Links in “Mortgage Lending”
- OCC to JPMC: “Oh, This Too”âSCRA Lookback
Consent order hits JP Morgan Chase with unsafe or unsound practices in connection with the bankâs non-home loan debt collection litigation practices and the bankâs non-home loan compliance with the Servicemembers Civil Relief Act (SCRA). Actions include required actions on litigation practices associated with debt collection and a massive lookback for non-home loan debt collection practices (both SCRA and otherwise) from 2009 and SCRA from 2005. [9/19]
- CUNA Offers One-Stop Resource for Mortgage Lending Compliance
CUNA has added a CFPB Mortgage Rules page to the Compliance Resource section of its website. This new resource consolidates a host of information ad tools to assist with compliance with the new mortgage rules and includes eGuides, archived webinars, and Q&As. [9/17]
- Ability-to-Pay: Are Mortgages and Credit Cards Just the Beginning?
CFPB's Cordray indicates that the CFPB is assessing how the ability-to-pay model might be applied beyond mortgages and credit cards. [9/13]
- More Mortgage Rule Changes Coming “Any Day Now”
CFPB director says additional changes to servicing, ability to repay and loan originator compensation rules are coming "any day now," but shows no receptiveness to delaying the effective date. [9/12]
- Richmond Proceeds with Eminent Domain Plan
California town, despite widespread opposition and legal challenges, proceeds with plan to use its eminent domain privileges to seize homes with underwater mortgages on behalf of homeowners. [9/12]
- HUD Reverses on Reverse Mortgages
New guidelines follow Reverse Mortgage Stabilization Act of 2013's call for program enhancement, including Draw Limitations and Ability to Repay Analysis. [9/4]
- NCUA Expands Recovery Efforts by Suing Morgan Stanley
On the heels of a recent appellate court victory, NCUA has initiated a lawsuit against Morgan Stanley and other firms for selling faulty mortgage-backed securities to WesCorp, U.S. Central and other corporate credit unions; NCUA is seeking to recover approximately $566 million for violations of federal and state securities laws. [9/3]
- Proposed Revision to QRM Rule May Mean Ongoing Reliance on GSEs
Analyst notes that the proposed revisions to the Qualified Residential Mortgage rule will likely mean ongoing reliance on Fannie Mae and Freddie Mac as the paths of least resistance. [9/3]
- NCUA Takes Charge Against Morgan Stanley
Case against Morgan Stanley over faulty Mortgage Back Securities held by two now-defunct credit unions will be worth monitoring. NCUA has already proved successful in past cases and has other cases pending. [9/3]
- Federal Agencies Issue a Second Proposed Interagency Rule on QRMs
Although proposed rule issued by the FDIC, FHFA, FRB, Dept. of Housing and Development, SEC and the OCC does not directly affect credit unions, as participants in the mortgage market place they would likely feel the impact; proposed rule would make the definition of a âqualified residential mortgageâ consistent with the CFPBâs definition of a âqualified mortgage.â [8/29]
