The CFPB should drop the current debt-to-income ratio cap and the so-called GSE patch from the qualified-mortgage definition, the Urban Institute recommends. The CFPB is required by statute to review the ability-to-repay rule, which includes the QM definition, and issue a final report on its findings by Jan. 10, 2019. One of the most important elements of the review could be the fate of the “GSE patch,” which is set to expire in January 2021, or on the day ...

A community bank in Texas and two DC-based nonprofit groups recently filed a petition with the U.S. Supreme Court challenging the constitutionality of the CFPB’s sole-director structure. The State National Bank of Big Spring, 60 Plus Association, and Competitive Enterprise Institution originally filed a lawsuit in 2012 in the U.S. District Court for the District of Columbia, alleging the CFPB’s structure violated the U.S. Constitution’s separation of powers. The district ...

A court panel recently declined to enforce a civil investigative demand issued by the CFPB because the language is too broad and generic. Attorneys said it was the second strike against the bureau for aggressive interpretation of its authority after the D.C. circuit ruled a CID invalid last year. A panel of the U.S. Court of Appeals for the Fifth Circuit held that a CID issued to Source for Public Data – a company that provides public records through an internet-based ...

Almost 10 months into Acting Director Mick Mulvaney’s tenure at the CFPB, the bureau filed its first new lawsuit. The CFPB last week filed charges against Future Income Payments (FIP), Irvine, CA, in federal district court in the Central District of California. The bureau alleged that FIP’s pension-advance products were loans with interest rates “that are substantially higher than credit card interest rates,” according to the complaint, which also names the company's owner ...

CFPB Updates Model Disclosures Under Fair Credit Reporting Act . The CFPB last week issued an interim final rule updating two model disclosures to reflect changes made to the FCRA by the recent Dodd-Frank reform act.The Economic Growth, Regulatory Relief, and Consumer Protection Act, which became law in May, requires nationwide consumer reporting agencies to provide “national security freezes” free of charge to consumers. The [Includes three briefs] ...

Wells Fargo accounted for 15.0 percent of all jumbo mortgages originated during the first half of 2018…

The refi surge may be attributable to more cash-out transactions.

Then again, maybe needing a CEO is overblown. James Fenkner, a GSE shareholder, told Inside Mortgage Finance: “It is not that the CEOs are paid too little…”

If all goes well, the net proceeds will total $20.25 million.

It may be hard to fathom, but Fannie and Freddie once played with very sharp elbows…