Bipartisan legislation in the house to enact a transitional period for loan originators relating to the SAFE Act, a previous of a hearing on the Dodd-Frank Act's impact on homeownership by a subcommittee of the House Financial Services Committee, and regulatory implementation materials from the Consumer Financial Protection Bureau.
The Supreme Court will hear weigh in on fair lending laws and disparate impact in the case of Township of Mount Holly v. Mt. Holly Gardens Citizens in Action, Inc.
The Supreme Court of the United States announced Monday, June 17, that it decided to grant the petition for certiorari in the disparate impact case of Township of Mount Holly v. Mt. Holly Gardens Citizens in Action, Inc. Specifically, Mt. Holly challenges the position of the Department of Housing and Urban Development that disparate impact can be used to establish liability under the Fair Housing Act, even if there is no discriminatory intent. The CFPB, HUD and the Department of Justice have all previously gone on record as...
Bruce Schultz, head of mortgage operations for SpiritBank, offered attendees at the American Bankers Associations regulatory compliance conference a useful acronym to remember a good strategy for navigating the rocks and shoals of the CFPBs ability-to-repay/qualified mortgage rulemaking: CADI: Coordinate, Analyze, Decide, Implement. First up is coordination, Schultz told participants in a break-out session at the conference, held last week in Chicago. Various people that youre going to need to have input...
The American Bankers Association asked the CFPB for more detailed guidance on the temporary qualified mortgage for government-sponsored enterprise and agency mortgage loans. Earlier this year, the bureau proposed some amendments to its mortgage rules under the Real Estate Settlement and Procedures Act and the Truth in Lending Act. Among them are some proposed revised commentaries regarding the standards that a creditor must meet when relying upon a written guide or the automated underwriting system of one of the GSEs, the...
The CFPB has published the first update to its exam procedures for the new mortgage regulations it issued in January 2013 having to do with appraisals, escrow accounts, and compensation and qualifications for loan originators. The exam procedures offer financial institutions and mortgage companies guidance on what the CFPB will be looking for as the rules become effective. The CFPB recognizes that the easier we make it for financial institutions and mortgage companies to follow the new regulations, the better off consumers...