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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.
- December 7, 2016On Wednesday, December 7, 2016, the CFPB took action against three reverse mortgage companies for alleged deceptive advertisements, such as claiming that consumers could not lose their homes. The Bureau ordered American Advisors Group, Reverse Mortgage Solutions, and Aegean Financial to cease deceptive advertising practices, implement systems to ensure they are complying with all laws, and pay...December 1, 2016CFPB Releases Small Entity Compliance Guide for Mortgage Servicing On Thursday, December 1, 2016, the CFPB issued an updated Mortgage Servicing Small Entity Compliance Guide on Mortgage Servicing, incorporating recent changes made to the Mortgage Servicing Rule. The amended Rule will be effective October 19, 2017; however, the provisions relating to successors in interest and periodic statements...October 31, 2016On Monday, October 31, 2016, the CFPB released the 13th edition of its Supervisory Highlights . The report revealed, during the review period, recent confidential supervisory resolution resulted in restitution to over 225,000 consumers totaling approximately $11.3 million. Additionally, the CFPB stated its supervisory activities have either led to or supported two recent public enforcement...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...