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Under the new model, tax preparers must pay lenders for originating loans and are prohibited from passing costs on to borrowers. But consumer advocates argue that pricing of tax preparation services is so opaque that customers could be paying loan fees and not even know it.

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Many institutional investors are refusing to purchase mortgages loans until they get assurance from the CFPB that they won't have to pay for others' mistakes. Their pullback could further the slow the issuance of private-label mortgage bonds this year, a huge concern at a time when the majority of home loans are insured by Fannie, Freddie and the FHA.

Remember those homeowners who walked away from their underwater mortgages even though they could still afford their loans? They're back, this time as prospective borrowers.
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Wells Fargo's tentative agreement to pay $1.2 billion to resolve claims by the Justice Department that it made shoddy FHA loans is bad news for other banks that are the targets of similar probes.

More than 1 million homebuyers qualified for a mortgage in the third quarter, the first time since the financial crisis that lenders reached such a threshold, according to research by the Urban Institute.

The Consumer Financial Protection Bureau should have direct oversight of auto dealers instead of being forced to go through indirect auto lenders to make changes to the market, Sen. Elizabeth Warren, D-Mass., suggested Wednesday.

CEO Jeffrey Brown spent much of the firm's quarterly earnings call Tuesday responding to the demands of shareholders who are unhappy with Ally's weak stock price.

The Canadian bank's U.S. wealth management arm is moving toward a hybrid digital-human advice platform, partnering with BlackRock's FutureAdvisor to add robo tools for its 1,900 advisors.

The largest institutions moved to the top of J.D. Power's rankings, thanks largely to the popularity of their digital offerings and high scores among young adults.

Lenders argue that the GSEs would be better off buying more loans that are already insured, rather than transferring credit risk after holding them for a time. But Freddie Mac's Kevin Palmer says certainty of reimbursement is more important than the timing of risk transfers.

A Federal Reserve task force has issued criteria for its faster payments initiative, part of a long journey to build a framework to securely and efficiently accommodate the near real-time processing for digital commerce.

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