With the effective date of the CFPB’s TILA/RESPA Integrated Disclosures rule just weeks away, lender representatives continue appealing to Congress for formal enforcement relief, while vendors are scrambling to finish their work products and deliver them to clients in time for testing. But TRID may not be as bad as everyone seems to fear. “In conversation with industry participants, the actual impact of these rules is a key debatable point, with consensus believing that the rules may have a temporary drag on origination volumes in the second half of 2015,” said analysts at FBR Capital. But it will not be as drastic as the impact the qualified-mortgage rule had on origination volumes in the second half of 2014, they said. ...
Democratic leadership in the Senate and the House have introduced the Community Lender Regulatory Relief and Consumer Protection Act of 2015 as an alternative to the GOP-sponsored regulatory relief bill approved by the Senate Banking, Housing and Urban Affairs Committee. Most of the provisions in the Democrat legislation were proposed as amendments to the Senate bill and rejected by the Republican majority. The Democrat bill would grant qualified-mortgage status for loans held in portfolio, but only for smaller financial institutions. Banks and credit unions with less than $2 billion in consolidated assets which originate fewer than 2,000 mortgages per year could make loans that exceed the 43 percent debt-to-income ratio under the QM standard and still receive safe harbor status ...
Industry Groups Urge Restructuring of CFPB. Wading into risky political territory, a number of industry groups last week urged Congress to support H.R. 1266, legislation that would revamp the governing structure of the CFPB. Submitting a statement for the record to the House Financial Services Subcommittee on Financial Institutions and Consumer Credit, the industry groups said consumers and the industry would be better served by changing the CFPB governance structure from a single director to a bipartisan five-person commission as used by other federal agencies. “The CFPB has tremendous authority to supervise a multi-trillion dollar industry, which as we have learned, can have incredible ramifications on our economy,” the statement said. “As such, it is imperative the CFPB remain stable ...
Originations of VA mortgages in the first quarter of 2015 increased by 5.8 percent compared with the previous quarter and were up 86.0 percent from the first quarter of 2014.
The changes allow eligible non-borrowing spouses with older Home-Equity Conversion Mortgages the potential to remain in their home following the death of the last surviving HECM borrower.
The VA maintained a sizeable lead in first-lien mortgage refinancing over FHA and private mortgage insurers in the first quarter of 2015 but yielded to both in purchase originations.
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