November 30, 2015
The Semi-State of the CFPB
The Consumer Financial Protection Bureau released its Semi-Annual Report for the period ending September 30th. I think that it is a dog-bites-man type of report as far as mortgages are concerned. A lot of the heavy lifting on mortgages has already been done over the last few years with the issuance of various major rules, although the Bureau did issue a lot of proposed mortgage rules with smaller scopes during this period (see pages 89-90). The Bureau now seems to be mostly in an enforcement mode as far as mortgages are concerned (see pages 103-119 for an overview of 45 recent enforcement actions). The report also provides pretty comprehensive lists of its significant activities in its appendices:
- Appendix B: Statutory reporting requirements
- Appendix C: Significant rules, orders, and initiatives
- Appendix D: Actions taken regarding rules, orders, and supervisory actions with respect to covered persons which are not credit unions or depository institutions
- Appendix E: Significant state attorney general and regulator actions
- Appendix F: Reports
- Appendix G: Congressional testimony
- Appendix H: Speeches
I leave you with an interesting chart from the report:
Types of Mortgage Complaints (from about 50,000 total) %
- Problems when you are unable to pay (e.g., foreclosure) 45%
- Making payments (e.g., loan servicing) 37%
- Applying for the loan (e.g., mortgage broker) 9%
- Signing the agreement (Settlement process and costs) 5%
- Receiving a credit offer (Credit decision/Underwriting) 3%
- Other 2%
Total mortgage complaints 100%
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