Legislation that would define loans held in portfolio by smaller banks as qualified mortgages garnered unanimous support at a markup in the House Financial Services Committee last week. H.R. 2226, the Portfolio Lending and Mortgage Access Act, was approved on a 55-0 vote. The bill has been kicking around in Congress for years and was modified at the markup to help win support in the Senate. Rep. Andy Barr, R-KY, introduced the legislation. He said it will “expand access to ...
In a statement issued to Inside Mortgage Finance, Sen. Mark Warner, D-VA – a key player in the process – said he is still interested in the topic, noting the panel wants a...
While the House Financial Services Committee was busy last week passing a handful of mortgage-related bills, the full House passed legislation that would eliminate additional Home Mortgage Disclosure Act reporting requirements for smaller banks and credit unions as well as nonbanks.
There could be substantial revisions to some major mortgage-related rulemakings from the Consumer Financial Protection Bureau under the direction of Acting Director Mick Mulvaney, such as the ability-to-repay rule and the mortgage servicing rules.
CFPB's Mulvaney: “If the CFPB loses a court case because we pushed too hard, we simply move on to the next matter. But where do those that we have charged go to get their time, their money, or their good names back?”
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