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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.
- October 28, 2016On Friday, October 28, 2016, the FDIC is sponsoring the Sixth Annual Consumer Research Symposium , which will feature a series of panels presenting on selected research papers. The topics of the eight papers include credit building, economic inclusion, mortgages, and household budgets. The symposium will also include a keynote address by Chairman Martin Gruenberg. The event is from 9 a.m. to 5:15...October 27, 2016On Thursday, October 27, 2016, the CFPB issued warning letters to 44 mortgage lenders and mortgage brokers advising them they may need to report Home Mortgage Disclosure Act (HMDA) data. The warning letters caution that certain entities meeting specific criteria are required to collect, record, and report mortgage lending data. While there is not necessarily a violation, the letters indicate the...October 25, 2016On Tuesday, October 25, 2016, CFPB Director Richard Cordray delivered remarks to the Mortgage Bankers Association in which he highlighted the Bureau's work in helping the housing economy to recover, while emphasizing to the industry more regulation and oversight remain to come. Cordray revealed three priority areas for enforcement and supervision in the next year: Consumer complaints | Cordray...October 20, 2016Several mortgage and housing trade groups this week asked the Consumer Financial Protection Bureau (CFPB) to go further in the agency's proposed cleanup of the TRID consumer-disclosure rules, the massive regulation that kicked in one year ago. Industry groups are asking that the bureau extend a soft enforcement period for several more months, and proposed changes that the CFPB has previously...October 18, 2016October 18, 2016 Monica Jackson Office of the Executive Secretary Consumer Financial Protection Bureau 1700 G Street NW., Washington, DC 20552 Re: Request for Comment on Proposed Amendments to Federal Mortgage Disclosure Requirements Under the Truth in Lending Act (Reg. Z), Docket No. CFPB–2016–0038 Dear Ms. Jackson: The American Bankers Association 1 and the Consumer Bankers Association 2 (the...October 12, 2016On Wednesday, October 12, 2016, the CFPB published on its website updated versions of the TILA RESPA (TRID) Small Entity Compliance Guide and the Guide to Forms. While the comprehensive implementation guides can be found on its website , the updated Small Entity Compliance Guide can be found here and the new model forms are available here .October 11, 2016On Tuesday, October 11, 2016, the D.C. Circuit Court of Appeals handed down a ruling in the much anticipated case of PHH Corp. v. CFPB , which questioned whether the CFPB is constitutional. This case began as a CFPB enforcement action against mortgage lender PHH for alleged violations of Section 8 of the Real Estate Settlement Procedures Act (RESPA). In an administrative action before an...September 29, 2016On September 29, 2016, the Federal Financial Institution Examinations Council released Home Mortgage Disclosure Act for 2015 representing 6,913 reporting institutions, which declined 2.5 percent from the previous year. Notably, “[t]he total number of originated loans of all types and purposes increased by 1.4 million between 2014 and 2015, or 22 percent. Refinance originations increased by 36...September 28, 2016On Wednesday, September 28, 2016, CBA and other trades filed an amicus brief in the case of Fried v. Chase in the Third Circuit Court of Appeals to underscore the serious practical concerns implicated by the lower court’s order recognizing, for purposes of computing automatic insurance termination dates for mortgage insurance, the industry-wide practice is to treat modified home mortgages...September 28, 2016On Wednesday, September 28, 2016, the CFPB published a blog post to discuss a recent settlement made with Provident Funding Associates, which agreed to pay the agency and U.S. Department of Justice (DOJ) $9 million for allegedly Provident charged approximately 14,000 African-American and Hispanic borrowers higher total broker fees on mortgage loans than similarly-situated non-Hispanic white...