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Volume 25 - Number 9

April 28, 2014

Worth Noting/What We’re Hearing/Looking Ahead

CFPB Staff Answer Bankers’ Questions on Mortgage Compliance. CFPB staff members answered mortgage compliance questions from members of the American Bankers Association during a live webcast last week. Among the key take-aways was the statement that creditors may use lender and seller credits to reduce the amounts that are calculated into the points-and-fees test. A written statement of who is providing which credits is sufficient to indicate compliance, a CFPB staffer said. Also, home equity line of credit resets do not constitute new transactions that would trigger full ability-to-repay rule underwriting. Another take-away is that loan originator bonuses deriving from funds that exclude mortgage profits are not subject to the otherwise applicable 10 percent limits on loan originator compensation. Regarding...

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This biweekly keeps mortgage executives on top of the onslaught of new legal and regulatory issues the industry has been seeing.



After the November elections, how long will it take for a new Congress and White House to pass GSE reform legislation?

I’m confident a bill will be passed the first year.


2 to 3 years. GSE reform is complicated.


Sadly it won’t happen in a Clinton or Trump first term.


Not in my lifetime.


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