Below are recaps with hyperlinks to three Tools that CFPB Director Corday discussed at a recent speech at the Brookings Institution in Washington, DC. I think all are of particular interest to the Title and Lending Businesses, as well as consumers.
- Consumer Complaint Database Director Cordray acknowledged the criticism of the Bureau’s consumer complaint tool, in particular its public posting of consumer complaints and anecdotes. He noted that the consumer complaint function was mandated by Congress through the Dodd-Frank Act, and is becoming an increasingly important source of information for the Bureau, companies, and consumers. In particular, he stated that the CFPB looks to consumer complaints to guide and focus its enforcement efforts.
- Owning a Home Initiative The CFPB is starting an initiative this summer “Owning a Home” in conjunction with the Know What You Owe program . Director Richard Cordray says that the it will be introducing a new mortgage application booklet and will include a tool that will allow consumers to determine likely interest rates offered in their geographic area that are tied to their specific credit score.
- Mortgage Servicing Cordray highlighted the Bureau’s continued focus on mortgage servicing, noting that the CFPB has set out uniform rules and will continue its supervisory and enforcement efforts in this area, as well.