One of the biggest issues mortgage lenders will face is implementing changes to the general qualified-mortgage rule, which has a mandatory compliance date of July 2021.
After dropping sharply in March, new mortgage applications spiked while other consumer credits struggled to find their footing, according to new research from the CFPB.
The Mortgage Bankers Association has drafted a model bill for state regulators to provide regulatory flexibility allowing mortgage loan originators to work from home, with prescribed regulator standards for consumer and data protection.
The FDIC’s community bank study shows that an unusually high percentage of small community banks reduced their residential holdings after the 2008 financial crisis. Reason: high compliance costs due to the large volume of new mortgage rules.
The Federal Trade Commission voted 3-1-1 to fine Texas-based Ascension Data & Analytics for failure to ensure its vendor was adequately securing consumers’ personal data.
Discover Bank has agreed to pay $35 million to settle student loan violations while Santander Consumer USA was fined $4.75 million for credit reporting miscues tied to auto loans.
Citing existing mortgage regulations at the federal level, the Urban Institute said it might be most appropriate for the FHFA or the Federal Reserve to regulate nonbank mortgage servicers.
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