Links in “Mortgage Lending”
- Put on those Reading Glasses: X & Z Amendments Released
CFPB tackles array of Regulation X and Z mortgage rule topics including tough DTI calculation issues on ability to repay (ATR) and prepayment on higher-priced mortgage loans (HPMLs). Exclusions on construction and bridge loans provided on ATR and prepayment penalties.[7/24]
- CFPB Files Complaint Against Lender for Steering Borrowers to High Cost Loans
CFPB alleges Utah mortgage bank violated the Federal Reserve's loan officer compensation rule, which bans compensation based on a loan's terms such as interest rates; bank vigorously denies allegations. [7/24]
- CFPB Storms the Castle
Complaint by CFPB against Castle & Cooke filed for illegal bonuses tied to higher-priced mortgages. Strong guidance document to FIs to review compensation practices tied to interest rates charged (aka Steering). [7/24]
- 4 Things You Should Know about the SAFE Act
While the number of mortgage loan originators who were actually involved in deceptive and abusive practices was very small, all MLOs and their institutions must now follow the SAFE Act requirements; what this means in a nutshell. [7/23]
- Is It the End of Fannie Mae and Freddie Mac?
That could be the decision of the House Financial Services Committee when it votes tomorrow on whether to mostly privatize the secondary mortgage market by doing away with Fannie Mae and Freddie Mac; Democrats, who oppose the bill, are concerned that it would seriously limit mortgage options for lower and middle class consumers. [7/22]
- Community Bank Group Lends Support for Mortgage Financing Regulatory Relief Reforms
Testifying before House Financial Services Committee, community banker group ICBA calls for support of mortgage-lending regulatory-relief provisions to facilitate small bank participation in mortgage market, especially âqualified mortgageâ status for portfolio loans and repeal of the new credit risk retention requirement. [7/19]
- CFPB Releases List of Rural and Underserved Counties for 2014
Certain creditors making mortgage loans in qualifying counties are granted exemptions from various rules; the list is updated annually. [7/17]
- What New Mortgage Rule Exemptions Tell Us about CFPB
CFPB's latest round of exemptions is yet another astounding signal that this new Bureau is not only seeking feedback, but using that feedback to finalize the rules, and then, before those rules are even effective, using additional industry feedback to make common-sense adjustments. [7/16]
- Proposed Relief From New Appraisal Rule
NCUA and five other federal regulatory agencies have issued a proposed rule that would exempt from the new appraisal rules higher-priced mortgages that are: $25,000 or less, âstreamlinedâ refinancings, or manufactured home loans; new appraisal rules go into effect January 18, 2014. [7/11]
- Regulators Carve Out on Appraisal Rule
Agencies' exemptions on Appraisal Requirements on Higher-Priced Mortgage Loans includes transactions of $25,000 or less, certain "Streamlined" Refinances (e.g., no cash out, no neg am, etc.) and certain manufactured housing loans. What else is there? Oh, 132 pages of explanation. [7/10]
