Federal Mortgage Regulations
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CFPB Publishes Final Rule Amending TRID
On April 26, 2018, the Consumer Financial Protection Bureau (CFPB) published a final rule adopting changes proposed in 2017. The new rule takes effect 30 days after publication of the final rule in the Federal Register.
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Senate Passes Economic Growth, Regulatory Relief and Consumer Protection Act
On March 14, 2018, the Senate passed a bill which impacts several areas covered by the Dodd-Frank Wall Street Reform and Consumer Protection Act. The bill is expected to be considered by the U.S. House of Representatives, and, if passed by the House and signed by the President, would become law.
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HMDA 2018 “Getting it Right!” Guide Released
Last week, the 2018 edition of A Guide to HMDA Reporting: Getting it Right! (the Guide) was released. This edition of the Guide is effective for the 2018 calendar year data, to be submitted by March 1, 2019.
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U.S. House of Representatives Approves New Rules for TRID and Mortgage Loan Originators
The House has passed a Mortgage Bankers Association-supported bill that amends the TILA/RESPA Integrated Disclosure rule, and supports flexibility for mortgage loan originators.
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CFPB Issues HMDA Public Statement
On December 21, 2017, the CFPB issued a public statement with respect to the recently effective HMDA rule. For HMDA data collected in 2018 and reported in 2019, “the Bureau does not intend to assess penalties with respect to errors in data collected in 2018 and reported in 2019.” Examinations of 2018 HMDA data will be diagnostic to help institutions identify compliance weaknesses and will credit good faith compliance efforts.
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New England Mortgage Expo 2018
CLA is proud to speak and exhibit at The New England Mortgage Expo on January 12, 2018 at the Mohegan Sun. CLA Bankers Advisory principal, Marissa Blundell, will be speaking from 1:15 – 2 p.m. during the 2018 HMDA Impact on Fair Lending Compliance session.
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OCC Issues Guidance for Impact of CRA Ratings on Licensing Applications
November 8, 2017, the Office of the Comptroller of the Currency (OCC) issued this guidance to provide transparency regarding its framework for evaluating certain types of licensing applications.
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CFPB Finalizes Equal Credit Opportunity Act Regulation
September 20, 2017, the Consumer Financial Protection Bureau (CFPB) modified Equal Credit Opportunity Act (Regulation B) regulations to provide additional flexibility for mortgage lenders in the collection of consumer ethnicity and race information.
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CFPB Clarifies HMDA Reporting Thresholds for Community Banks and Credit Unions
On August 24, 2017, the Consumer Financial Protection Bureau (CFPB) issued a rule amending the 2015 updates to the Home Mortgage Disclosure Act (HMDA) rule. The CFPB has temporarily changed reporting requirements for banks and credit unions that issue home-equity lines of credit, and clarified the information that financial institutions are required to collect and report about their mortgage lending.
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FFIEC Issues HMDA Examiner Transaction Testing Guidelines
On August 23, 2017, the Federal Deposit Insurance Corporation (FDIC) issued Financial Institution Letter FIL 2017-36. The letter announces that the Federal Financial Institutions Examination Council (FFIEC) is issuing guidelines for examiners to use in assessing the accuracy of the Home Mortgage Disclosure Act (HMDA) data institutions record and report.