Federal Mortgage Regulations
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CFPB Issues Guidance on Housing Counselor Requirement
Final Interpretive Rule Includes Additional Instructions for Providing Housing Counselor Information April 15, 2015, the Consumer Financial Protection Bureau (CFPB) issued a final interpretive rule on how to provide mortgage applicants with a list of local homeownership counseling organizations. The interpretive rule restates guidance the CFPB issued in 2013, and provides further guidance for lenders who […]
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Mortgage Servicing and Regulatory Compliance
by Margaret Wright, J.D.Mortgage servicing is becoming solidified as an area of major regulatory importance. The Consumer Financial Protection Bureau’s more recent entry into the mortgage servicing rulemaking arena has resulted in updated and new servicing regulatory requirements. Additionally, the current servicing market has shown that although delinquencies are down overall, servicing income and employment […]
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CFPB Releases ‘Know Before You Owe’ Toolkit
March 31, 2015 the Consumer Financial Protection Bureau (CFPB) released a new toolkit that guides consumers through the process of shopping for a mortgage and buying a house. Developed as part of the CFPB’s “Know Before You Owe” mortgage initiative, the toolkit was designed to help consumers take full advantage of the new Loan Estimate […]
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CFPB Issues Fair Debt Collection Report
March 26, 2015, the Consumer Financial Protection Bureau (CFPB) submitted to Congress its Fourth Annual Report summarizing activities to administer the Fair Debt Collections Practices Act (FDCPA). This year’s report describes activities conducted by the CFPB and the FTC during 2014 in relation to debt collection. The CFPB and the FTC work closely to coordinate […]
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CFPB Report Outlines Legal Violations Uncovered by Supervision
The CFPB has published Supervisory Highlights which summaries compliance violations uncovered by the bureau’s supervision. Please click on the link to view the full 20-page report. http://www.consumerfinance.gov/reports/supervisory-highlights-winter-2015/ Within the detailed section concerning mortgage origination, a key violation pertained to “an effective compliance management system.” A recommended component includes a compliance audit program. Bankers […]
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HMDA Compliance News
February 18, 2015, the Federal Financial Institutions Examination Council (FFIEC) published the January 2015 HMDA-CRA Newsletter. Earlier this month on February 9th, the FFIEC’s HMDA site updated the Geocoding System with the 2015 Census boundary definitions. Exemption thresholdAs announced by the CFPB on December 29, 2014, the 2015 exemption threshold for depository institutions was changed […]
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CFPB Issues Proposal to Boost Lending in Rural, Underserved Areas
By Anna DeSimoneProposal Would Extend Provisions to Cover More Community Banks, Credit Unions, and Other CreditorsJanuary 29, 2015, the Consumer Financial Protection Bureau (CFPB) proposed several changes to its mortgage rules to facilitate responsible lending by small creditors, particularly in rural and underserved areas. If finalized, the proposal issued would increase the number of financial […]
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CFPB Issues Supervisory Compliance Bulletin
By Anna DeSimone Bulletin Reminds Companies of Existing Legal Responsibilities Regarding Treatment of Confidential Supervisory Information January 27, 2015 the Consumer Financial Protection Bureau (CFPB) issued a bulletin to remind supervised financial institutions, including nonbank companies that may be unfamiliar with federal supervision, of existing regulatory requirements regarding confidential supervisory information. The CFPB supervises companies […]
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CFPB Finalizes Minor Changes to “Know Before You Owe” Mortgage Rules
By Anna DeSimone, PresidentChanges Address Mortgage Disclosures After Locking Interest Rates and Information on Construction Loans January 20, 2014, the Consumer Financial Protection Bureau (CFPB) finalized two minor modifications to the “Know Before You Owe” mortgage disclosure rules. The changes finalized January 20th which were proposed in October 2014, address when consumers will receive updated disclosures […]
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CFPB Issues Lender Guidance on Social Security Income Discrimination
by Anna DeSimone, President On November 18, 2014, the Consumer Financial Protection Bureau (CFPB) issued a bulletin to help lenders avoid imposing illegal burdens on consumers receiving disability income who apply for mortgages. The CFPB is reminding lenders that requiring unnecessary documentation from consumers who receive Social Security disability income may raise fair lending risk. […]