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 Consumer Financial Protection Bureau Proposes Loan Servicing Rules
by Anna DeSimone, Bankers Advisory, Inc.
On August 9, 2012, the Consumer Financial Protection Bureau (CFPB) today proposed two notices containing rules concerning mortgage servicing. The Dodd-Frank Wall Street Reform and Consumer Protection Act addresses some of these problems and imposes certain requirements on servicers, which the CFPB is implementing and refining, and which will be finalized in January 2013. The Dodd-Frank Act also gave the CFPB the statutory authority to write additional rules...
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CFPB Proposes Rules to Bring Accountability to Mortgage Market
by Anna DeSimone, Bankers Advisory, Inc.
On August 17, 2012, the Consumer Financial Protection Bureau (CFPB) proposed rules to bring greater accountability to the mortgage loan origination market. The rules are intended to help consumers understand mortgage costs and comparison shop. The CFPB is seeking public comment on a proposal that would:
Require Lenders to offer loans with a no-point, no-fee option
Under the proposed rule, creditors would have to make available to consumers a loan without discount points or origination points or fees, unless the consumers are unlikely to qualify for such a loan...
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 Hawaii State Legislature Changes Foreclosure Laws
by Nicole Legere, Esq., Associate Counsel, Bankers Advisory, Inc.
The Hawaii state legislature has recently passed HB 1875, which is intended to implement the recommendations of the mortgage foreclosure taskforce. This taskforce was created specifically to recommend ways to improve the methods by which foreclosures are conducted in Hawaii. The recommendations include creating a permanent mortgage foreclosure dispute resolution program, as well as a process for converting non-judicial foreclosures of residential property into judicial foreclosures...
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