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 11, 2016
    On 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, 2016
    On 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, 2016
    On 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, 2016
    On 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...
  • 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...

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