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Mortgage and Home Equity
Mortgage and home equity products have received increased regulatory and legislative scrutiny over the past few years. Historically, CBA has focused on home equity as a major retail product of our members. However, the Dodd-Frank Act’s elimination of federal preemption standards previously afforded to operational subsidiaries has forced many depository institutions to internalize their primary mortgage products, making them a more traditional retail issue. CBA is focused primarily on the efforts of the CFPB to regulate in this space, including TILA-RESPA reform, Qualified Mortgage (QM) rulemaking, and Dodd-Frank Title 14 rulemaking.
- August 14, 2019 - 2:00PMPastJune 11, 2019The new accounting standard, Current Expected Credit Loss (CECL), may require significant changes to the data a lender maintains and analyzes, and involves a deeper level of modeling, analysis and reporting than previously required. This eBook provides actionable insights and tips to help you gain confidence in your CECL plan and develop a winning strategy. To download the Ebook or learn more...June 5, 2019On Wednesday, June 5, 2019, the CFPB announced a settlement with Freedom Mortgage Corporation for violations of HMDA and Regulation C. Freedom is one of the nation’s largest reporters, and reported inaccurate race, ethnicity, and sex information and that much of Freedom’s loan officers’ recording of this incorrect information was intentional. For example, certain loan officers were told by...May 29, 2019On Wednesday, May 29, 2019, the CFPB announced a settlement with BSI Financial Services, a mortgage servicer, for violations of the Real Estate Settlement Procedures Act and TILA. The Bureau found BSI violated the acts by: Handling mortgage servicing transfers with incomplete or inaccurate loss mitigation information. This resulted in failures to recognize transferred mortgage loans with pending...April 30, 2019 - 2:00PMPastFebruary 5, 2019VIA Electronic Submission Mitchell E. Plave, Special Counsel Legislative and Regulatory Activities Division Office of the Comptroller of the Currency 400 7th Street, SW, Suite 3E-218 Washington, DC 20219 Re: Docket ID OCC-2018-0038 (RIN 1557-AE57) Email: email@example.com Ann E. Misback, Secretary Board of Governors of the Federal Reserve System 20th Street and Constitution Avenue NW...January 31, 2019 - 2:00PMPastJanuary 29, 2019 - 2:00PMPastNovember 28, 2018The U.S. market has developed into a world of credit haves and have nots. The “haves” are those who are deemed creditworthy and have credit. The “have nots” are those who do not qualify for credit because their credit history is limited or nonexistent. Nearly 20 percent of U.S. consumers are credit invisible. What can be done to render the unbanked and underbanked visible? Imagine a tool to scour...November 7, 2018Money Management Made Easy Many consumers struggle with managing their finances. Still, they recognize the potential for improvement and look to their financial organizations for help. Broadly, they want enhancements that make money management easier, faster and safer. Highlighted findings from our survey include: Almost one-third (30 percent) of consumers consider managing finances a burden...