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.
  • March 29, 2015
    Move over, Yelp. The federal government's top consumer agency has just begun allowing mortgage borrowers to vent publicly — in full narrative detail — about the bad experiences they've had with financial institutions. Say your mortgage servicing company keeps harassing you with phone calls about the timeliness of your payments, even though you consistently send them within the "grace period"...
  • March 26, 2015
    Home equity lines of credit (HELOC) are surging in popularity among consumers, a new analysis finds. “We now have seen HELOC origination growth in each of the past 13 quarters with annual growth of nearly 22% in both 2013 and 2014,” said Shaun Richardson, vice president of business Intelligence/technology, Icon Advisory Group, Ltd., in a statement. Overall, HELOC originations grew 22% in 2014, on...
  • March 25, 2015
    The Consumer Financial Protection Bureau will not extend the Aug. 1 deadline for the new TILA/RESPA Integrated Disclosure rule. Industry talk quickly spread after a speech from Steven Antonakes, deputy director of the Consumer Financial Protection Bureau, on Wednesday to the Consumer Bankers Association, suggesting that the CFPB could delay the Integrated Disclosure deadline. “We have no plans to...
  • March 25, 2015
    In a reflection of the recovering housing market, consumer demand for home equity lines of credit is surging, according to the Consumer Banker Association's Home Equity Lending Committee. As of March 15, HELOC originations have grown 36% over the year prior, the CBA found in market analysis performed in coordination with analytics firm Icon Advisory Group. HELOC applications grew 25% in 2014. "...
  • March 23, 2015
    Today at CBA LIVE 2015, the Consumer Bankers Association’s (CBA) Home Equity Lending Committee in collaboration with Icon Advisory Group, Ltd. revealed the most recent results of ongoing market analysis conducted with CBA member banks on consumer demand for home equity lines of credit (HELOC). “With recovering home values and improving consumer confidence, we are seeing an increase in demand for...
  • March 13, 2015
    CFPB Holds Field Hearing on Arbitration On Tuesday, March 10, 2015, the CFPB held a public field hearing in Newark, N.J., to discuss the use of arbitration agreements in consumer financial products and services; Dong Hong, CBA's Vice President and Regulatory Counsel, served as a panelist at the hearing. In conjunction with the field hearing, the CFPB issued its report on mandatory pre-dispute...
  • March 6, 2015
    T-Minus 2 Weeks Until CBA LIVE Remember, in just two short weeks we will be in sunny Florida for CBA LIVE. Join in the Twitter conversation at #CBALIVE now. Do not forget, our dress code is business casual, which means no ties. Also, now is a good time to familiarize yourself with the schedule , especially our forums , the can't-miss rapid fire general sessions , and the sold-out exhibit hall ...
  • February 27, 2015
    CFPB to Host Arbitration Field Hearing in Newark Earlier this week, the CFPB posted notice that next month in Newark, N.J. it intends to hold a field hearing on arbitration. According to the CFPB, the hearing will take place on March 10, 2015, at 11 a.m. EST and will feature remarks from Director Richard Cordray, as well as the industry, consumer groups and others. The Dodd-Frank Act requires the...
  • February 13, 2015
    CFPB Releases Study on Mortgage Complaints On Wednesday, February 11, 2015, the CFPB released a study entitled: "Snapshot of reverse mortgage complaints December 2011 - December 2014," which analyzes about 1,200 reverse mortgage complaints received by the agency. According to a CFPB press release , the top reverse mortgage complaints included distress about the inability to add new borrowers to...
  • February 6, 2015
    Wennes Rolls Out CBA's 2015 Legislative and Regulatory Agenda CBA's Board of Directors Chairman Tim Wennes unveiled our 2015 legislative and regulatory priorities to the media on February 4, 2015 at CBA's world headquarters. Tim covered the state of the retail banking industry, the depth and impact of our member banks on the economy, and the health of small business lending. I discussed our push...

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