The high-profile ability-to-repay rule and its “qualified mortgage” standard issued earlier this year by the Consumer Financial Protection Bureau is still a work in progress, as mortgage lending industry representatives continue to work the regulators for additional changes and clarifications before the January 2014 implementation. Last week, in meetings with CFPB personnel, officials from the Mortgage Bankers Association pressed for changes and additional guidance on the final rule. The CFPB recently issued a proposed rule to clarify a number of issues related to the January ATR rule. Many of the issues the trade group raised last week were not addressed...
The White House continues to search for someone to head the FHFA. But will it ever officially introduce a candidate? Mel Watt's name has come up again.
Loan officer compensation to individual originator employees is included in the calculation of the QM’s 3 percent limit on points and fees but the industry believes this is double counting.
Standard & Poor’s this week deployed legal countermeasures against the federal government by asking a judge to dismiss a civil fraud lawsuit brought against the rating agency, slamming the litigation as an “overreach.” In February, the Justice Department filed a $5.0 billion lawsuit against S&P accusing it of knowingly inflating its ratings on residential MBS and collateralized debt obligations to boost its revenue and market share in the years leading up to the 2008 financial crisis. The filing in California federal court by S&P’s parent company, McGraw-Hill Co., says...
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