FHA chief Carol Galante expressed concern about the absence of any provision in the bill that would ensure servicer accountability for their performance.
With six months left before a host of rules from the Consumer Financial Protection Bureau kick in, mortgage industry representatives continue to ask for changes and clarifications including some related to the components of the pending qualified mortgage points-and-fees calculation. Early this month, the CFPB formally proposed for public comment amendments to rules issued in January under the Equal Credit Opportunity Act, Real Estate Settlement Procedures Act and the Truth in Lending Act. Much of the focus of the proposed amendments relates to loan originator compensation and mortgage servicing issues. Industry commenters focused...
During the debate, Committee chairman Jeb Hensarling accused Democrats of protecting the status quo by defending the current Fannie and Freddie dominated regime.