The expansion of the CFPB’s consumer complaint database moved to another level last week, with the inclusion of state-by-state searchable information, as well as complaints about money transfers and credit reporting. The updates, among other things, add a new field to every complaint – the state it came from. While five-digit ZIP Code information – provided by the consumer – has always been included in the complaint information, adding the state helps people more easily localize data, according to the bureau. The state...
The CFPB, as requested by the mortgage lending industry, has delayed implementing its ban on the financing of credit insurance premiums until Jan. 10, 2014, the effective date for most of the mortgage‐related rules it issued in January. The rule had originally been scheduled to kick in June 1. That effective date was originally proposed because the bureau believed the ban did not present a significant implementation burden for affected institutions. …
Among the changes that the CFPB made to its ability-to-repay rule last week are revisions to how loan originator compensation is counted in the qualified mortgage points-and-fees calculation. Under the Dodd-Frank Act, points and fees on a qualified mortgage may not exceed 3 percent of the loan balance. Further, points and fees that exceed 5 percent will trigger the protections for high-cost mortgages under the Home Ownership and Equity Protection Act. Dodd-Frank also mandates that loan originator compensation be counted toward...
The CFPB likely removed a noticeable amount of political pressure – but not all – from its back by responding to some industry concerns with its earlier ability-to-repay final rule. Last week, the bureau finalized amendments to the ATR rule that expand the legal protections for small lenders to make loans beyond the original rule’s main requirements, and it provided such creditors with a longer period of time in which to adjust to the rule’s restrictions on balloon mortgages. Under last week’s final rule, the CFPB...
Speculators have been gobbling up GSE junior preferred and common, hoping for a payout down the road tied to either the resumption of dividends or money that might come from a recovery fund.
Any successor to the GSEs that operates with a federal guarantee should charge the same guaranty fee price for all sellers, regardless of size, the trade group says.
Despite the vocal support of progressives, especially advocates of principal reduction of GSE-held loans, Rep. Watt’s nomination to head FHFA is far from a sure thing.
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