Data Facts wants to be your resource for important industry information, which is why we periodically share breaking news in addition to our regular blog posts. This article originally appeared on the National Professional Mortgage Magazine website and was written by Phil Hall. 

The Consumer Financial Protection Bureau (CFPB) and a coalition of attorneys general from 48 states, the District of Columbia, and the Commonwealth of Puerto Rico has reached   a $700 million settlement with Equifax stemming from the 2017 data breach of the Atlanta-headquartered consumer credit reporting company.

Topics: Data Facts blog, Data Breach, Credit Bureau, CFPB, Mortgage lenders, Credit Report

The three bureaus added regulations on when medical bills can be reported on consumer credit reports.

This article was originally published on npr.org by Michelle Andrews.

Millions of Americans have medical debt that's hurting their credit. The Consumer Financial Protection Bureau estimated it's as many as 43 million people, according to data released in late 2014.

Topics: Credit Score, CFPB, Understanding Credit Scores, medical debt

 

Topics: Mortgage compliance, Compliance, CFPB, mortgage lending services

E-Signatures simplify and expedite transactions, making it easier, faster, and cheaper for buyers, sellers and borrowers to conduct business. What used to take days and weeks can now be accomplished in as little as 15 minutes.  The The E-Sign Act  was passed in 2000, so why has it taken so long for our industry to see the benefits for buyers, sellers, and borrowers?

Topics: Mortgage compliance, CFPB, Mortgage Lending, TRID, Know Before You Owe, E-Closing, E-Signatures

 

The ability to repay rule (ATR) is part of Regulation Z – Truth in Lending Act (TILA). The Consumer Financial Protection Bureau (CFPB) issued a final rule about ATR in January 2013, and the rule became effective in January 2014. The basis of the ATR is the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act), and it generally requires creditors to make a reasonable, good faith determination of a consumer’s ability to repay any consumer credit transaction secured by a dwelling and establishes certain protections from liability under this requirement for “qualified mortgages”.  The rule requires creditors to keep a record of their compliance for a period of three years after a loan is closed.

Topics: Mortgage, Mortgage compliance, CFPB, ATR, Ability To Repay, UDM

The CFPB recently released their enforcement manual which will change the compliance requirements for all mortgage companies. Regardless of the size of the company all mortgage brokers and bankers are expected to have a compliance plan in place.

The Consumer Financial Protection Bureau now expects mortgage companies to maintain a compliance system. It will be mandatory to retain some form of on-going compliance system to manage the company’s compliance policies and procedures and training.

Topics: Compliance, CFPB