The CFPB is likely to throw its weight around just as much this year as it did last year, only its focus and intensity will be more diverse in terms of the industries that will be affected. Back in 2014, much of the regulatory concern among lenders had to do with the bureau’s ability-to-repay rule with its qualified mortgage standard, and to lesser extents its rules on mortgage servicing and loan originator compensation. Make no mistake. The mortgage industry is still in the CFPB’s crosshairs. The biggest payload to be delivered in this regard in 2015 is the long-awaited and much discussed integrated disclosure rule under the Truth in Lending Act and the Real Estate Settlement Procedures Act. That rule ...
The Community Home Lenders Association, a national trade group representing small and mid-sized community-based nonbank mortgage lenders, is calling on the CFPB to set high uniform standards for all mortgage originators, such as testing, background checks, continuing education and licensing. “These basic requirements ... apply to virtually all professionals involved in real estate transactions and mortgages, as well as to all individuals at banks that sell securities or insurance,” the CHLA said in a recent letter…
RSS