Links in “Mortgage Lending”

The CFPB released a new feature called "Your Home Loan Toolkit," which will assist consumers through the process of shopping for a mortgage and buying a home. The new toolkit was produced as part of the CFPB's "Know Before You Owe" initiative." [4/1/15]

CUNA economists predict that rising interest rates in 2015 and 2016 will lead to higher earnings, improved asset quality, and increasing capital.  New auto loans, purchase money mortgages, and credit cards are expected to show very strong growth. [4/1/15]

A new House bill would revise the definition of member business loans to exclude loans for the purchase of one-to-four unit, non-owner occupied residential buildings.  This would create parity with the rule for banks as banks are permitted to classify these types of loans as residential real estate loans. [3/19/15]

...is understanding the reason behind the regulation. That was one of five key takeaways from a conference on the mortgage industry. (See also Ken Agle's 2-part series, "Those Who Do Remember History.") [3/19/15]

A trade group tells Congress that regulatory overkill is hurting the very people it is meant to help by pushing would-be homeowners into the rental market and thereby driving rents up, raising the fees for low-dollar loans, and making it hard for people like teachers and doctors to obtain a mortgage for relocating to a new town. [3/19/15]

Last week, the CFPB took action against three mortgage companies for violations of the Mortgage Acts and Practices Advertising Rule, its first actions since it issued warning letters to several institutions in 2012. See what got these three companies into hot water for their direct-mail advertisements. (Hint: Imply a government affiliation and you're looking for trouble.) [2/18/15]

A hearing addresses concerns that the large mortgage settlements aren't going toward consumer relief, but to third-party organizations. [2/17/15]

The CFPB took action against three mortgage companies for misleading consumers with advertisements implying US government approval of their products and suggested affiliation with US government in violation of the 2011 Mortgage Acts and Practices Advertising Rule. [2/13/2015]

CNN reported yesterday that buying a home is easier if you’re white. According to a recent report by Zillow and the National Urban League, fewer minorities apply for conventional mortgages. But is this a factor of race or are the wide disparities in homeownership among different ethnic groups really a factor of economics? [2/11/15]

CFPB releases a study that finds consumers are confused by reverse mortgages. "It is essential that the terms, conditions and servicing of reverse mortgages be fair and transparent so that consumers can make informed decisions regarding their options." Stay tuned for further regulatory developments on this front. [2/10/15]