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Inside the CFPB

January 5, 2009

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Biggest RESPA Losers Seek Injunctive Relief

Mortgage broker and homebuilder trade associations have filed lawsuits in federal court that could delay the implementation of a controversial final rule overhauling disclosure procedures under the Real Estate Settlement Procedures Act. The more urgent action was taken by the National Association Home Builders, which is trying to stop a provision redefining “required use” from taking effect... Read More

Frank Seeks to Refocus TARP on Foreclosures

Congress convenes this week with a heavy legislative plate of high-priority issues pertaining to the economy and the financial system with significant implications for the mortgage industry. House Financial Services Chairman Barney Frank, D-MA, is expected to introduce legislation requiring the use of Troubled Assets Relief Program funds to curb foreclosures and lower... Read More

For NAHB, Legal Challenge of ‘Required Use’ was Inevitable

No provision in the new Real Estate Settlement Procedures Act reform rule has caused more of a firestorm than the changes made to the rule’s “required use” provision. Homebuilders that own a mortgage company or a title agency are the hardest hit by the revised definition of “required use,” a key phrase in RESPA’s prohibition of tying a consumer’s use of a particular settlement... Read More

More Issues Emerge as Lenders Dissect Final RESPA Regulation

More vexing issues are emerging as mortgage industry participants delve deeper into new disclosure rules under the Real Estate Settlement Procedures Act. The rules are aimed at making the mortgage settlement process simpler and more transparent to consumers to help them shop for a loan that best meets their needs. But lenders fear that the new good faith estimate and HUD-1... Read More

Groups Propose Various Measures To Cut Rates, Curb Foreclosures

Industry and consumer groups are continuing to push for initiatives to reduce mortgage interest rates and curb worsening default and foreclosure rates. The National Association of Realtors has put forth a proposal based on an idea floated by the Treasury Department in which banks are encouraged to offer purchase home mortgages with a 4.5 interest rate. The proposal’s aim is to jump... Read More

Regulators Relent on Stringent GSE Appraiser Reform Proposal

Mortgage lenders won a major concession last week under a revised appraisal code agreement between the New York Attorney General’s Office, the Federal Housing Finance Agency, Fannie Mae and Freddie Mac. Under the terms of the revised agreement, lenders will still be able to use their own appraisers, either in-house or through affiliates, provided they erect firewalls between the loan... Read More

HUD Allows FHASecure to Fold, More Emphasis on H4H Program

The Department of Housing and Urban Development has decided to let the FHASecure refinancing program lapse as originally intended rather than extend it as many mortgage industry participants have urged. Upon sunset on Dec. 31, the program that was once touted as a powerful vehicle for rescuing an estimated 240,000 delinquent borrowers on the brink of losing their homes had very... Read More

Frank, Administration in Blame Game over Weak H4H Showing

A major House proponent of HOPE for Homeowners acknowledged flaws in the $300 billion borrower rescue program but said the Bush administration was as much to blame for the initiative’s lackluster performance. House Financial Services Committee Chairman Barney Frank, D-MA, accused the administration of flip-flopping and inaction in response... Read More

State Roundup

Pennsylvania. State banking regulators have announced new rules requiring lenders to provide consumers with affordable... Michigan. Democrat Gov. Janet Granholm signed into law Dec. 18 certain amendments to the Mortgage Brokers, Lenders... Texas. State Attorney General Greg Abbott announced Dec. 11 settlements with two companies charged with exposing consumers... Read More

Federal Roundup

Department of Housing and Urban Development: FHA Appraiser Eligibility. HUD has issued new appraiser eligibility rules which implement changes mandated by... OCC/FRB/FDIC/OTS: CRA Asset-Size Threshold Altered. Federal banking regulators have announced an adjustment in the asset-size threshold... Read More

Worth Noting …

President-elect Barack Obama will nominate Mary Schapiro to head the Securities and Exchange Commission. A former SEC commissioner, Schapiro currently runs... On Dec. 24, the Federal Reserve Board approved the applications of GMAC and IB Finance Holding Co., both of Detroit, to become bank holding companies on... Read More

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