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Tag Archives: mortgages

CFPB issues more small entity compliance guides for mortgage-related rules

By Barbara S. Mishkin on Posted in Mortgages

The CFPB has issued several more Small Entity Compliance Guides on its mortgage-related rules.  In addition to its guide on the ability-to-repay and qualified mortgage rule, the CFPB has now issued Small Entity Compliance Guides on the 2013 HOEPA rule, escrow rule for higher-priced mortgages, ECOA valuations rule, and TILA higher-priced mortgages appraisal rule.  Each… More >

CFPB proposes amendments to final mortgage escrow account rule

By Richard J. Andreano, Jr., on Posted in Mortgages

The CFPB has proposed amendments to its final mortgage escrow account rule dealing with the establishment of mandatory escrow accounts on higher-priced mortgage loans (HPML).  According to the proposal’s supplementary information, the proposal is the “first publication of additional guidance and updates regarding the Title XIV Final Rules.”  It further states that because the final rule is… More >

CFPB issues Small Entity Compliance Guide for ability to repay mortgage rule; trade groups seek more time for implementation

By Richard J. Andreano, Jr., on Posted in Mortgages

The CFPB has issued a  Small Entity Compliance Guide on the ability to repay and qualified mortgage rule.  According to the 45-page guide, it is intended to provide “an easy-to-use summary” of the rule and  “highlights issues that small creditors, and those that work with them, might find helpful to consider when implementing the rule.”  … More >

FDIC to host banker teleconferences on CFPB mortgage rules

By Barbara S. Mishkin on Posted in Mortgages

The FDIC has scheduled the following three free teleconferences on the CFPB’s new mortgage-related rules for officers and employees of FDIC-supervised institutions:  1. May 2, 2013 on the CFPB final rules on ability to repay/qualified mortgages and escrow accounts, and the provisions of the final loan originator compensation rule prohibiting  mandatory arbitration clauses and the financing… More >

CFPB sets up special e-mail list for mortgage developments

By Barbara S. Mishkin on Posted in Mortgages

At the end of last week, the CFPB sent an e-mail to its e-mail subscribers indicating that the Bureau has set up a mortgage regulations-specific e-mail list. The CFPB indicated that those who sign up will receive implementation materials the same day they are released.  The CFPB stated that anyone interested can sign up for… More >

Qualified mortgage remorse?

By Richard J. Andreano, Jr., on Posted in Mortgages

Could the CFPB be worried that its ability-to-repay/qualified mortgage rule is already contracting the availability of mortgage credit?  In his remarks earlier this week to the Credit Union National Association, Director Richard Cordray told mortgage executives that “the current mortgage market is so tight that lenders are leaving good money on the table by not… More >

CFPB announces mortgage rules implementation plan

By Richard J. Andreano, Jr., on Posted in Mortgages

The CFPB has announced various steps it plans to take over the next year to support the industry’s implementation of the mortgage rules issued in January 2013 and which take effect in January 2014.  Those rules include the new qualified mortgage/ability-to-repay rule and the mortgage servicing rules.  Perhaps the most significant step planned by the CFPB… More >

CFPB issues final rules on mortgage servicing, appraisals and loan originator compensation

By Richard J. Andreano, Jr., on Posted in Mortgages

The regulatory barrage continued last week with the CFPB issuing the last batch of mortgage-related rules it was required to finalize by the Dodd-Frank Act’s January 21 deadline.    On January 17, the final rules implementing provisions of the Dodd-Frank Act that relate to mortgage servicing were issued. The servicing rules will take effect on January… More >

CFPB proposes rule on mortgage loan originator compensation

By Richard J. Andreano, Jr., on Posted in CFPB Rulemaking, Mortgages

It appears a flat loan origination fee requirement wasn’t such a good idea after all.  That’s the conclusion the CFPB came to in its proposal issued on August 17 to integrate the Dodd-Frank mortgage loan originator compensation provisions with the existing Regulation Z provisions, and implement Dodd-Frank loan originator requirements.  We have prepared a legal… More >

Mortgage loan complaint system launched

By Richard J. Andreano, Jr., on Posted in Mortgages

My name is Rich Andreano, and this is my first day at Ballard Spahr. I’m excited about joining the firm and making my first post to the CFPB Monitor. I plan to add regular posts addressing residential mortgage industry developments as they relate to the CFPB, and hope that you’ll find them to be informative…. More >