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A Little Less Regulation From the CFPB, a Little More Action From the States

California’s Department of Business Oversight recently put nonbank mortgage lenders and servicers on notice about complying with the state’s Residential Mortgage Lending Act. The CRMLA requires licensees to submit to the commissioner of Business Oversight, an annual report that contains the following data: loans originated, loans brokered, loans serviced, foreclosures and adjustable rate and other non-traditional mortgage…
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Just When We Got The Hang Of It, QM Might Be Changing

It took the better part of four years, but our industry seems to have finally come to grips with the Qualified Mortgage rule and, more recently, what it takes to originate and securitize non-QM loans. But, as they said in a certain summer blockbuster movie, “just when you thought it was safe to go back…
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More Is More: A Look at the Growing Role of State Regulators

Recently, New Jersey Attorney General Gurbir Grewal and Governor Phil Murphy announced that the state would create a “state-level CFPB” to “fill the void left by the Trump Administration’s pullback of the Consumer Financial Protection Bureau.” And the Garden State is not alone. Shortly after Office of Management and Budget Director Mick Mulvaney was appointed…
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