The PATH Act awaits a vote on the House floor. But Hensarling’s measure is widely viewed as a non-starter in comparison to the Senate’s bipartisan Corker-Warner bill.
The Federal Trade Commission plans to ask the Office of Management and Budget to extend through Nov. 30, 2016, the current Paperwork Reduction Act clearance for the FTC’s shared enforcement with the CFPB of the information collection requirements in Regulation N (Mortgage Acts and Practices – Advertising). That clearance expires Nov. 30, 2013. The FTC is inviting public comments on a handful of related issues, the first of which is whether the proposed collection of information is necessary for the proper performance of the...
Even though the CFPB has yet to release its final rule and related forms under its consolidated consumer disclosure project, Fannie Mae and Freddie Mac recently announced they are working on a standardized dataset to support the forms when the rule is finalized by the bureau, which is expected in October. The government-sponsored enterprises’ dataset is called the Uniform Closing Dataset, and is a component of Fannie’s and Freddie’s Uniform Mortgage Data Program, an ongoing effort to enhance the accuracy and quality of loan data...
Up until recently, if a mortgage joint venture of Wells Fargo asked its partner if the megabank was still feeling the love for joint ventures, the answer would’ve been yes. At least that’s the word from one JV executive who received the news recently that Wells was tossing all of its origination JVs overboard. Earlier in the year, the bank told its two largest JVs – HomeServices Lending and Prosperity Mortgage – that everything was hunky dory. Well, apparently not. Of course, both Home and Prosperity needn’t worry...
With the prospect of the qualified mortgage right around the bend for the mortgage lending industry, it could be easy for lenders to be so focused on getting their points-and-fees calculation to a point of near-perfection. But don't lose sight of your third-party vendors. Michael Chan, vice president at ComplianceEase in Burlingame, CA, gave some attendees at a recent Inside Mortgage Finance webinar on the QM a list of features and characteristics that should be part of a lender's every due diligence effort to vet and review a...
House Financial Services Chairman Jeb Hensarling, R-TX, and House Oversight and Government Reform Committee Chairman Darrell Issa, R-CA, sent a letter to CFPB Director Richard Cordray recently, expressing concerns that senior employees have left the bureau in order to profit from the very rules they helped create. “Simply put, it appears that former CFPB employees are now offering financial products in a market sector created by the very rules they were in a position to influence while working in senior leadership positions...
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