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, 2016
    On 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 12, 2016
    On 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, 2016
    American 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, 2016
    On 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 14, 2015
    Experts 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, 2015
    CFPB 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, 2015
    Washington, 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, 2015
    Wisconsin 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, 2015
    Bureau'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, 2015
    CFPB Finalizes HMDA Rule On Thursday afternoon, the Bureau finalized its rule and reporting requirements for the Home Mortgage Disclosure Act (HMDA). Though I haven't yet made it through the nearly 800-page rule , here are some key points—both good and bad—to note. The good : It seems the CFPB learned from the TILA-RESPA Integrated Disclosure (TRID) fiasco by permitting generous implementation...

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