent) down payments, which Fannie Mae and Freddie Mac will now be able to purchase, are no riskier than loans with larger down payments as long as they are properly underwritten. Congressional representatives quizzing him at a recent House Financial Services… Read More »

Federal Housing Finance Agency Director Mel Watt insists that loans with low (3 percent) down payments, which Fannie Mae and Freddie Mac will now be able to purchase, are no riskier than loans with larger down payments as long as they are properly underwritten. Congressional representatives quizzing him at a recent House Financial Services Committee… Read More »

“This is more than just NSA-style, this is more Gestapo-style collection of data on individual citizens who have no clue that this is happening.” ― Rep. Dan Webster (R-FL), decrying the joint CFPB-Federal Housing Finance Agency “National Mortgage Data Project,” which will collect what critics have described as “the largest amount of data the mortgage… Read More »