FHA Announces Revised Method for Calculating Initial MIP for HECM Refis. FHA has modified the formula for calculating the initial mortgage insurance premium for Home Equity Conversion Mortgage refinances with case numbers assigned on or after Sept. 19, 2017. The formula was modified on Nov. 14, 2017. The change conforms to the final rule FHA implemented last year to strengthen the HECM program. The revised formula has been posted on FHA’s HECM page on hud.gov, FHA Connection Release Notes, dated Dec. 28, 2017. The FHAC Release Notes outline the changes and processing instructions for lenders to calculate the initial MIP for HECM refis. HUD Releases Guide to Help Borrowers and Disaster Victims Avoid Foreclosure. The Department of Housing and Urban Development has released the Homeowners Guide to Success to help struggling homeowners and ...

Judge Timothy Kelly of the U.S. District Court for the District of Columbia circuit ruled late Wednesday, as expected, to deny CFPB Deputy Director Leandra English’s personal legal bid soliciting a preliminary injunction to unseat Acting Director Mick Mulvaney and install her as the acting director.

It’s possible that mortgage lenders and servicers will see the CFPB during the tenure of Acting Director Mick Mulvaney use the five-year “look back” the bureau is required to perform to make significant changes to a pair of major rulemakings: the Truth in Lending Act/Real Estate Settlement Procedures Act integrated disclosure rule (TRID) and the ability-to-repay rule.

Mortgage rates are back up for the week ending Jan. 11, 2018, following Treasury yields, according to the latest results of the Freddie Mac Primary Mortgage Market Survey, released Thursday morning.

Sen. Elizabeth Warren, D-MA, has questioned whether Mick Mulvaney, the acting director of the Consumer Financial Protection Bureau, inappropriately capitalized on some Inspector General con-cerns about the agency’s data security to unjustifiably freeze the bureau’s collection of consumer per-sonal information, thereby compromising examiner oversight functions.

Members of the House Financial Services Subcommittee on Financial Institutions and Consumer Credit convened early this week to consider legislation that would affect Home Mortgage Disclosure Act enforcement and certain institutions regulated by the Consumer Financial Protection Bureau – mostly smaller players.

CFPB Acting Director Mick Mulvaney has less than 200 calendar days left to occupy the director’s chair, so industry officials have been wondering what they can expect from the bureau as long as he’s in charge.

“The CFPB cannot fulfill its core functions without collecting personally identifiable information,” said Sen. Elizabeth Warren, D-MA.

CFPB Acting Director Mick Mulvaney has less than 200 calendar days left to occupy the director’s chair, so industry officials have been wondering what they can expect from the bureau as long as he’s in charge.According to some top compliance attorneys, the CFPB will be far less aggressive towards the industry, but hardly provide the corporate love-fest opponents of the AD fear. Laurence Platt, a partner with the Mayer Brown law firm in Washington, DC, told Inside the CFPB, “Like former Sen. George Romney’s famous prediction about the U.S. getting out of Vietnam, I expect a ‘phased withdrawal.’” The CFPB “will continue to supervise ‘covered persons,’ but, whether it is supervision or enforcement, I expect the CFPB’s use of ...

It’s possible that mortgage lenders and servicers will see the CFPB during the tenure of Acting Director Mick Mulvaney use the five-year “look back” the bureau is required to perform to make significant changes to a pair of major rulemakings: the Truth in Lending Act/Real Estate Settlement Procedures Act integrated disclosure rule (TRID) and the ability-to-repay rule. Donald Lampe, a partner with Morrison & Foerster law firm in Washington, DC, explained, “In Dodd-Frank, there’s a five-year required regulatory review, and there are two of those regulatory reviews that are still under advisement: one for TRID and the other for the ATR/qualified mortgage rule. “If I’m thinking about 2018, I feel pretty confident to say that those processes bear careful attention ...