In a rare show of solidarity, industry and community groups urged federal risk-retention rulemakers not to settle for a narrow definition of “qualified residential mortgage.” A coalition of consumer advocates and real estate industry trade associations warned...
Creditors obliged to provide consumers notice if offered a loan with terms less favorable than those offered to less risky consumers have two alternative methods for determining which consumers must receive notice. These two methods are discussed...
Revisions to Community Reinvestment Act regulations to support stabilization of communities affected by high foreclosure levels take effect soon. Starting Jan. 19, bank and thrift activities aimed at supporting eligible development activities in areas designated...[Includes two data charts]
Federal regulators are divided on whether to add national mortgage servicing standards to forthcoming risk-retention rules, and unless the agencies come to an agreement soon, risk-retention rulemaking could be seriously delayed. Regulators are hoping...
Rhode Island. The state Department of Business Regulation has delayed the implementation of new statutory requirements for mortgage loan originators regarding surety bonds and minimum net worth. Implementing regulations (Banking Regulation 6) would have taken effect on Jan. 18. The department said...
Department of the Treasury BCFP, CSBS Agrees on Coordinated Regulation of Consumer Lenders. Government officials in charge of setting up the Bureau of Consumer Financial Protection have signed an agreement with the Conference of State Bank Supervisors on a framework for cooperation and coordination...
Rep. Michelle Bachmann, R-MN, has introduced new legislation, H.R. 87, to repeal the Dodd-Frank Wall Street Reform and Consumer Protection Act, which she described as a “job-killing financial regulatory bill.” Bachmann introduced...
Compliance experts see 2011 as a watershed year for the mortgage industry as it enters a new phase of financial regulation never before experienced by loan originators, mortgage servicers and other industry participants. The year begins...
The Federal Reserve Board staff’s verbal interpretation of the loan originator compensation rule is greatly appreciated but mortgage lenders would rather have those opinions and advice in writing, according to the Mortgage Bankers Association. Meetings between members and officials of the MBA and Fed staff regarding...
Mortgage lenders are supporting proposed federal curbs on consumers’ right to rescind an illegal loan but consumer groups and state enforcement officials say loss of this legal weapon could weaken protections against abusive practices. A broad coalition of consumer and civil rights groups, state and local legal services providers, and public interest attorneys strongly urged...
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