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.
  • May 23, 2016
    On Monday, May 23, 2016, the U.S. Circuit Court of Appeals in Manhattan ruled there was insufficient evidence for a jury to conclude at a 2013 trial that mail and wire fraud was committed by the Bank of America’s Countrywide Financial unit. Accordingly, the Court ruled Bank of America was not liable for fraud and subject to a penalty of more than $1.2 billion. Countrywide was sued in 2012 for...
  • May 6, 2016
    On Wednesday, May 4, 2016, the Federal Housing Finance Agency (FHFA) announced it has increased the 2016 multifamily lending caps for Fannie Mae and Freddie Mac from $31 billion to $35 billion, effective immediately. The adjustment is consistent with FHFA's 2016 Scorecard for the Enterprises in which FHFA committed to review the estimates for the size of the multifamily finance market each...
  • April 28, 2016
    April 28, 2016 The Honorable Blaine Luetkemeyer Chairman, Housing & Insurance Subcommittee Committee on Financial Services U.S. House of Representatives Washington, DC 20515 The Honorable Randy Neugebauer Chairman, Financial Institutions and Consumer Credit Subcommittee Committee on Financial Services U.S. House of Representatives Washington, DC 20515 Dear Chairmen Luetkemeyer and Neugebauer...
  • April 19, 2016
    On April 19, 2016, Reps. Randy Hultgren (R-IL), Andy Barr (R-KY), and Mia Love (R-UT) introduced H.R. 4993, the Homeowner Information Privacy Protection Act (HIPPA). The bill would require the Comptroller General of the United States to conduct a study regarding the impact on consumer privacy resulting from new information collected under the Home Mortgage Disclosure Act (HMDA). The information...
  • April 7, 2016
    CFPB Webinar on TRID Issues The CFPB announced (on Thursday, April 7, 2016) a webinar will take place next Tuesday, April 12, 2016, at 2 p.m. EST to answer some common questions about the Know Before You Owe mortgage disclosure rule. The webinar will be hosted by the Federal Reserve and will address specific questions that various stakeholders have raised to the CFPB related to the interpretation...
  • April 7, 2016
    April 7, 2016 The Honorable Richard Shelby Chairman, Committee on Banking, Housing, and Urban Affairs United States Senate Washington, D.C. 20510 The Honorable Sherrod Brown Ranking Member, Committee on Banking, Housing, and Urban Affairs United States Senate Washington, D.C. 20510 Dear Chairman Shelby and Ranking Member Brown: The Consumer Bankers Association (CBA) [1] appreciates the Banking...
  • April 1, 2016
    Fifth 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, 2016
    As 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, 2016
    On 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 21, 2016
    March 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...

Pages