The Federal Reserve Board has issued a final rule and sought comment on a proposed rule to revise escrow requirements for first-lien jumbo mortgage loans and first-lien, higher-priced mortgages, respectively. The changes to Regulation Z, which implements...
The House Financial Services Committee intends to conduct a hearing to examine the impact of the Federal Reserve’s recent regulation governing compensation to mortgage loan originators. In its oversight plan for the 112th Congress, the HFSC expressed concern that the Fed’s LO pay rules, which take effect April 1, may have an adverse impact on...
The Small Business Administration has joined other stakeholders in asking the Federal Reserve Board to postpone the April 1 implementation date of its final rule on mortgage loan originator compensation. In a recent letter, the SBA’s Office of Advocacy said the compliance guidance for small businesses it had requested...
House Republicans are vowing to place financial regulators under tight scrutiny to ensure that the objectives of the new finance reform bill are being met without harmful, unintended consequences. The House Financial Services Committee placed the Dodd-Frank Wall Street Reform and Consumer Protection Act under a stringent oversight plan that takes...
As the implementation date of the Federal Reserve’s final rule on mortgage loan originator (LO) compensation nears, creditors, loan officers, mortgage brokers and loan correspondents are concerned about how the rule will affect their business and their wallets. They realize...
The Federal Reserve will likely set aside proposed revisions of Truth in Lending Act regulations, including borrowers’ right to rescind flawed mortgage loans, until the Bureau of Consumer Financial Protection is fully operational and has completed integrating disclosures under TILA and the Real Estate Settlement Procedures Act. Leonard Chanin, deputy director of the Federal Reserve Board’s Division of Consumer and Community Affairs, reportedly told attorneys at a meeting in Naples, FL, that the Fed is suspending…
The Bureau of Consumer Financial Protection is expected to hire a private firm to develop a new, simplified form integrating mortgage disclosures required under the Real Estate Settlement Procedures Act and the Truth in Lending Act. About 80 percent of disclosures mandated by both TILA and RESPA will be whittled...
Revisions to Community Reinvestment Act regulations to support stabilization of communities affected by high foreclosure levels take effect soon. Starting Jan. 19, bank and thrift activities aimed at supporting eligible development activities in areas designated...[Includes two data charts]
Federal regulators are divided on whether to add national mortgage servicing standards to forthcoming risk-retention rules, and unless the agencies come to an agreement soon, risk-retention rulemaking could be seriously delayed. Regulators are hoping...
The Federal Reserve Board staff’s verbal interpretation of the loan originator compensation rule is greatly appreciated but mortgage lenders would rather have those opinions and advice in writing, according to the Mortgage Bankers Association. Meetings between members and officials of the MBA and Fed staff regarding...
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