The request for information touches on various fees associated with mortgage originations. Trade groups representing lenders are concerned that the CFPB will find that fee-disclosure standards are insufficient.
Naa Awaa Tagoe, deputy director for housing mission and goals at FHFA, waded through some of the agency’s most recent controversies at the MBA’s secondary market conference.
Many trade groups denounced Freddie’s plan to buy second liens, saying key details were lacking. There are also concerns that Freddie’s effort will simply cannibalize an otherwise healthy and liquid non-agency market for second liens.
Federal and state regulators looking to implement new data privacy standards should include exemptions for firms subject to Gramm-Leach-Bliley Act requirements, according to the Mortgage Bankers Association and other trade groups.
The Financial Stability Oversight Council wants Congress to pass legislation that would allow Ginnie Mae to expand its pass-through assistance program for nonbank servicers.
Demand in the secondary market for non-qualified mortgages is helping to fuel originations of the loans. Delinquencies in the sector have ticked up but aren’t yet a major concern.
Speaking at the MBA secondary conference, CFPB Director Rohit Chopra pushed back against the argument that credit reporting fees are distinct from junk fees. He said the term junk fee extends to fees that lack competition in the market.