Tag Archives: aml

CFPB Report Shows Complaints Rose 80 Percent in 2013

The number one most complained about consumer product was mortgages, accounting for 37 percent of overall complaints. For these approximately 60,000 complaints, consumers were most concerned with problems when they were unable to pay, such as issues relating to loan modifications, collections, or foreclosures. Credit reporting: The number three most complained about category was credit reporting, accounting for about 15 percent of overall complaints. For the approximately 24,000 complaints about credit reporting, nearly three out of four consumers were concerned with incorrect information on their credit report.

OnlineEd’s CFPB Preparedness Article Published in Scotsman Guide

December 5, 2013 – OnlineEd was recently published in the December Scotsman Guide’s Residential Edition. Click the link below to read or download the complete article. Our article outlines the need for mortgage businesses, both large and small, to prepare for CFPB examinations. We break down the CFPB examination guide’s criteria for education and training, […]

CFPB Seeks Constent Order Against Castle & Cooke for $13 Million

(CFPB – WASHINGTON, D.C.)  The Consumer Financial Protection Bureau (CFPB) today announced a proposed consent order in its enforcement action against Castle & Cooke Mortgage, LLC, for allegedly steering consumers into costlier mortgages. The Bureau has asked a federal district court to approve a consent order that would provide more than $9 million in restitution for […]

Off-the-Shelf Mortgage Industry Policies and Procedures Templates Provide Affordable Solution

(OnlineEd – Portland, OR) – Mortgage education provider OnlineEd has developed industry standard policies and procedures templates to help mortgage companies comply with the Consumer Financial Protection Bureau (CFPB) requirement for mortgage companies to have written policies and procedures in place and reviewed by all of their employees. Their easy-to-use system allows for subscribers to upload […]

CFPB Takes Action Against Castle & Cooke for Paying Employees to Steer Consumers into Expensive Mortgages

The CFPB alleges that the company violated the rule with its quarterly bonus program, which paid more than 150 Castle & Cooke loan officers greater bonus compensation when they persuaded consumers to take on more expensive loans. The average quarterly bonus ranged from $6,100 to $8,700. By contrast, those loan officers who did not charge consumers higher interest rates did not receive quarterly bonuses. The CFPB estimates that more than 1,100 illegal quarterly bonuses were paid and that tens of thousands of customers may have been upsold since April 2011.

CFPB Finalizes April Clarifications to Mortgage Rules

Rule Will Improve Consumer Protections in Qualified Mortgages and Mortgage Servicing (CFPB, WASHINGTON, D.C.) — Today, the Consumer Financial Protection Bureau (CFPB) finalized corrections, clarifications, and amendments to its Ability-to-Repay and mortgage servicing rules. Today’s clarifications were first proposed in April 2013 and reflect the Bureau’s commitment to facilitating implementation in order to better protect consumers. […]

CFPB Issues Proposed Modifications to Mortgage Rules

The CFPB finalized several mortgage rules in January 2013 that are addressed by today’s proposal. The Ability-to-Repay rule protects consumers from irresponsible mortgage lending by requiring that lenders make a reasonable, good-faith determination that prospective borrowers have the ability to repay their loans. The mortgage servicing rules established strong protections for homeowners facing foreclosure, and the loan originator compensation rules address certain practices that incentivized steering borrowers into risky and/or high-cost loans. The CFPB also finalized rules that strengthened consumer protections for high-cost mortgages, and instituted a requirement that escrow accounts be established for a minimum of five years for certain higher-priced mortgage loans.

CFPB Releases Exam Procedures for New Mortgage Rules

(CFPB – WASHINGTON, D.C.) — On June 4, 2013, The Consumer Financial Protection Bureau (CFPB) published the first update to its exam procedures for the new mortgage regulations it issued in January 2013. The exam procedures offer financial institutions and mortgage companies valuable guidance on what the CFPB will be looking for as the rules become […]

CFPB Releases Informative Videos on YouTube

Confused about the CFPB’s January 2013 new mortgage rules? Don’t have an afternoon to read a series of .pdf files? Check out the new videos that the CFPB just posted on YouTube. “We’re trying to make our rules more understandable and more user-friendly, setting out as clearly as we can what you need to know, […]

Get Compliant – And How to Stay that Way!

Compliance is a hot topic today, as the landscape is constantly shifting and being redefined as the mortgage and real estate industry stabilizes in the wake of the financial crisis. Understanding what these new and changing compliance requirements are can be a headache, but OnlineEd.com has a few tips that can help you be prepared […]