Federal Mortgage Regulations
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Federal Regulators Provide Guidance on Qualified Mortgage Fair Lending Risks
by: Anna DeSimoneOctober 22, 2013,Five federal regulatory agencies issued a statement to address industry questions about fair lending risks associated with offering only Qualified Mortgages. Those agencies are:Board of Governors of the Federal Reserve SystemConsumer Financial Protection BureauFederal Deposit Insurance CorporationNational Credit Union AdministrationOffice of the Comptroller of the Currency According to the CFPB, creditors have […]
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Agencies Issue Revised Risk Retention Proposal and QRM Definition
by: Marissa BlundellOn August 28, 2013, the Federal Reserve Board, HUD, the FDIC, the FHFA, the OCC and the SEC (collectively, “the agencies”) revised the jointly proposed risk retention rule originally issued in 2011. The new proposal provides two alternative revised definitions for “qualified residential mortgage” (QRM). Comments regarding this new proposal are due October […]
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CFPB Releases Second Update of Exam Procedures for Mortgage Rules
by: Anna DeSimoneAugust 15, 2013 the Consumer Financial Protection Bureau (CFPB) released a second update to its exam procedures in connection with the new mortgage regulations issued in January 2013. These updates cover the Ability-to-Repay/Qualified Mortgages, high-cost mortgages, and appraisals for higher-priced mortgage loans, as well as new amendments related to the escrows rule. The […]
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VA Increases Net Value Percentage
by: Sarah Lagattolla August 9, 2012 the Department of Veteran Affairs has announced that the percentage used to determine Net Value for properties will increase to 14.95%. The change will take place effective October 8, 2013. The Net Value is a key component in the formulas for determining whether a loan holder has the option […]
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CFPB Updates QM and ATR Small Entity Compliance Guide
by: Anna DeSimoneAugust 14, 2013 the CFPB updated its Small Entity Compliance Guide to the Ability to Repay and Qualified Mortgage Rule. The Bureau updated this guide to reflect finalized changes to the rule. The revisions amend the final rule issued January 10, 2013,which is set to take effect on January 10, 2014.Notable changes impacting […]
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CFPB Issues New Guidance on Mortgage Servicing Rules
by: Anna DeSimoneIn June 2013, the CFPB issued a Small Entity Compliance Guide for Mortgage Servicing Final Rules. The guide was published with the notice that the CFPB proposes to amend the final rules issued January 17, 2013, which are set to take effect on January 10, 2014. The CFPB is amending Regulation X, which […]
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CFPB provides Debt Collection Communication Guidance
by: Margaret WrightOn July 10, 2013 the Consumer Financial Protection Bureau (“CFPB”) issued the press release “The CFPB Puts Companies on Notice About Harmful Debt Collection Practices.” The press release includes two bulletins concerning consumer debt collector communications titled “Prohibition of Unfair, Deceptive, or Abusive Acts of Practices in the Collection of Consumer Debts” and […]
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CFPB Finalizes Clarifications to Mortgage Rules
by: Anna DeSimoneJuly 10, 2013 the Consumer Financial Protection Bureau (CFPB) finalized corrections, clarifications, and amendments to its Ability-to-Repay and mortgage servicing rules. These clarifications were first proposed in April 2013 and reflect the Bureau’s commitment to facilitating implementation in order to better protect consumers. Please refer to my article dated 5/29/13: CFPB Amends Ability-to-Repay […]
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CFPB Issues Rule Establishing Supervisory Authority Over Certain Nonbank Covered Persons
by: Marissa Blundell On June 26, 2013, the Consumer Financial Protection Bureau (CFPB) issued a final procedural rule which applies to its exercise of supervisory authority over certain nonbank covered persons based on risk determination. The rules govern the process through which the CFPB will determine whether it has reasonable cause to decide whether a […]
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Consumer Financial Protection Bureau Complaint Data Now Searchable by State
by: Anna DeSimoneMay 31, 2013 the Consumer Financial Protection Bureau (CFPB) expanded its Consumer Complaint Database to include state-by-state information. The CFPB also added complaints about money transfers and credit reporting to the database. In March, the database expanded from more than 19,000 credit card complaints to nearly 90,000 complaints on credit cards, mortgages, student […]