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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 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 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...November 20, 2015CFPB Releases Updates to Rulemaking Agenda On Friday, November 20, 2015, the CFPB released its semiannual rulemaking agenda as part of the federal government's Unified Agenda of Regulatory and Deregulatory Actions. Part of the CFPB's mandate from Congress is to make rules governing consumer finance markets more effective and to create new rules when warranted. The agenda includes rulemaking...November 10, 2015Washington, D.C. (November 10, 2015) – In honor of the service and sacrifice our nation’s active duty service members, veterans and their families, the retail banking industry has committed to a number of programs to help them as they continue their missions or transition to civilian life. These programs include job training and hiring, small business funding, affordable housing, and financial...October 27, 2015Wisconsin Republican Paul D. Ryan’s likely ascent to the House speakership may mean a dramatic change for the banking and financial services industries. They consider him an ally, and though Ryan has been noncommittal on questions of concern to banks, including tax issues, he would take with him expertise from the Ways and Means Committee he now chairs. He also is close to House Financial...October 23, 2015Bureau's Consumer Advisory Board Talks LEP Consumers, Arbitration On Thursday, October 22, 2015, the CFPB Consumer Advisory Board met to discuss ways to serve limited English proficiency (LEP) consumers and the agency's recent arbitration actions. The Bureau indicated its Education and Engagement Division published a Glossary of Financial Terms and Newcomer Guides in different languages to help...October 16, 2015CFPB Student Loan Ombudsman Issues Annual Report On October 14, 2015, Acting CFPB Student Loan Ombudsman Seth Frotman issued the Student Loan Ombudsman Annual Report , which included an analysis of student lending related complaints submitted between October 1, 2014 and September 30, 2015. The report focused on the repayment rates of private loans guaranteed by the federal government through the...