Seterus settles with CFPB in distressed servicing case | National Mortgage News nationalmortgagenews.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from nationalmortgagenews.com Daily Mail and Mail on Sunday newspapers.
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Each month, we host a 30-minute webinar outlining the month s key announcements and takeaways from the CFPB to be considered by financial services providers. It was a particularly busy month at the CFPB, so as an extra special holiday bite, we share our top 20 bites covered during the December 16 webinar.
Bite #20 - CFPB, Federal Reserve & OCC announced higher-priced mortgage loan exemption threshold
The CFPB, the Federal Reserve Board, and the Office of the Comptroller of the Currency announced that the threshold for exempting loans from special appraisal requirements for higher-priced mortgage loans during 2021 will remain at $27,200, as it was in 2020. The threshold amount is based on the annual percentage increase in the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W) as of June 1, 2020. The Dodd-Frank Act amended the Truth in Lending Act (TILA) to add special appraisal requirements for highe
CFPB mortgage servicing settlement
Last week, the Consumer Financial Protection Bureau (CFPB) filed a complaint and proposed judgment against Nationstar Mortgage LLC, doing business as Mr. Cooper, for alleged violations of the Consumer Financial Protection Act, Real Estate Settlement Procedures Act (RESPA), Regulation X and the Homeowners Protection Act. The CFPB announced that its actions were part of joint effort between state regulators, state attorneys general and the CFPB. If the proposed judgment is entered by the court, Nationstar would have to pay:
About $73 million to redress consumer harm to more than 40,000 borrowers; and
A $1.5 million civil money penalty to the CFPB.
On December 7, 2020, the Consumer Financial Protection Bureau (CFPB) along with attorneys general from all 50 states and the District of Columbia and bank regulators from 53.