It looks like the CFPB might be contemplating new disclosures for Home Equity Conversion Mortgages, otherwise known as reverse mortgages. The agenda for the Nov. 2 meeting of the bureau’s Consumer Advisory Board, which was posted online recently, indicates the panel “will discuss Know Before You Owe: Reverse Mortgages, financial well-being, trends and themes, and payday, vehicle title, and certain high-cost installment loans.” The use of the phrase “Know Before You Owe” suggests a new disclosure regime for reverse mortgages could be in the offing. The CAB meeting announcement also indicates that written comments will be accepted from interested members of the public. They should be sent to CFPB_CABandCouncilsEvents@cfpb.gov at least seven days before the meeting. “The comments will be ...
Complaints consumers made to the CFPB about their mortgages fell in every single category tracked during the third quarter of 2017, according to a new analysis and ranking by Inside the CFPB, further evidence of the recovery underway in the market. In fact, the sole category that saw an increase on a year-over-year basis was the loan application/ origination grouping, which was still at elevated levels after a surge in the first quarter, possibly due to issues associated with the implementation of the integrated disclosure rule. Total criticisms fell by 21.2 percent from the second quarter to the third, and by 27.7 percent from the third quarter of 2016 to the third quarter of 2017. [With exclusive data] ...
Republicans Take Issue With Fannie/Freddie QM Exemption. Some Congressional Republicans recently expressed concerns about the special treatment that loans eligible for sale to the government-sponsored enterprises currently enjoy under the CFPB’s qualified mortgage standards.... CFPB Updates HMDA Implementation Materials, Filing Instructions Guide. As part of its effort to support the industry’s adoption of the CFPB’s recently issued 2017 Home Mortgage Disclosure Act final rule, the bureau has updated the chart titled: Collection and Reporting of HMDA Information about Ethnicity and Race.... Other Federal Regulators Issue Designated Key HMDA Data Fields List. The Federal Reserve, the Federal Deposit Insurance Corp., and the Office of the Comptroller of the Currency last week jointly issued ...
MBA chief Dave Stevens: “What happens if the president nominates a new [FHFA] director who thinks the government role in mortgage finance is too large and wants to scale it back?"
Cowen: “We continue to believe the Senate Banking Committee must release a legislative plan in 2017 for Fannie and Freddie if it is to be enacted in the 115th Congress.”
Federal Housing Finance Agency Director Mel Watt said the likelihood of a draw from Treasury is growing fast in a reply letter to the 15 trade groups that wrote late last month advocating for legislation instead of recapitalization. Watt reiterated his position in the Oct. 12 letter and said while he appreciates their views, he has expressed “repeatedly and publicly” that the declining capital buffers leave Fannie Mae and Freddie Mac with no ability to absorb potential losses. “FHFA is concerned that in the absence of a sufficient buffer, normal operating losses, such as from interest rate volatility and the accounting treatment of...
Preferred Language Question Added to the URLA. The Federal Housing Finance Agency announced on Oct. 20 that it decided to add a preferred language question to the redesigned URLA. The regulator noted that the question will enable borrowers who prefer to communicate in a language other than English to identify that language. They said that it also provides clear disclosures that the mortgage transaction is likely to be conducted in English and that language resources may not be available. FHFA Director Mel Watt said following stakeholder outreach and input the agency has taken steps to mitigate concerns about the inclusion of a language preference question. Fannie Exec Withdrew Treasury Job Consideration. Brian Brooks, Fannie’s general counsel, decided to opt out of being...
The GSEs are also working toward issuing credit-risk transfer deals as real estate mortgage investment conduits, which would allow REITs to hold more of the assets.
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