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Inside the CFPB
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House Provides More Limited Relief from CFPB Mortgage Rules. Will Senate Follow Through?

February 15, 2018
The House of Representatives this week approved bills extending regulatory relief pertaining to the integrated disclosure rule under the Truth in Lending Act and the Real Estate Settlement Procedures Act, or TRID.
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Standards for Becoming a Residential Appraiser Set to be Reduced, College Credits Won’t Necessarily be Required

February 15, 2018
The board authorized by Congress to establish appraisal standards will reduce the minimum criteria for a person to become a licensed residential appraiser. The decision stemmed from concerns about appraiser shortages and disagreements among industry participants on how to address the issue.
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Short Takes: Is Mel Watt Dropping Hints? / A Utility Model for Fannie and Freddie? / Refi Applications on the Rise (Ever So Slightly) / No (Permanent) Ginnie Prez, No FHA Chief / Uber Executive’s Foray Into Mortgages

February 15, 2018
Brandon Ivey and Paul Muolo
Joshua Rosner, managing director of Graham Fisher & Co., states: “This sounds like the early stages of a utility model..."
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Why Not Make the FHLBanks MBS Guarantors Too?

February 14, 2018
Carisa Chappell
Under this arrangement, the FHLBanks would be “jointly and severally liable” for the obligations of any single-family guarantor formed under the new system…
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127 Mortgage Banking Executives Sign ‘Open Letter’ to Congress on GSE Reform

February 14, 2018
Paul Muolo
Housing finance reform legislation is being worked on in the House and Senate but has yet to be formally introduced.
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Bill Would Restore REIT Access to FHLB Advances

February 14, 2018
Brandon Ivey
Borrowing from the FHLB advance window would save REITs a ton of money…
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Quicken Loses Another Top Executive, This Time EVP Pete Carroll

February 14, 2018
Paul Muolo
At Quicken, Carroll served as executive vice president where he helped develop the lender’s positions on key policy issues.
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Short Takes: Arch has Some ‘Fairly Well Developed’ Plans / Auditing the FHA MMIF / New Residential May Become a Player in Ginnie MSRs / Consumer Advocates Not Happy / Top VA Official Departs Agency for PenFed

February 14, 2018
Brandon Ivey, Paul Muolo, and Thomas Ressler
Look for New Residential to become a buyer of Ginnie Mae servicing packages...
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CFPB Issues Industry-Friendly Strategic Plan

February 13, 2018
Thomas Ressler
Acting CFPB Director Mick Mulvaney: “If there is one way to summarize the strategic changes occurring at the bureau, it is this: we have committed to fulfill the bureau’s statutory responsibilities, but go no further.”
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Short Takes: The Trump Budget and the GSEs (Not So Good) / No More GSE Money for Affordable Housing / Treasury Wants to ‘Right Size’ Federal Housing Programs / Cuts in Store for the CFPB? / Arch Posts a Strong 4Q17 Profit

February 13, 2018
Paul Muolo
The Treasury Department's goal is to right-size federal housing programs...
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