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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.
- April 1, 2016Fifth Third Bank in Cincinnati is offering a teaser rate to new home equity line of credit borrowers through July 31. The $141 billion-asset company said the special offer comes with a fixed introductory annual percentage rate of 1.99% for six months for customers with a credit score of 750 or more. After the introductory period, the HELOC adjusts to a variable rate which could have an APR as low...
- March 31, 2016As home values rise and the housing market improves, home equity lines of credit are becoming more popular again. Demand for these loans substantially decreased during the housing crisis. However, now they are making a major comeback as the preferred type of loan for consumers who have more equity in their homes and have stayed in them longer than anticipated. Home equity lines of credit are...
- March 21, 2016March 21, 2016 Dear Speaker Ryan and Minority Leader Pelosi: Our organizations are writing to express our strong support for S.2393, the Foreclosure Relief and Extension for Servicemembers Act of 2015. We appreciate the House taking up this positive legislation which restores and extends the one-year protection from foreclosure for military personnel leaving active duty under the Servicemembers...
- March 21, 2016On Monday, March 21, 2016, the U.S. House of Representatives unanimously approved S. 2393 , the Foreclosure Relief and Extension for Servicemembers Act of 2015. CBA joined other trade associations in sending a letter to House Speaker Paul Ryan (R-WI) and Minority Leader Nancy Pelosi (D-CA) expressing support for the legislation which would extend through 2017 an expired provision providing one...March 17, 2016On Thursday, March 17, 2016, Senators Bernie Sanders (I-VT), Patty Murray (D-WA), and Dick Durbin (D-IL) introduced legislation to expand Servicemembers Civil Relief Act (SCRA) protections. Specifically, the bill would lower the cap on all loan interest rates to three percent for those on active duty. If servicemembers are eligible for hostile fire or imminent danger pay, no interest will be...March 16, 2016Dear Chairman Hensarling and Ranking Member Waters: The Consumer Bankers Association (CBA) appreciates the Financial Services Committee’s continued oversight of the Consumer Financial Protection Bureau and its activities. We would like to take this opportunity to submit the following comments on the hearing entitled, “The Semi-Annual Report of the Bureau of Consumer Financial Protection.” CBA is...March 16, 2016On Wednesday, March 16, 2016, Federal Reserve (Fed) Chair Janet Yellen announced the Federal Open Market Committee did not increase the federal funds rate, keeping it at 0.25-0.5 percent. The decision means the rate remains the same as it was in December 2015. The Fed previously predicted the rate to rise by one percentage point in 2016, however, with this announcement, only expect the rate to...March 14, 2016On Monday, March 14, 2016, CBA and the American Bankers Association filed a joint comment in response to the CFPB’s Request for Information (RFI) regarding the Home Mortgage Disclosure Act (HMDA) Resubmission Guidelines. CBA urged the Bureau to consider the breadth of mortgage providers and the wide range of mortgage products they offer to meet consumers’ home finance needs. “Guidelines that are...March 14, 2016March 14, 2016 Monica Jackson Office of the Executive Secretary Bureau of Consumer Financial Protection 1700 G Street NW. Washington, DC 20552 RE: Request for Information Regarding Home Mortgage Disclosure Act Resubmission Guidelines; Docket No. CFPB-2015-0058 Dear Ms. Jackson, The Consumer Bankers Association1 and the American Bankers Association2 (collectively, the Associations) appreciate the...March 10, 2016In the next week, Consumer Financial Protection Bureau Director Richard Cordray will make his annual spring appearance before the House Financial Services Committee. His most recent public comments might have provided a preview of what will dominate the discussions during that hearing. In remarks to the Consumer Bankers Association CBA Live conference in Phoenix, Cordray said that the bureau is...