The Consumer Financial Protection Bureau (CFPB) now has the authority to oversee nonbank businesses that provide consumers with financial products and services. Within this jurisdiction fall a host of mortgage companies that have largely gone unregulated in the past, including mortgage servicers that are not part of a depository institution, loan modification and foreclosure relief services, loan originators, and mortgage brokers. This authority came with the appointment of an agency director on Wednesday, and by Wednesday afternoon, the CFPB announced the official launch of its nonbank supervisory program.
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