Monique Rollins, deputy assistant secretary for the Treasury Department’s Office of Capital Markets, said the Treasury supports industry-driven efforts.
It may just be a matter of time before CFPB Director Richard Cordray accuses the mortgage industry of “crying wolf” again, this time over inflated warnings about the damage to the housing markets the industry said would result from the bureau’s much-ballyhooed integrated disclosure rule. The CFPB’s Truth in Lending Act/Real Estate Settlement Procedures Act Integrated Disclosure rule kicked in Oct. 3, 2015. And even though some industry vendors were scrambling to deliver software updates into the evening the night before, it looks like the rule has had little immediate effect on the markets, according to the results of the latest HousingPulse survey sponsored by Inside Mortgage Finance, an affiliated publication, along with Campbell Surveys, which performed the survey. “While ...
The U.S. House of Representatives voted 255 to 174 recently to expand the CFPB’s qualified mortgage safe harbor to include all residential mortgages held in the originating lender’s portfolio. Similar legislative language exists in S. 1484, the Financial Regulatory Improvement Act of 2015, the regulatory relief bill pushed by Senate Banking, Housing and Urban Affairs Committee Chairman Richard Shelby, R-AL, which is going to be incorporated into appropriations legislation shortly. The big questions now are whether those QM provisions will remain attached to the next spending bill as it moves through the nation’s legislature, and if so, whether congressional Republicans can again succeed in using the appropriations process to bypass Democrat opposition. Now the bad news: The White House has ...
The new and modified data required under the CFPB’s recently released Home Mortgage Disclosure Act final rule will probably result in greater regulatory and legal scrutiny of mortgage lenders, so covered institutions should take a proactive approach to implementation, according to top legal experts. In a recent client alert, the attorneys in the mortgage banking and consumer financial services groups at the Ballard Spahr law firm noted that the new and modified data will include “much more detail about applicants, borrowers, credit, collateral, loan type, pricing, fees, charges, the originator, and the covered institution. The new and modified data will enable regulators and private parties to analyze a lender’s practices in much greater detail than is currently possible.” Analyses of ...
The CFPB indicated in its recently released 2015 rulemaking agenda that it is continuing to finalize a proposal it published in December 2014 to amend certain aspects of the bureau’s 2013 mortgage servicing rules. The proposal addressed, among other things, enhanced loss mitigation requirements and compliance with certain rules when the borrower is a potential or confirmed successor in interest or is in bankruptcy. “We have been conducting testing of periodic statements for consumers in bankruptcy and are working to develop the final rule for issuance in mid-2016,” the CFPB said. The bureau also will continue working to support implementation of the multiple mortgage rules required by the Dodd-Frank Act, such as the Home Mortgage Disclosure Act rule, the integrated ...