Final regulations implementing the Adjustable Interest Rate Act will go into effect next month, setting the stage for a smooth transition for the end of the London Inter-bank Offer Rate.
The model will help stakeholders predict prepayments on both their current portfolios and future purchases for both mortgage-backed securities and whole loans.
CFPB Director Rohit Chopra’s semi-annual reports to Congress last week offered only a few snippets of policy news but featured much verbal sparring with Republicans.
Banking trade groups and consumer advocates had a second opportunity to share their opinions with the CFPB on “big tech” payment systems. Their take: The payments platforms pose a lot of consumer risk and need to be regulated.
The CFPB wants to track agency and court orders against nonbanks across all levels of government. One attorney said such a registry would add a substantial compliance burden, especially for smaller companies, and demonstrates a cynical view of financial institutions.
The CFPB said in a blog post that it won’t initiate enforcement actions for failure to report closed-end mortgage loan data collected in 2020, 2021 or 2022 for institutions that are once again subject to Home Mortgage Disclosure Act reporting requirements.
In a preliminary determination, the CFPB said the Truth in Lending Act doesn’t preempt a New York law requiring lenders to provide commercial borrowers with financial disclosures similar to those provided to consumers. The agency said the laws cover distinct sectors.
State and federal regulations on assumable mortgages differ in some respects from those for new originations. And agency and investor guidelines have to be factored in too.
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