Federal Mortgage Regulations
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CFPB Releases State-level Snapshot of Consumer Complaints
June 27, 2017, the Consumer Financial Protection Bureau (CFPB) released a special edition of its monthly complaint report, providing a snapshot of consumer complaints submitted across the country. For each state and the District of Columbia, the report provides statistics on complaint volume, the products and services generating the most complaints, company response rates, and […]
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CFPB Issues Notice of ATR/QM Assessment and Requests Comment
May 25, 2017, the Consumer Financial Protection Bureau released details of its plan to assess the 2014 Ability to Repay (ATR) and Qualified Mortgage (QM) Standards (ATR/QM Rule) and requested comments. Comments are due by July 31, 2017.
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OCC Issues Retail Lending Booklet
April 12, 2017, the Office of the Comptroller of the Currency (OCC) issued Bulletin 2017-15 “New Comptroller’s Handbook Booklet” announcing its issuance of a new “Retail Lending” booklet.
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CFPB Proposes Amendments to ECOA to Provide More Flexibility for Lenders
The Consumer Financial Protection Bureau (CFPB) has issued proposed changes to the Equal Credit Opportunity Act in order to provide lenders with additional flexibility when collecting consumer ethnicity and race information.
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HUD Suspends FHA Mortgage Insurance Rate Reduction
January 20, 2017, HUD issued Mortgagee Letter 2017-07: Suspension of Mortgagee Letter 2017-01—Reduction of Federal Housing Administration (FHA) Annual Mortgage Insurance (MIP) Rates. HUD issued Mortgagee Letter The Mortgagee Letter communicates that reducing the mortgage insurance premium for loans with closing or disbursement dates on or after January 27, 2017 has been suspended indefinitely. FHA […]
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FFIEC Updates HMDA Technology Platform for Filing LAR
January 2017, the Federal Financial Institutions Examinations Council (FFIEC) updated its technology platform for filing the Loan Application Register (LAR) as required by the Home Mortgage Disclosure Act (HMDA). For HMDA data collected in or after 2017, a web-based data submission and edit-check system (the HMDA Platform) has been created to process HMDA data.
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Agencies Release Annual CRA Asset-Size Threshold Adjustments for Small and Intermediate Small Institutions
December 29, 2016, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency announced the annual adjustment to the asset-size thresholds used to define Small Bank, Small Savings Association, Intermediate Small Bank, and Intermediate Small Savings Association under the Community Reinvestment Act (CRA).
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FHFA Issues Rule for Enterprise Duty to Serve Underserved Markets
December 29, 216, the Federal Housing Finance Agency (FHFA) published the rule, Enterprise Duty to Serve Underserved Markets in Federal Register Vol. 81, No 250.
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CFPB Publishes Notice Regarding Semiannual Regulatory Agenda
December 23, 2016 the Consumer Financial Protection Bureau (CFPB) published Federal Register Notice Vol. 81, No. 247, Semiannual Regulatory Agenda. The notice is published as part of the Fall 2016 Unified Agenda of Federal Regulatory and Deregulatory Actions.
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New York defines “consummation of a mortgage loan” for purposes of TILA and RESPA
“The term ‘consummation of a mortgage loan’ means, for purposes of the act of congress entitled Truth in Lending Act and the regulations thereunder and the Real Estate Settlement Procedures Act of 1974, as amended, and the regulations thereunder, when the applicant for the mortgage loan executes the promissory note and mortgage.”