CMLA argues that “moving implementation to January [from October] will allow lenders and settlement service providers a more gradual implementation of the new disclosures in a lower pressure environment.”
The most recent regulatory foray has come from the Conference of State Bank Supervisors, which formed the Mortgage Servicing Rights Task Force to develop standards for nonbank servicers...
Mortgage regulators have sounded alarms and written new rules in response to the growing market share of nonbanks in the servicing market, but nonbank servicers were much more dominant 10 years ago. At the end of 2005, nonbanks accounted for 40.6 percent of mortgage servicing outstanding at the time. At the end of March 2015, nonbanks were making headlines because they had a combined 27.3 percent share of the market. …
A more subtle version of looking at redlining is becoming a major focus in fair-lending analysis, according to industry experts participating in a recent webinar sponsored by Inside Mortgage Finance. The Home Mortgage Disclosure Act was created in 1974 largely as a tool to fight discriminatory redlining, a practice named for maps that some lenders developed that literally outlined in red the parts of the market where they would not do business. HMDA’s focus on mapping…
The pending implementation of the integrated disclosures rule is driving a sea change in at least two critical areas: technology innovation and regulatory expectation. Competency with the former will facilitate the fulfillment of the Consumer Financial Protection Bureau’s so-called TRID rule, according to speakers at the American Bankers Association’s recent regulatory compliance conference in Washington, DC. The rule, now scheduled to take effect Oct. 3, requires new consumer disclosures under the Truth in Lending Act and…
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