Links in “Mortgage Lending”

A Government Accountability Office report on the impact of the Qualified Mortgage and Qualified Residential Mortgage rules finds that they would have "limited initial effects." However, the size and viability of the secondary market for non-QRM-based securities remains in question. [7/29/15]

Qualified mortgage rules have been estimated by the GAO to have little impact on financial institutions. However, the GOA is sending a call of action to eight agencies recommending that they perform an analysis of QM and QRM regulations. [7/28/15]

HUD recently announced its winners for the prestigious and highly-coveted “HUD Secretary’s Award for Healthy Homes” award. Four model programs were selected around the country for their consistent and valiant efforts to improve the health of lower-income residents in their area. [7/15/15]

The CFPB has restated guidance on providing mortgage applicants with a list of homeownership counseling organizations. The Bureau has also added further guidance for mortgage lenders in this interpretive rule. What was added? AffirmX Analyst Henry Miles breaks down what the CFPB now expects from mortgage lenders. [7/10/15]

The federal financial institution regulatory agencies recently issued a final rule that addresses appraisal management companies (AMCs) to ensure that all participants in the mortgage process keep their eyes focused on the same goal—an independent and accurate appraisal. Among other items, the new rule requires state registration and supervision of AMCs. [7/1/15]

The OCC released performance elements for first-lien mortgages serviced by eight national banks that hold approximately 44% of such loans in the country. Overall performance levels improved during the first quarter of 2015 as indicated by factors such as improvement in current loans, decreases in serious delinquencies, and reduction in foreclosure actions. [6/26/15]

The OCC has issued an updated “Residential Real Estate Lending” booklet. This booklet provides updated guidance to examiners and an overview of lending laws, regulations, and policies. [6/16/15]

CUNA is urging the exemption of credit unions from certain new Home Mortgage Disclosure Act (HMDA) Regulation C data reporting requirements. Concerns come from "particularly burdensome and prohibitive consequences on credit unions and their members." [6/12/15]

A House appropriations bill would prohibit HUD from using funds to enforce the “disparate impact” concept in providing housing services. Industry leaders are pushing for the elimination of the use of the “disparate impact” test where lenders, landlords, and housing cooperatives have not demonstrated any intent to discriminate. A case addressing this issue is pending before the Supreme Court. [6/11/15]

Beyond the increased costs of compliance, Dodd-Frank rules have resulted in fewer loans, according to this survey. About 80% expect the CFPB's mortgage lending rules to result in a reduction of credit availability. [6/9/15]