- CBA on
- CBA Media
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.
- April 11, 2013April 10, 2013Dear Director Cordray: The Consumer Bankers Association, the American Bankers Association, The Financial Services Roundtable3 and its Housing Policy Council4 (collectively, the “Associations”) respectfully submit to the Consumer Financial Protection Bureau (“CFPB” or “Bureau”) this letter on complying with the Bureau’s new mortgage rules. In order to ensure the new rules achievope their intended...April 6, 2013April 5, 2013April 5, 2013CFPB Announces Enforcement Action Against Mortgage Insurers On Thursday, April 4, 2013 the CFPB announced enforcement actions against four mortgage insurers to end what the bureau described as “improper kickbacks paid by mortgage insurers to mortgage lenders.” The proposed orders requires the mortgage insurers to pay more than $15 million in penalties to the CFPB. The orders also require...February 20, 2013February 15, 2013CFPB Issues Warning for Mortgage Servicers on Transferred Loans On Monday, February 11, 2013, the CFPB issued a bulletin warning mortgage servicers about their legal obligations with regard to transferred loans. The CFPB has noted a significant number of servicing complications related to the volume of transfers in the past year. The Bureau plans to make servicing transfer-related problems a...February 8, 2013Republicans Reaffirm Commitment to Vote Down CFPB Nomination On Friday, February 1, 2013, 43 Republican senators sent a letter to President Obama reconfirming their commitment to vote down Richard Cordray or any other nominee for Director of the CFPB. The senators indicated any nominee would be met with disapproval until the agency underwent significant reform. Specifically, Republicans would...January 18, 2013CFPB Issues Mortgage Servicing Rules Nearly 300 members dialed joined CBA’s call on Monday, January 14, 2013, to discuss the impact of QM and to hear from K&L Gates and the CBA Advocacy team. With regard to QM, Director Cordray told me the 3% cap on mortgage broker compensation is a work in progress. While we appreciate the CFPB's efforts to date, we still have some concerns, outlined in our...January 18, 2013CFPB Issues Final Rules on Mortgage Servicing On Thursday, January 17, 2013, the CFPB issued its final rules on mortgage servicing, which are scheduled to take effect on January 10, 2014. The servicing rules were published in two notices amending Regulation Z, which implements the Truth in Lending Act, and Regulation X, which implements the Real Estate Settlement Procedures Act. CBA will hold an...