Supplying collateral risk transfer solutions for the lending community has come under intense scrutiny since the Dodd-Frank Bill was passed in 2010. Almost daily, we hear news about class action lawsuits, Attorneys General investigations, state level hearings, and Fannie Mae initiatives. All of this while we are implementing the New RESPA Mortgage Servicing regulation designed by the CFPB.
CFPB Issues Proposed Clarification on the 2013 Escrows Final Rule – The CFPB issued a final rule clarifying and making technical amendments to the 2013 Escrows Final Rule issued by the Bureau this past January. Learn More
Wells Fargo, QBE to Pay $19M to Settle Force-Placed Lawsuit – Wells Fargo and insurer QBE have agreed to pay $19.3 million to settle claims that they overcharged homeowners in Florida on lender-placed insurance policies. Learn More
The CFPB takes action against mortgage insurers to end kickbacks to lenders – The CFPB announced four enforcement actions to end what the Bureau believes to be improper kickbacks paid by mortgage insurers to mortgage lenders in exchange for business. The CFPB filed complaints and proposed consent orders against four national mortgage insurance companies in order to stop these practices, which have been prevalent for more than 10 years. The proposed orders require the four mortgage insurers to pay more than $15 million in penalties to the CFPB. Learn More
U.S. Cracks Down on 'Forced' Insurance – The Federal Housing Finance Agency, which regulates mortgage giants Fannie Mae and Freddie Mac plans to file a notice Tuesday to ban lucrative fees and commissions paid by insurers to banks on so-called force-placed insurance. Learn More
Assurant settles with New York over "force-placed" insurance
Assurant Inc settled a New York probe of its "force-placed" insurance by agreeing to pay the state a $14 million penalty,refund some homeowner premiums and reform certain business practices. Learn More
CFPB using ECOA to go after dealers and dealer mark-up
At the CBA Live conference last week in Phoenix, CFPB Assistant Director for Fair Lending & Equal Opportunity Patrice Ficklin announced that the CFPB will be using ECOA to regulate dealer mark-up. Learn More
We will periodically send you invites to significant updates when they become available. For example, we will be waiting to see the results of the NAIC meeting on force-placed insurance being held in August. If anything of significance comes from that meeting, we will summarize it as well as provide links to more detailed information.