Links in “Mortgage Lending”

Bill includes provision to take away redemption period from homeowner if purchaser at the sale finds certain damages, such as boarded up or closed off windows. [7/9]

CFPB announces that new combined TILA/RESPA disclosure rule should be issued this fall; however, the CFPB notes that the implementation date would likely not be until sometime after the other new mortgage rules take effect in January 2014. [7/8]

CFPB's proposed amendments to Reg. B, Reg. X and Reg. Z address mortgage loan servicing, loan originator compensation, fee thresholds for high rate/high fee mortgages and qualified mortgages, exemptions for certain creditors, prohibition on creditor-financed credit insurance, and effective dates for certain provisions. [7/2]

Among the "onerous" regulatory requirements for Higher Priced Mortgage Loans: mandatory appraisals (rather than allowing your policy determine which ones can utilize a more cost-efficient evaluation). [7/2]

Quality mortgages safe harbor provisions of CFPB may collide with HUD's disparate impact test. [6/28]

New Senate bill, the Housing Reform Taxpayer Protection Act, would wind down Fannie Mae and Freddie Mac and replace them with a new mortgage guarantor, the Federal Mortgage Insurance Corporation (FMIC); winding down process would take five years and mortgage lenders would not be required to submit loans to FMIC unless they want the government guarantee. [6/26]

While the original plan for mortgage rule revisions provided for a marginally adequate one-year implementation period, the latest round of revisions expect in August or later reduces the implementation period to less than five months for some provisions. [6/26]

Among the revisions to mortgage rules is a change that seeks to clarify qualifications and compensation guidelines to be considered a loan originator so that tellers and admins don't get caught up in that definition. [6/26]

4.2 million mortgage borrowers who experienced foreclosures in 2009-2010 may receive significantly smaller compensation payments under a renegotiated settlement between federal banking regulators and large mortgage servicers; the settlement, which ended the individual borrower case reviews, is for many a far cry from the promises of the original plan. [6/25]

White paper: With the uncertainty in the mortgage market, CUs need a successful secondary market strategy that embraces change and incorporates flexibility to handle price volatility and servicing released premiums among other issues; experts share their recommendations. [6/25]