Federal Mortgage Regulations
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CFPB Announces Increase in Higher-Priced Mortgage Loans Escrow Account Asset-Size Threshold
by: Anna DeSimoneDecember 30, 2013 the Consumer Financial Protection Bureau (CFPB) issued a final rule adjusting the asset-size threshold for certain creditors to qualify for an exemption from the requirement to establish an escrow account for a higher-priced mortgage loan under Regulation Z, which implements the Truth in Lending Act (TILA). The rule is effective […]
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CFPB Announces Increase in HMDA Asset-Size Exemption Threshold to $43 Million
by: Anna DeSimoneDecember 30, 2013 the Consumer Financial Protection Bureau (CFPB) issued a final rule adjusting the asset-size exemption threshold for banks, savings associations, and credit unions under Regulation C, which implements the Home Mortgage Disclosure Act (HMDA). The rule is effective as of January 1, 2014 and will apply to data collection in […]
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Agencies Amend HPML Appraisal Rules
by: Margaret WrightOn December 12, 2013 the Agencies issued the final rule to amend the upcoming HPML Appraisal Rule which is effective on January 18, 2014. The final rule in part amends the transactions exempted under the rule by adding additional exemptions based on loan amount, certain refinance transactions and amends the current manufactured home […]
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Inter-agencies Issue Statement on Supervisory Approach for QM and Non-QM loans
by: Anna DeSimoneDecember 13, 2013 the Board of Governors of the Federal Reserve System Federal Deposit Insurance Corporation National Credit Union Administration Office of the Comptroller of the Currency issued a Statement on Supervisory Approach for Qualified and Non-Qualified Mortgage Loans. The statement is provided below. The agencies are issuing this statement to clarify safety-and-soundness […]
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HUD Releases Qualified Mortgage Definition
by: Anna DeSimoneDecember 11 2013 the U.S. Department of Housing and Urban Development (HUD) released its final rule which defines a ‘Qualified Mortgage (QM)’ that is insured, guaranteed or administered by HUD. The final rule will be effective on January 10, 2014 and will apply to mortgages with a case number assignment on or after […]
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CFPB Updates its Rulemaking Agenda
by: Anna DeSimoneDecember 3, 1013 the Consumer Financial Protection Bureau (CFPB) posted a semi-annual update to its Rulemaking Agenda. A summary of the CFPB announcement is provided below: The fall 2013 agenda reflects that the CFPB is continuing to work on rulemakings mandated by the Dodd-Frank Act and significant issues in other major markets for […]
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CFPB Confirms Qualified Mortgage Rule Begins January 10th
by: Anna DeSimoneDespite letters from numerous trade associations, signatures from 117 members of Congress and 20 Senators strongly asking for a delay to the QM Rule, the CFPB has not issued any direct statements to lenders. The following letter was issued to the general public by Richard Cordray at 3 p.m. on Friday, December 6, […]
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CFPB Finalizes “Know Before You Owe” Mortgage Forms
by: Anna DeSimoneNovember 20, 2013 the Consumer Financial Protection Bureau (CFPB) issued a rule requiring mortgage lenders to provide borrowers with two new mortgage disclosure forms that will replace the existing Initial Truth in Lending disclosure, the Good Faith Estimate and the Final Truth in Lending Disclosure. The final rule takes effect on August 1, […]
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CFPB Clarifies Mortgage Servicing Rules
by: Anna DeSimoneOn October 15, 2013 the Consumer Financial Protection Bureau (CFPB) released a bulletin and interim final rule to provide greater clarity to the market concerning mortgage servicing rules that take effect in January 2014 in an effort to resolve interpretive issues prior to the January implementation. The clarifications address communications with borrowers, including […]
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OCC Issues Guidance for Third Party Vendor Management
by: Anna DeSimoneOctober 30, 2013 the Office of the Comptroller of the Currency (OCC) issued updated guidance on third-party risks and vendor management. The guidelines note eight specific areas where banking institutions are expected to make improvements to their vendor management programs related to third-party relationships. Risk Management Guidance The OCC recommends banking institutions better […]