The Consumer Financial Protection Bureau is expected to unveil its long-anticipated 'Qualified Mortgage’ rule this evening to certain parties with an official release coming Thursday morning, industry officials told Inside Mortgage Finance.
The Consumer Financial Protection Bureau likely will not publish a final rule on the integrated and simplified consumer disclosures under the Real Estate Settlement Procedures Act and the Truth in Lending Act until sometime in September, according to the agency’s newly released semiannual regulatory agenda.
Although the ink is barely dry on the new ‘Qualified Mortgage’ rule, mortgage bankers are already voicing concerns about how it will hurt compensation and affect the jumbo market.
Before we get to the main event (the ‘Qualified Mortgage’ rule), it’s time to consider the improving fate of Fannie Mae, which is poised to have a few coming quarters of blow-out earnings – which will go directly into the coffers of the U.S. Treasury Department, much to the delight of the newly nominated secretary Jack Lew.
The Consumer Financial Protection Bureau may reconsider certain regulatory exemptions to its servicing rules as they pertain to small servicers, agency counsel Mitchell Hochberg said during an Inside Mortgage Finance webinar late Tuesday afternoon.
The Obama administration may want to think twice before moving ahead with reported plans to replace Edward DeMarco, the Federal Housing Finance Agency’s acting director, says a long time industry observer.
Residential servicers, in certain cases, will need to navigate substantial legal and regulatory crosscurrents when it comes to new and pending federal and state requirements, a representative for the nation’s largest loan processor told participants during a recent webinar sponsored by Inside Mortgage Finance.
Happy New Year? It is if you’re a mortgage attorney charging billable hours to lenders that are trying to make sense of an array of pending rules coming out of the Consumer Financial Protection Bureau and other agencies.
The American Bankers Insurance Association is calling upon the CFPB to reconsider the "force-placed" insurance notice provisions in the bureau's newly issued mortgage servicing rules, arguing they go beyond what the Dodd-Frank Act intended, could disrupt the market in unintended ways and have a negative effect on consumers. Force-placed insurance is coverage that the servicer buys on the property when the borrower no longer has property insurance. Without such coverage, whoever holds the mortgage would be at risk if the house were to be damaged or destroyed. But often the borrower may be responsible...
RSS