Industry Reaction to CFPB’s New Site is Swift and Stinging; Sub-Servicer Review

By Rob Chrisman

Posted To: Pipeline Press

After being in Colorado earlier this week and preparing for a trip to Florida Friday, I must admit that to save time most of today’s commentary had already been written (student loans, Ocwen on the ropes in California, dissecting Chase & Wells earnings, RESPA-TILA news, and so on). But the CFPB went and changed that with its announcement yesterday regarding telling consumers how to own a home, uh, actually how to partially shop for mortgages from large lenders. Before we get to CFPB possibly overreaching its purpose, how about some good news? The Mortgage Bankers Association, echoing what lock desks already knew, said its seasonally adjusted index of mortgage application activity jumped 49% last week – its largest weekly percentage gain in over 6 years. Rates have helped: refis were up…(read more)

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