Fannie Mae seller/servicers also can dodge the maintenance fee if they have $25 million in Fannie servicing or paid $5,000 in technology fees.

Loan officers, so far, have been spared the layoff carnage, but that may change depending on where volumes wind up.

CFPB Deploys a New Online HMDA Tool. Last week, the CFPB launched an online tool to provide consumers with easy access to public mortgage information collected under the Home Mortgage Disclosure Act. “The tool enables greater transparency by helping inform people of trends in their local mortgage markets,” the bureau said. You can check it out at http://www.consumerfinance.gov/hmda/. Auto Dealers Push Back Against CFPB Criticism. The National Automobile Dealers Association is rejecting recent CFPB criticism of dealer discretion when it...

Representatives of the American Bankers Association and the Mortgage Bankers Association recently met with the CFPB to discuss the applicability of the Equal Credit Opportunity Act appraisal rule to certain business purpose loans secured by multifamily dwellings or inventories of homes. According to the industry’s account of the discussions, CFPB staff stated that while the ECOA appraisal rule is applicable to personal and business purpose applications for credit, the rule is intended to exclude applications for credit involving...

The CFPB recently put out a bulletin warning employers that they cannot require their employees to receive wages on a payroll card. The bureau said it has received reports of employers, particularly in the retail and food service industries, distributing wages solely through payroll cards. However, the bureau said federal law prohibits employers from mandating that employees receive wages exclusively on a payroll card. Further, some employees receiving wages on employer-sponsored payroll cards have complained to the CFPB about...

It’s now being said that consumer complaints may be the biggest regulatory threat companies face in the era of the CFPB, perhaps especially so for those operating in the mortgage sector. So a fully competent compliance management system will be essential for companies striving to comply with the bureau’s mortgage servicing requirements; otherwise, they likely face fines and/or disgorgement. But a solid CMS is only the means to an end, and it all boils down to better communication with the borrower, top industry and vendor...

Staff and members of the Mortgage Bankers Association met with the CFPB in recent weeks to discuss how to determine the “interest rate without any discount” that is used to calculate the starting point at which bona fide discount points can be used to reduce the rate and are eligible for exclusion from the qualified mortgage’s points-and-fees cap. Specifically, MBA asked if the interest rate to be used is the rate unique to each consumer or is simply a rate from a standard rate sheet. The trade group also wanted to know what the...

In a recent question-and-answer with the Washington Post, CFPB Director Richard Cordray indicated the bureau is not going to ease up as it moves forward with rulemaking in the payday-lending, debt collection and prepaid-card sectors of the financial services industry. “We will be undertaking rulemaking in the debt-collection area,” Cordray told the Post. The work on that will get started later this fall. As the nation’s top consumer regulator sees it, debt collection is an area that is in need of revision and updating...

Mortgage lending trade group representatives are ramping up the crescendo of industry calls for the CFPB to make even more changes to its pending mortgage rules, or for an implementation delay, or both. It’s not easy to satisfy them, though, which some industry participants will privately concede. On the one hand, the industry keeps pressing for numerous changes and revisions, yet on the other hand, complains that each new change or revision further complicates their efforts to get into compliance. Be that as it may, the calls...

The CFPB’s ability-to-repay qualified mortgage rule is steaming full speed ahead with January implementation, and that has anxious lenders appealing to sympathetic ears on Capitol Hill for relief, one way or another. During a hearing earlier this month before the House Financial Services Committee, Rep. Shelley Moore Capito, R-WV, raised with CFPB Director Richard Cordray concerns she’s been hearing from some of her mortgage lender constituents about the bureau’s pending mortgage rules, including the ATR/QM. During a roundtable she held...