Links in “Mortgage Lending”

CFPB aims for Albert Einstein's modus: "If you can't explain it to a six year old, you don't understand it yourself." Agency releases easier-to-use mortgage disclosure forms designed to clearly lay out the terms of a mortgage for a homebuyer. [11/20]

A source within the CFPB has reported that the new mortgage disclosures, which are scheduled to go into effect in August 2015, will be required of all mortgage lenders, with no exception for small lenders. A prototype of the new form shows a less cluttered format with information about interest rates, monthly payments and closing costs in bold type. [11/20]

CFPB's final HOEPA rule includes a requirement to provide mortgage applicants a list of HUD-approved housing counseling agencies. [11/13]

Reading/listening between the lines, it seems clear that NASCUS, which focuses on smaller credit unions, would like more coordination with CFPB given the impact of upcoming mortgage regulations on small CUs. At risk is the secondary mortgage market and access for small CUs. [11/13]

Questioner asks if an employee convicted of a felony can be a MLO. Responder suggests that may not even be the right question to be asking. [11/11]

NCUA has posted a three-part video series on its consumer website www.mycreditunion.gov  that explains the requirements of the new mortgage and remittance rules. The videos present NCUA’s plan for implementation of the new rules. [11/6]

HUD and Deutsche Bank agree upon $12.1 million settlement for 2007-2008 actions of an indirect subsidiary of the Bank (MortgageIT, Inc.). Allegations focused on the residential lender discriminating practices against African American and Hispanic borrowers seeking mortgage loans including charging higher APRs and fees than similarly-situated white borrowers and denying minority applicants loans more often than similarly-situated white applicants. Findings present key comparative statistical analysis that should be analyzed by every FI to ensure practices are not occurring. [11/6]

Video series explains key changes in new rules impacting international remittances and mortgage lending. [11/6]

Bank of America fined $45,000 for resolution of allegations that the lender discriminated against pregnant women seeking mortgage loans. Broader potential impact for all lenders to ensure that their practices do not include similar practices that included settlement date and denial of application due to discounting of income for pregnant woman. BofA praised for cooperation in working with HUD. [11/5]

Deal with the Federal Housing Finance Agency and FDIC require pending litigation against the bank to be dismissed. [10/31]