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.
  • September 28, 2016
    Case No. 16-3069 In The United States Court Of Appeals For The Third Circuit GINNINE FRIED, Plaintiff-Appellee , JP MORGAN CHASE & CO; JP MORGAN CHASE BANK NA, d/b/a Chase Defendants-Appellants . On Appeal from the United States District Court for the District of New Jersey No. 2:15-cv-02512-MCA-MAH BRIEF OF AMICI CURIAE AMERICAN BANKERS ASSOCIATION, CONSUMER BANKERS ASSOCIATION, CONSUMER...
  • September 27, 2016
    On Tuesday, September 27, 2016, the CFPB released transition rules and new Uniform Residential Loan Application (URLA) for the expanded requirements for the Home Mortgage Disclosure Act (HMDA) final rule released in October of 2015. Entities collecting HMDA data may use the new URLA beginning on January 1, 2017, to comply with the new HMDA rule taking effect January 1, 2018.
  • July 29, 2016
    On Friday, July 29, 2016, the CFPB issued a proposal to amend the TILA-RESPA Disclosure (TRID) Rule in order to formalize guidance and for technical changes. Comments on the proposal are due on October 18, 2016. The proposed amendments include: Tolerances for Total Payments : The Bureau proposed including tolerances for the “total of payments” calculation to mimic the finance charge tolerances...
  • May 23, 2016
    On Monday, May 23, 2016, the U.S. Circuit Court of Appeals in Manhattan ruled there was insufficient evidence for a jury to conclude at a 2013 trial that mail and wire fraud was committed by the Bank of America’s Countrywide Financial unit. Accordingly, the Court ruled Bank of America was not liable for fraud and subject to a penalty of more than $1.2 billion. Countrywide was sued in 2012 for...
  • May 6, 2016
    On Wednesday, May 4, 2016, the Federal Housing Finance Agency (FHFA) announced it has increased the 2016 multifamily lending caps for Fannie Mae and Freddie Mac from $31 billion to $35 billion, effective immediately. The adjustment is consistent with FHFA's 2016 Scorecard for the Enterprises in which FHFA committed to review the estimates for the size of the multifamily finance market each...
  • April 28, 2016
    April 28, 2016 The Honorable Blaine Luetkemeyer Chairman, Housing & Insurance Subcommittee Committee on Financial Services U.S. House of Representatives Washington, DC 20515 The Honorable Randy Neugebauer Chairman, Financial Institutions and Consumer Credit Subcommittee Committee on Financial Services U.S. House of Representatives Washington, DC 20515 Dear Chairmen Luetkemeyer and Neugebauer...
  • April 19, 2016
    On April 19, 2016, Reps. Randy Hultgren (R-IL), Andy Barr (R-KY), and Mia Love (R-UT) introduced H.R. 4993, the Homeowner Information Privacy Protection Act (HIPPA). The bill would require the Comptroller General of the United States to conduct a study regarding the impact on consumer privacy resulting from new information collected under the Home Mortgage Disclosure Act (HMDA). The information...
  • April 7, 2016
    April 7, 2016 The Honorable Richard Shelby Chairman, Committee on Banking, Housing, and Urban Affairs United States Senate Washington, D.C. 20510 The Honorable Sherrod Brown Ranking Member, Committee on Banking, Housing, and Urban Affairs United States Senate Washington, D.C. 20510 Dear Chairman Shelby and Ranking Member Brown: The Consumer Bankers Association (CBA) [1] appreciates the Banking...
  • April 7, 2016
    CFPB Webinar on TRID Issues The CFPB announced (on Thursday, April 7, 2016) a webinar will take place next Tuesday, April 12, 2016, at 2 p.m. EST to answer some common questions about the Know Before You Owe mortgage disclosure rule. The webinar will be hosted by the Federal Reserve and will address specific questions that various stakeholders have raised to the CFPB related to the interpretation...
  • April 1, 2016
    Fifth Third Bank in Cincinnati is offering a teaser rate to new home equity line of credit borrowers through July 31. The $141 billion-asset company said the special offer comes with a fixed introductory annual percentage rate of 1.99% for six months for customers with a credit score of 750 or more. After the introductory period, the HELOC adjusts to a variable rate which could have an APR as low...

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