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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 21, 2017On Friday, June 21, 2017, CBA and other financial trades submitted a letter to the U.S. Department of Defense (DoD) recommending changes to the Military Lending Act (MLA). Specifically, the letter requests the DoD: Clarify the exemption for purchase money loans (including vehicle purchase money loans) applies unless the borrower is receiving cash from the proceeds of the loan. Thus, purchase...June 21, 2017On Wednesday, June 21, 2017, the Board of Governors of the FED, FDIC, and OCC announced the availability of the 2017 list of distressed or underserved nonmetropolitan middle-income geographies, where revitalization or stabilization activities are eligible to receive CRA consideration under the community development definition. Distressed nonmetropolitan middle-income geographies and underserved...June 13, 2017The U.S. Treasury Secretary Steven Mnuchin unveiled the much-anticipated report on the department's assessment of the financial market as ordered by President Donald Trump earlier this year. The report details potential executive actions and regulatory changes that can be immediately undertaken to provide much-needed relief, according to the Treasury. Though, to be sure, the timeline of...June 7, 2017On Wednesday, June 7, 2017, the CFPB took action against mortgage servicer Fay Servicing for failing to provide mortgage borrowers with the protections against foreclosure required by law. The Bureau found Fay violated the Bureau’s servicing rules by keeping borrowers in the dark about critical information regarding the process of applying for foreclosure relief. The Bureau also found instances...May 31, 2017On Wednesday, May 31, 2017, the CFPB released its monthly complaint report highlighting complaints submitted by older consumers. The snapshot shows older consumers frequently report servicing problems with reverse mortgages, difficulties recovering money after financial scams, confusion around deferred interest credit cards, and charges for unauthorized add-on products. The snapshot provides an...May 25, 2017May 25, 2017 Ms. Monica Jackson Office of the Executive Secretary Bureau of Consumer Financial Protection 1700 G Street, NW Washington, DC 20552 Via electronic submission Re: Technical Corrections and Clarifying Amendments to the Home Mortgage Disclosure Act (Regulation C) October 2015 Final Rule; Docket No. CFPB-2017-0010 Dear Ms. Jackson, The Consumer Bankers Association (“CBA”)  and the...April 26, 2017On Wednesday, April 26, 2017, the CFPB announced some student loan and mortgage servicers are violating the law by failing to provide struggling borrowers with legal protections. Agency examiners found some student loan servicers failed to refund charges imposed on borrowers who had been wrongly denied the right to defer payments while enrolled in school. The report also found some mortgage...April 20, 2017On Thursday, April 20, 2017, the CFPB sued Ocwen Financial, one of the nation’s largest nonbank mortgage loan servicers, and its subsidiaries, for allegedly failing borrowers through the mortgage servicing process. The Bureau alleged a history of errors, shortcuts and lack of customer support by Ocwen cost borrowers monetary losses, and others their homes. Ocwen allegedly failed at basic services...April 13, 2017On Thursday, April 13, 2017, the CFPB issued its proposal to facilitate compliance with the 2015 updates to the Home Mortgage Disclosure Act (HMDA) rule. The changes proposed aim to help financial institutions comply with the 2015 HMDA Final Rule by clarifying the information they are required to collect and report about their mortgage lending. The proposal contains a number of clarifications,...April 3, 2017On Thursday, April 13, 2017, the CFPB issued a proposal to facilitate compliance with the 2015 updates to the Home Mortgage Disclosure Act (HMDA) rule. The proposed rule aims to help financial institutions comply with the 2015 HMDA Final Rule by clarifying the information financial institutions are required to collect and report about their mortgage lending. “The Home Mortgage Disclosure Act...