Bills are expected to include provisions such as providing “qualified mortgage” status for many portfolio loans, with a much broader impact than the CFPB’s recent proposal.
CHLA lists four specific concerns about the proposed capital rule, including a complaint that a 25 basis point “add on” (based on UPB) is too “severe.”
There might be the usual hard line posturing on the part of both major political parties in the U.S. Congress on display when it comes to legislation related to the CFPB. But behind the scenes, top industry officials have no intention of letting up on the pressure they are trying to bring to bear on lawmakers to pass as many practical changes to bureau rulemakings as possible. “In the next two weeks, there will be several bills introduced dealing with less controversial but important elements of regulatory reform that we think will have bipartisan support,” said one mortgage industry executive in Washington, DC. Bills are expected to include provisions such as providing “qualified mortgage” status for many portfolio loans, with ...
A key take-away from last week’s hearing of the House Financial Services Committee was a clear indication that the CFPB plans to fully enforce its integrated disclosure rule when the Aug. 1, 2015, effective date kicks in. The rule under the Truth in Lending Act and the Real Estate Settlement Procedures Act was finalized in November 2013. During the hearing this past Tuesday, Reps. Randy Neugebauer, R-TX, and Brad Sherman, D-CA, both pressed CFPB Director Richard Cordray on whether he would be open to a 60-day enforcement delay or a “restrained enforcement” period when the TILA/RESPA integrated disclosure rule – the TRID – goes live. Cordray did not come right out and say he would refuse to accept or implement one, but ...
CFPB Director Richard Cordray told members of Congress last week that the bureau’s final rule on Home Mortgage Disclosure Act reporting would likely come out sometime this summer, perhaps in July. He also indicated there would be a significant amount of time for mortgage lenders to get in compliance with it. He did not, however, provide any more detail such as a specific timetable. During last week’s hearing of the House Financial Services Committee, Rep. Randy Hultgren, R- IL, said small financial institutions are concerned about the proposal. “CFPB’s efforts thus far to narrowly tailor proposed HMDA requirements have been insufficient,” he said. “Even though the Dodd-Frank Act mandates 17 new data fields, the CFPB has proposed an additional 20 ...
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