Links in “Mortgage Lending”

CFPB's Silberman provides testimony before a Subcommittee on Financial Institutions and Consumer Credit and touts the CFPB's work to strengthen the nation's financial system in efforts to serve consumers, promote responsible businesses, and improve the overall economy noting $5.3 billion in relief to consumers. Discussion on a regulatory implementation program for the integrated disclosure rule is also promoted. [4/24/15]

The CFPB reiterated guidance from 2013 regarding lenders providing housing counselors for mortgage applicants. The CFPB also provided guidance for lenders in compiling lists of housing counselors and qualifications for high-cost mortgage counseling. [4/16/15]

H.R. 685, aka the Mortgage Choice Act, passed the House. It would amend the definition of points and fees for amounts escrowed for insurance and title charges paid to affiliates of the creditor or mortgage originator. [4/16/15]

Last night the House passed the Mortgage Choice Act, which clarifies the definition of points and fees for the qualified mortgage test in order to make loans more available to low and moderate income credit union members. [4/15/15]

Proposed rules on successors in interest, definition of delinquency, foreclosure notice issues and others are the subject of letters from CUNA and NAFCU to the CFPB on proposed changes to the mortgage servicing rules. [4/13/15]

The fine itself, $250,000, against a California mortgage lender may not have been huge, but the CFPBs action got plenty of coverage, helping to send a clear signal: don't imply a government agency affiliation in your marketing materials. See coverage here and here and here. [4/10/15]

The CFPB has introduced a new consumer publication that replaces the “Settlement Cost Booklet” or “Special Information Booklet.” Here's what mortgage lenders need to know about it. [4/7/15]

The CFPB announced the availability of the new RESPA Special Information Booklet now under the title of “Your Home Loan Toolkit: A Step-by-Step Guide." This version of the Booklet incorporates statutory amendments and the Loan Estimate and Closing Disclosure from the Bureau's final rule, Integrated Mortgage Disclosures Under the Real Estate Settlement Procedures Act (Regulation X), and the Truth in Lending Act (Regulation Z) (Integrated Disclosures Final Rule). [4/3/15]

Homeowners in high-risk areas will see their premiums rise by as much as 25% under new rates that took effect April 1 under the National Flood Insurance Program. [4/3/15]

The OCC extended temporary protections to service members through 2015 year-end, because of a variety of mortgage-related issues. [4/2/15]