DS News - Digital Archives

» VISIT US ONLINE @ DSNEWS.COM Compiled by the DS News Staff FIVE MINUTES WITH PRESIDENT AND CEO OF STEWART LENDER SERVICES Jason Nadeau PAGE 27 INSIDE THE JOURNAL // MOVERS & SHAKERS // ON THE WEB // THE APP SPECTRUM CFPB FINALIZES MORTGAGE RULES The Consumer use of short-term Financial Protection forbearance plans "Our mortgage Bureau (CFPB) when a borrower only finalized several rules were designed needs temporary amendments and relief. Under the to eliminate issued clarifications final rule, a servicer to its new mortgage irresponsible may, upon reviewing rules. The agency says an incomplete loss practices and the changes answer mitigation application, questions that have foster a thriving, provide a six-month been identified during more sustainable forbearance to a the implementation borrower suffering a process. marketplace." short-term, temporary Among other things, —CFPB Director Richard Cordray hardship. the rule adjustments The CFPB has clarify that servicers also clarified best are prohibited from practices for informing borrowers of the making the "first notice or filing" under state law during the first 120 days address for complaints and information a borrower is delinquent. However, requests. The new rule provides more servicers are allowed to send certain specificity on how to inform borrowers early delinquency notices as required about the address by listing it on initial by state law to provide borrowers with notices, periodic statements, or a information about legal aid, counseling, coupon book. or other resources. The CFPB has decided to exempt CFPB's final rules also outline specific all small creditors, even those that do procedures that should be followed if not operate predominantly in rural or a servicer fails to identify and inform underserved counties, from a new a borrower of missing documentation ban on high-cost mortgages featuring in their loss mitigation application. balloon payments so long as the loans The procedures also specify how the regulations' protections from foreclosure meet certain restrictions. The final rule also clarifies the and various procedural rights apply to definition of a loan originator and it borrowers during the time period for moves the effective date of many gathering any missing information. originator compensation provisions from In addition, the CFPB has written the new regulations to facilitate the January 10, 2014, to January 1, 2014. A look at facts you didn't know you couldn't live without The industry's shadow inventory—which includes 90+ delinquencies and foreclosures— dropped to 2.47 million homes as of the end of Q2, Barclays reports. top10 Take a look inside the numbers data b i t s MOST EXPENSIVE URBAN AREAS* Ranking Urban Area COLI** 1 New York (Manhattan), NY 218.9 2 Honolulu, HI 174.6 3 New York (Brooklyn), NY 173 4 San Francisco, CA 159.5 5 New York (Queens), NY 153.7 6 San Jose, CA 152.8 7 Hilo, HI 148.7 8 Stamford, CT 144.8 9 Orange County, CA 143.8 10 Washington, DC 140.9 LEAST EXPENSIVE URBAN AREAS* Ranking Urban Area COLI** 1 Harlingen, TX 81.1 2 Norman, OK 84.2 3 Pueblo, CO 84.4 4 Memphis, TN 84.7 5 Youngstown-Warren, OH 85.5 6 Temple, TX 85.6 7 Omaha, NE 85.6 8 Jonesboro, AR 85.7 9 Sherman-Denison, TX 85.9 10 Idaho Falls, ID 86.1 *As of Q2 2013, out of the 304 urban areas that participated in the study. **Cost of Living Index, which measures regional differences in the cost of consumer goods and services. A reading of 100 represents the national average, so a COLI value of 86 means cost of living is 14% below the national average. Source: The Cost of Living Index is published quarterly by the Council for Community and Economic Research. TARP's bank programs have generated a $27 billion return for taxpayers, according to figures released by the Treasury Department last month. 7

• Cover