Links in “Mortgage Lending”
- Still Confused about the New Mortgage Rules?
Not sure if it helps, but the CFPB has issued proposed clarifications to the new mortgage rules that address issues related to: 1)Â Mortgage servicing and loss mitigation applications; 2)Â Short-term forbearance plans; 3)Â Lending in rural and underserved areas; 4)Â Financing of credit insurance premiums; 5)Â Definition of loan originator; and 6)Â Manufactured housing employees. [6/25]
- CFPB’s Cordray: Outside of Mortgage Lending, Fair Lending Efforts Are Weak
In response to requests from congress, Cordray responds in a letter that the CFPB is examining possible discrimination beyond the housing and auto finance market. [6/25]
- HUD: While Blatant Forms of Discrimination Disappearing, Subtle Forms Persist
Minorities are shown fewer homes, face other subtle discrimination that could increase costs or prolong their home search. [6/13]
- Reminder: Round 1 of Mortgage Rules Took Effect Last Week
Recap of escrow requirements, arbitration clauses and financing credit insurance. [6/12]
- Slow Down in Refinancings Brings Out Bubble Era Sales Pitches
B of A's sales pitch for how a 30-year mortgage lowers payments over a 20-year mortgage reads "like an old school subprime pitch." [6/11]
- CFPB Releases Plain English, Small Entity Guides for Loan Originators and Mortgage Servicers
Agency emphasizes guides are not substitutes for the underlying rules, but give an overview of them. [6/10]
- Government Keeps Pedal Down on HAMP
Continuation of Making Home Affordable Program through 2015 keeps HAMP and related scrutiny of loan servicing and handling processes in forefront. [6/10]
- CFPB Delays Effective Date for Rule Concerning Lump Sum Credit Insurance Premiums
The CFPB has delayed the effective date from June 1, 2013 to January 14, 2014 for a new rule so that it can further clarify issues related to lump-sum credit insurance payments for certain mortgage loans. Â [5/31]
- Does Your CU Qualify for Exemption from Mortgage Ability-to-Pay Rule?
CFPB issues final rule establishing an exemption for small CUs from mortgage ability-to-pay provisions; rule also finalizes provisions dealing with the prohibition against financing certain insurance provisions for mortgage loans. [5/30]
- Prohibition Delayed
CFPB delays amendment prohibiting creditors from financing certain credit insurance premiums in connection with certain mortgage loans until January 2014. [5/29]
