CFPB proposes settlement with Freedom Mortgage over HMDA reporting
The suggested order would require Freedom Mortgage to pay $3.95 million to settle allegations that it botched its reporting of customer data to the watchdog.
HMDA
United Wholesale Mortgage No. 1 in HMDA data analyses
Initial analyses of Home Mortgage Disclosure Act data show UWM ahead in 2023 loan numbers and dollar volume, but Rocket's market share still looks competitive.
Nonbanks lost mortgage share but still dominated the market in ’22
Some pandemic-related gains have been ceded to depositories, national numbers from last year's Home Mortgage Disclosure Act reporting confirm.
Nonbank mortgage share now tops 60%, CFPB finds in HMDA analysis
The data also showed that more purchase loans were made to low- and moderate-income borrowers last year, but fewer refinances.
CFPB ends pandemic relief on HMDA reporting and other regulations
The agency announced it was rescinding seven policy statements issued last year meant to help companies combat fallout from COVID-19 but that the bureau's current chief said came at the expense of consumers.
CFPB finalizes HMDA rule that gives reg relief to banks
The move is part of an effort by CFPB Director Kathy Kraninger to help smaller lenders by significantly raising loan thresholds for collecting and reporting mortgage data.
CFPB rulemaking engine churns on through coronavirus
The agency is still moving forward on key regulations dealing with payday lending and mortgage underwriting despite new demands posed by the crisis.
Brown, Warren call on CFPB to protect consumers, not financial firms
Five Democrats on the Senate Banking Committee sent a letter to Director Kathy Kraninger calling the agency's response to COVID-19 “tepid and ineffectual at best.”
CFPB urged to take more active role in coronavirus response
The agency has relaxed some reporting requirements and joined other regulators in encouraging banks to help borrowers, but pressure is building on the bureau to do more to aid consumers suffering financial hardship.
CFPB postpones quarterly HMDA reporting
The reprieve from mortgage data collection was among several changes to the agency’s supervisory and enforcement procedures to help firms responding to the COVID-19 pandemic.
CFPB extends comment period for HMDA proposal
The CFPB is giving trade groups and consumer advocates another three months to comment on its proposal to change what data is collected under the Home Mortgage Disclosure Act.
CFPB fines Freedom Mortgage $1.75M for HMDA violations
The company intentionally submitted inaccurate borrower information overstating the number of white applicants, the consumer bureau alleges in a consent order.
CFPB turns its reg relief focus to HMDA
The Consumer Financial Protection Bureau proposed steps to ease Home Mortgage Disclosure Act requirements, just days after announcing it was retiring a platform to let users analyze raw mortgage data.
CFPB faces legal minefield in crafting rule on small-business loan data
The agency wants more information as it conducts fair-lending exams, but conflicting statutes make writing a data collection rule difficult.
The hard part of reg relief is just getting started
The federal bank regulators are considering roughly a dozen new rulemakings in response to the bill rolling back certain sections of Dodd-Frank.
From overdraft to HMDA, rulemaking has new look at Mulvaney’s CFPB
Acting CFPB Director Mick Mulvaney has dropped agency plans to crack down on overdraft programs and large marketplace lenders. Here's what else he's changing.
Barney Frank downplays Democratic attacks on reg relief bill
Former Rep. Barney Frank rejected concerns voiced by other Democrats that a Senate bill rolling back some provisions of the Dodd-Frank Act will fuel another financial crisis.
New MBA chair: ‘Regulation by enforcement’ isn’t helping
The CFPB's practice of "regulation by enforcement" forces mortgage companies to develop compliance standards based on the mistakes of their peers, rather than clear guidance from the enforcement agency, said David Motley, the new chairman of the Mortgage Bankers Association.
