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Inside the CFPB

August 6, 2007

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Agencies Proceed Cautiously with FL Reviews

Federal scrutiny of home loan pricing disparities is continuing, despite the slow pace of investigations and low rate of completions, according to agencies charged with enforcement of federal fair lending laws. Testifying at a recent House subcommittee hearing... Read More

OTS Plans UDAP Rules

The Office of Thrift Supervision is seeking public comment on how it can expand its regulatory authority to address unfair or deceptive acts and practices. In a notice of proposed rulemaking unveiled Aug. 3, OTS said it will solicit opinions on whether a UDAP regulation... Read More

State MEGs Toughen Baseline Requirements

State supervised mortgage lenders and brokers can expect tighter regulatory scrutiny of their nontraditional and nonprime activities under new examination guidelines issued last week by state regulatory organizations. The model examination guidelines, or... Read More

Lenders Use ‘Positive’ Methods to Contact Subprime Borrowers

As the rate of home foreclosures continues to grow nationwide, banks are developing foreclosure-prevention strategies that underscore early and more frequent contact with delinquent borrowers or those facing an impending interest-rate reset. In the current... Read More

SEC Sees No Accounting Issues in Efforts to Modify Troubled Loans

The Securities and Exchange Commission has affirmed the mortgage industry’s position that loan modifications can be made when default is “reasonably foreseeable,” and do not have to wait until the loan is already in default. The SEC’s opinion is crucial to ongoing... Read More

Industry Calls for Wider Disaster Insurance Program in Lieu of NFIP

Congress and the federal government should consider replacing the National Flood Insurance Program with a comprehensive federal catastrophic insurance program to address lenders’ qualms about making home loans in areas that are often ravaged by natural... Read More

Chase Announces Simplified Nonprime Loan Disclosures

JP Morgan Chase has simplified its nonprime disclosures amid growing consumer mistrust of mortgage loan advertisements and marketing. The new disclosures are contained in a package of measures announced last week by Chase Home Lending, JP Morgan’s mortgage unit... Read More

House Bill Would Hike Funding For Mortgage Fraud Enforcement

House lawmakers have approved additional funding to help the Federal Bureau of Investigation and the Department of Justice crack down on mortgage fraud. The industry-supported amendment passed with the House’s July 25 approval of the Commerce, Justice, Science and... Read More

State Roundup

Arizona: Committing, engaging in or conspiring to commit mortgage... Colorado. A new law that became effective June 1 requires... Florida. The Sunshine State has approved legislation... Nevada. The Silver State also has outlawed... North Carolina. A mortgage loan provider that knowingly misstates... Read More

Federal Roundup

Federal Reserve Board: TILA Trigger Adjustment. The Fed has raised the fee amount that triggers additional disclosures under the Home Ownership and Equity Protection Act to $561 for 2008. The fee-based trigger... Read More

Worth Noting…

Gil Barker has been named deputy comptroller... Racial differences in lending increase as income... AIG United Guaranty has named Barbara Stein... The California Association of Mortgage Brokers is... The USFN (U.S. Financial Network), a professional network... Read More

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