Federal Mortgage Regulations
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HUD Announces Lower Mortgage Insurance Premiums for FHA Loans
On February 22, 2023, the Department of Housing and Urban Development (HUD), through the Federal Housing Administration (FHA), announced a significant reduction in annual mortgage insurance premiums for newly originated FHA loans.
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CFPB Amends Mortgage Servicing Rule
The Consumer Financial Protection Bureau (CFPB) has issued a final rule amending Regulation X to provide relief to borrowers facing financial hardship amid the COVID-19 emergency. The final rule was effective as of August 31, 2021.
The final rule consists of five amendments to Regulation X intended to encourage borrowers and servicers to work collaboratively on foreclosure avoidance options.
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Taxpayer First Act
The Taxpayer First Act, signed into law on July 1, 2019, contains a provision stating that persons receiving tax return information must obtain express permission from taxpayers before disclosing that information to a third party. This provision of the Act is effective as of December 28, 2019.
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CFPB Updates TRID FAQs for Loan Estimate
The Consumer Financial Protection Bureau has updated its TILA-RESPA Integrated Disclosure frequently asked questions to include items regarding provision of the Loan Estimate to consumers.
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CFPB Proposal Targets Relief for HMDA Data Collection
On May 2, 2019, the Consumer Financial Protection Bureau issued an advance notice of proposed rulemaking to solicit comments relating to whether to make certain changes to Regulation C, implementing the Home Mortgage Disclosure Act.
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CFPB Releases HMDA Policy Guidance
On December 21, 2018, the Bureau of Consumer Financial Protection Bureau (Bureau) released final policy guidance applicable to the public disclosure of data collected and reported pursuant to the Home Mortgage Disclosure Act (HMDA).
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HMDA Platform Beta Launch
On December 11, 2018, the Bureau of Consumer Financial Protection (BCFP)launched a beta release of the platform financial institutions will utilize in2019 to report data collected pursuant to the Home Mortgage Disclosure Act (HMDA) in 2018.
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Interpretive and Procedural HMDA Rule Issued by Bureau of Consumer Financial Protection
On August 31, 2018, just in time for the unofficial end of summer marked by this Labor Day weekend, the Bureau has provided additional information related to the impact of regulatory relief measures on 2018 HMDA reporting requirements. To recap, legislation took effect in the late spring which provided a partial exemption for reporting of […]
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Bureau of Consumer Financial Protection issues HMDA statement
On July 5, 2018, the Bureau of Consumer Financial Protection (Bureau) announced its intention to provide further guidance later this summer on the applicability of the Economic Growth, Regulatory Relief, and Consumer Protection Act (the Act) to data collected in 2018 pursuant to the Home Mortgage Disclosure Act (HMDA).
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U.S. House Passes Senate Regulatory Relief Package
On Tuesday, May 22, 2018, the United States House of Representatives passed the Senate-approved regulatory relief bill (S.2155) without amending same. The measure now heads to the executive branch for signing, which is expected. Although measures to amend the Senate’s bill were likely to pass in the House, the fate of an amended regulatory relief bill in the Senate was uncertain.