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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.
- June 19, 2018On Tuesday, June 19, 2018, the OCC issued a press release on the Mortgage Metrics Report, First Quarter 2018 . According to the press release , the performance of first-lien mortgages have remained unchanged during the first quarter of 2018 compared with a year earlier. The report showed 95.6 percent of mortgages included in the report were current and performing at the end of the quarter, the...May 18, 2018WASHINGTON HAPPENINGS In a Fortnight – Two Items on CBA’s watch list ahead of Memorial Day include: A House Vote on Senate Banking Bill – The Senate’s regulatory relief bill, which CBA supports, is expected to receive a vote in the House this Tuesday, May 22 . McWilliams Confirmation as FDIC Head – President Trump’s nominee to head the FDIC Jelena McWilliams is expected to receive a confirmation...May 7, 2018On Monday, May 7, 2018, the Federal Financial Institutions Examination Council (FFIEC) announced the availability of data on mortgage lending transactions at 5,852 U.S. financial institutions covered by the Home Mortgage Disclosure Act (HMDA). Covered institutions include banks, savings associations, credit unions, and mortgage companies. Released today are loan-level HMDA data that cover 2017...May 2, 2018On Wednesday, May 2, 2018, the OCC issued a bulletin on adopting a final rule to increase the appraisal threshold for commercial real estate (CRE) transactions from $250,000 to $500,000. This threshold increase means that transactions at or below this level do not require appraisals that conform to Title XI of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 and the...April 27, 2018REGULATORY ROUNDUP Mulvaney Plans to Drop Public Complaints Portal – CBA has long advocated for unverified contents of the complaint portal to no longer be made public and this week the Bureau of Consumer Financial Protection’s Acting Director Mick Mulvaney acted on this request. While we fully support the Bureau fulfilling its important, Congressionally-mandated mission of compiling complaints,...April 26, 2018On Thursday, April 26, 2018, the CFPB finalized its amendment to its “Know Before You Owe” mortgage disclosure rule. The amendment aims to address when mortgage lenders with a valid justification may pass on increased closing costs to consumers and disclose them on a Closing Disclosure. The Know Before You Owe mortgage disclosure rule took effect Oct. 3, 2015. The Bureau’s rule created new Loan...April 6, 2018April 6, 2018 The Honorable Mike Crapo The Honorable Sherrod Brown Chairman Ranking Member Committee on Banking, Housing Committee on Banking, Housing & Urban Affairs & Urban Affairs U.S. Senate U.S. Senate 534 Dirksen Office Building 534 Dirksen Office Building Washington, D.C. 20510 Washington, D.C. 20510 Dear Chairman Crapo and Ranking Member Brown: The Consumer Bankers Association (...April 6, 2018April 6, 2018 The Honorable Jeb Hensarling The Honorable Maxine Waters Chairman Ranking Member Committee on Financial Services Committee on Financial Services U.S. House of Representatives U.S. House of Representatives 2129 Rayburn House Office Building 4340 O’Neill House Office Building Washington, D.C. 20515 Washington, D.C. 20151 Dear Chairman Hensarling and Ranking Member Waters: The Consumer...March 15, 2018On Thursday, March 15, 2018, the OCC issued a press release stating that performance of first-lien mortgages remained largely unchanged during the fourth quarter of 2017 compared with a year earlier, according to the OCC’s quarterly report on mortgages. Highlights from the report are: 94.5 percent of mortgages included in the report were current and performing at the end of the quarter, compared...March 8, 2018On Thursday, March 8, 2018, the CFPB issued its final rule aimed at giving mortgage servicers more latitude in providing statements to consumers entering or exiting bankruptcy, as required by the CFPB’s 2016 mortgage servicing rule. The Truth in Lending Act requires mortgage servicers to provide periodic statements to borrowers, and the Bureau has developed sample forms for servicers to use. The...