The article discusses recent changes in regulatory oversight for mortgage lenders, particularly regarding appraisal independence and scrutiny from the Consumer Financial Protection Bureau (CFPB). The CFPB will cut supervisory exams by half and refocus on non-depository financial entities, suggesting a shift in enforcement priorities. This change prompts increased monitoring of independent mortgage banks (IMBs) concerning loan fees and officer compensations. Additionally, state attorneys general are launching lawsuits against firms for possible violations, reflecting local political influences on regulatory actions and enforcement, particularly in consumer finance.
The CFPB's decision to reduce supervisory exams by 50% while shifting focus toward non-depository financial services indicates changing regulatory approaches in the mortgage industry.
State scrutiny is intensifying for IMBs, especially regarding loan fees and officer compensation, reflecting heightened regulatory expectations post-CFPB changes.
Ongoing investigations have led to recent lawsuits against companies like Hometap Equity Partners and UWM, highlighting varying priorities among state attorneys general.
Regulatory priorities will differ among states as elected officials determine enforcement strategies, influenced by local political dynamics and consumer protection issues.
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