Monthly Archives: August 2014

CFPB Issues Updated Guidance on Loan Servicing Transfers

Recently, the Consumer Financial Protection Bureau (“CFPB”) issued a bulletin regarding the obligations of mortgage companies to protect consumers before, during, and following loan transfers between mortgage servicers. The preface to the bulletin states that the “CFPB’s concern in this area remains heightened due to the continuing high volume of servicing transfers.” Institutions that hold […]

CFPB Proposes Changes to Reg C

The Home Mortgage Disclosure Act (“HMDA”), implemented through Regulation C, is the next target for changes by the Consumer Financial Protection Bureau (“CFPB”).   The CFPB’s proposed rule claims to simplify the reporting process for financial institutions while also updating the reporting requirements.  HMDA, originally enacted in 1975, requires many financial institutions to report information about […]