Browse articles from all of our Newsletters related to Dodd-Frank Act.
August 1, 2014 - Inside Nonconforming Markets
The risk-retention standard federal regulators are leaning toward establishing isnt what was intended under the Dodd-Frank Act, according to one of the main authors of the DFA. Barney Frank, a former Democrat congressman from Massachusetts, said aligning the definition for qualified mortgages with the definition for qualified residential mortgages would be a grave error. The DFA required federal regulators to establish standards for QRMs ...
July 31, 2014 - Inside Mortgage Finance
Mortgage lenders face a heftier Home Mortgage Disclosure Act reporting load under a proposed rule issued by the Consumer Financial Protection Bureau that would implement a number of changes mandated by the Dodd-Frank Act and then some. The bureau views implementation of the Dodd-Frank changes as an opportunity to improve the data collected under HMDA, ease some reporting burden and modernize how the data are collected and reported, the agency said. The CFPB proposed...
July 21, 2014 - Inside the CFPB
Bureau Moves to Ensure Equal Treatment for Same-Sex Marrieds. The CFPB is synchronizing its internal policies with the U.S. Supreme Court decision in United States v. Windsor, striking down as unconstitutional Section 3 of the Defense of Marriage Act, which holds that the word marriage means only a legal union between one man and one woman. According to a staff memorandum from CFPB Director Richard Cordray, the CFPB will regard a person who is married under the laws of any jurisdiction to be married nationwide for purposes of the federal statutes and regulations under the bureaus jurisdiction regardless of the persons place of residency. However, consistent with other federal regulatory agencies, the bureau will not regard persons who are joined ...
July 21, 2014 - Inside the CFPB
As of July 21, 2014, the Dodd-Frank Wall Street Reform and Consumer Protection Act is now four years old and the CFPB three, after imposing more than $21 billion in costs and 60.7 million paperwork burden hours, according to a new study by American Action Forum, which identifies itself as a center-right policy institute. As time passes, the law becomes more expensive as regulatory agencies like the CFPB and the Federal Housing Finance Agency grow with the mission to implement burdensome rules, the report said. Meanwhile, small financial services firms continue to struggle as the law restricts the availability of financial products. With about one-quarter of the law still left to implement, one can only expect the costs to continue ...
July 21, 2014 - Inside the CFPB
The CFPB is now collecting consumer complaints about seven different segments of the financial services sector, and its latest cumulative report on the subject indicates the Dodd-Frank Acts cop on the beat is only going to continue to expand its dragnet. So far, the CFPB is accepting complaints about credit cards (as of July 21, 2011), mortgages (Dec. 1, 2011), bank accounts and services (March 1, 2012), credit reporting (Oct. 22, 2012), money transfers (April 4, 2013), debt collection (July 10, 2013), and payday loans (Nov. 6, 2013). The CFPB continues to work toward expanding its complaint handling to include other products and services under its authority, such as prepaid cards. Consumers may also contact the CFPB about other products ...
July 17, 2014 - Inside Mortgage Finance
Mortgage industry participants suggest that the Dodd-Frank Act has helped to ensure that problems seen in the mortgage market in 2005 and beyond are unlikely to occur again. However, lenders suggest that the DFA has also limited access to credit for potential borrowers. Four years after the DFA was signed into law, a number of think tanks convened panels this week to analyze its impact. Predictably, consumer advocates are largely happy with the DFA while lenders have more mixed feelings about the law, which created the Consumer Financial Protection Bureau and a landslide of new mortgage regulations. The mortgage market is...
July 11, 2014 - Inside MBS & ABS
The Securities Industry and Financial Markets Association has called upon federal financial institutions and consumer protection regulators to form an interagency working group to establish joint, uniform diversity standards for the financial services industry. The standards would implement a requirement of the Dodd-Frank Act for consistent, uniform rules to assess the diversity policies and practices of financial institutions. The rules would also spell out criteria and procedures for determining whether a contractor or subcontractor has made a good-faith effort to include minorities and women in its workforce. Several of the agencies jointly proposed...
July 10, 2014 - Inside Mortgage Finance
Mortgage wholesalers are being extra careful these days on how much they pay loan brokers in a table-funding transaction to make sure they dont run afoul of the points-and-fees cap on qualified mortgages set by the Consumer Financial Protection Bureau. According to interviews conducted by Inside Mortgage Finance over the past few weeks, table funders are capping those fees at anywhere from 2.20 percent to 2.75 percent. Some may go as low as 1.40 percent. The cap for qualified mortgage eligibility set by the CFPB under the Dodd-Frank Act is...
July 3, 2014 - Inside FHA Lending
The FHA is seeking comment on two new sections of a proposed single-family handbook for mortgage lenders. The handbook is in development. Once completed, it will serve as the centralized source of current and future FHA policies. Agency staff is collating policies from several handbooks, rules, mortgagee letters, notices and other sources to incorporate into the handbook. The FHA is publishing two new sections, Doing Business with FHA FHA Lenders and Mortgagees and Quality Control, Oversight and Compliance, for comment. The Doing Business section lays out the requirements for FHA lender approval, including eligibility requirements, application processes, operating requirements and post-approval changes. The section also contains the recertification process as well as processes for applying for ...
June 23, 2014 - Inside the CFPB
The House Financial Services Committee passed a handful of CFPB-related bills earlier this month, after a previously scheduled markup had been delayed by the death of the mother of Rep. Maxine Waters, D-CA, the ranking member on the committee. H.R. 3770, the CFPB-IG Act of 2013, introduced by Rep. Steve Stivers, R-OH, was approved 39-20. The bill would create a separate, independent inspector general for the CFPB. The CFPB currently shares an inspector general with the Federal Reserve System. H.R. 4262, the Bureau Advisory Commission Transparency Act, introduced by Rep. Sean Duffy, R-WI, was approved by voice vote. H.R. 4262 would open up CFPB advisory board meetings to the public. H.R. 4383, the Bureau of Consumer Financial Protection Small Business ...
- GSE Private Mortgage Insurance Profile 2Q14
- GSE Seller Profile: 2Q14
- Top Mortgage Players: 1Q14
- Agency Condo Market: 2013
- Mortgage Profitability Report: 4Q13
- GSE Repurchase Activity Full Year 2013
- Servicing Strategies and MSRs
- Non-Qualified Mortgages
- CFPB Exam and Enforcement
- Mortgage Buybacks Guide 2014
- Mortgage Originations Channels
- CFPB Mortgage Disclosure Requirements
- Qualified Residential Mortgages and Risk Retention
- CFPB's LO Comp Rule
- Ability-to-Repay Rule and Qualified Mortgages
- Fair Lending Compliance
- CFPB Regulation of Mortgage Servicing
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