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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.
- January 28, 2016On Thursday, January 28, 2016 the CFPB released the latest edition of its Monthly Complaint Report , which focused on complaints in the New York Metro area, as well as those falling into the “other financial services” category. Below are notable takeaways: For three months in a row, the top three “Most Complained about Companies” are credit bureaus, not banks. Prepaid complaints showed the...January 22, 2016Cordray to Offer Keynote at CBA LIVE We are pleased to announce CFPB Director Richard Cordray will join us for CBA LIVE 2016. A man who needs no introduction, Director Cordray will join me on the big stage on Wednesday, March 9, 2016, to discuss all things CFPB. Remember, if you have not registered yet, it is not too late! CBA LIVE 2016: Leadership Unplugged takes place March 7-9 in Phoenix, AZ...January 13, 2016This week, the House Financial Services Subcommittee on Housing and Insurance held two flood insurance hearings entitled: Opportunities and Challenges Facing the National Flood Insurance Program How to Create a More Robust and Private Flood Insurance Marketplace Subcommittee Chairman Blaine Luetkemeyer (R-MO) stated, “With flooding happening from coast to coast, and most recently devastating my...January 12, 2016A coalition of financial services trade associations sent a joint letter to the Federal Housing Finance Agency (FHFA) expressing concern over its proposed survey to borrowers that will collect data for the upcoming National Mortgage Database project. The survey, which mortgage borrowers will be able to fill out on a voluntary basis, is designed to have up to 85 questions regarding their home loan...January 12, 2016On Tuesday, January 12, 2016, CBA joined a coalition of financial services trades in sending a letter to the Federal Housing Finance Agency (FHFA) expressing concern over the agency’s data collection practices as part of its National Mortgage Database Project. The voluntary borrower survey contains 85 questions regarding a customer’s mortgage experience. CBA raised concerns over the intrusiveness...January 12, 2016On Tuesday, January 12, 2016, the CFPB issued a construction loan factsheet providing an overview on how the TILA-RESPA Integrated Disclosure Rule (TRID) applies to these types of loans. At the outset, the Bureau expressly states TRID applies to most construction loans which are secured, closed-end consumer credit transactions. In contrast, open-end loans or those for a commercial purpose lie...January 11, 2016American Bankers Association American Financial Services Association American Land Title Association Consumer Bankers Association Consumer Mortgage Coalition Credit Union National Association Housing Policy Council of the Financial Services Roundtable Independent Community Bankers of America Mortgage Bankers Association National Association of Federal Credit Unions January 11, 2016 Federal...January 7, 2016On Thursday, January 7, 2016, the CFPB announced it is seeking public feedback on the resubmission of mortgage lending data reported under the Home Mortgage Disclosure Act (HMDA). In October of 2015 the Bureau finalized a rule updating the reporting requirements of the HMDA regulation. Given these changes, the current resubmission guidelines may need to be updated, and the Bureau is seeking...December 17, 2015The Federal Reserve has just raised its benchmark Fed Funds rate by 25 bp — after seven long years at rock bottom. Overall, banks are breathing a huge sigh of relief, with the expectation of higher loan yields and revenue. But deposit gathering bankers must now face the reality of how to set deposit rates in response to rising interest rates — and in light of significant changes in regulation,...December 14, 2015Experts from around the industry exclusively told The Title Report that, on the heels of Moody’s recent report that more than 90 percent of all TRID loans have compliance violations, the industry needs protection and assistance from regulators, legislators or both. Read on to see the strong responses from groups such as the Mortgage Bankers Association, the National Association of Realtors, the...