by Jeff Sorg | Jun 27, 2013 | Mortgage
(CFPB -WASHINGTON, D.C.) —The Consumer Financial Protection Bureau (CFPB) issued a rule that establishes procedures to bring under its supervisory authority certain nonbanks whose activities it has reasonable cause to determine pose risks to consumers. Nonbanks...
by Jeff Sorg | Jun 24, 2013 | Mortgage
CONSUMER FINANCIAL PROTECTION BUREAU ISSUES PROPOSED MODIFICATIONS TO MORTGAGE RULES Proposal Would Resolve Implementation Issues and Clear Way for Better Consumer Protections (CFPB, WASHINGTON, D.C.) Today the Consumer Financial Protection Bureau (CFPB) proposed...
by Joseph | Jun 12, 2013 | Mortgage
The CFPB has validated the use of a Uniform State Test (UST) developed by the Nationwide Mortgage Licensing System and Registry (NMLSR) to satisfy SAFE Act testing requirements. The SAFE Act requires state-licensed MLOs to pass a written test developed by the NMLSR....
by Joseph | Jun 6, 2013 | Contractor, Mortgage
If your small business has been operating under the “it won’t happen to me” assumption in regards to a CFPB audit, think again. The CFPB has repeatedly made it clear that they intend to audit everyone in the mortgage industry, regardless of size. They started...
by Jeff Sorg | May 15, 2013 | California Real Estate, Mortgage, Nevada Real Estate, Oregon Real Estate, Real Estate
(OnlineEd – Portland, OR) – The Consumer Financial Protection Bureau (“CFPB”) gave 12 months (and sometimes less) from the “issue date” to implement the majority of these new requirements. Because the CFPB considers the...