Posted To: Pipeline Press
Do mortgage loan originators think that they can’t go to prison for something they did ten years ago? They’d better think again . And let’s not forget that the CFPB has made it clear that it has the right to hold originators responsible for defects in their employer’s compensation plan. Are we having fun yet? (If you need a reminder as to the CFPB’s goals, here is a list .) Last week was a big week for the CFPB in terms of education. On April 26th, it published a notice in the Federal Register that makes available a report summarizing findings related to the Bureau’s consumer testing of sample periodic statement forms for consumers in bankruptcy. The Bureau reopens the comment period of the 2014 proposed mortgage servicing rule until May 26, 2016 to seek comment on the report. Amendments…(read more )