In his rebuttal to the IG’s findings, FHFA acting deputy director of conservatorships, Bob Ryan, concurs with some of the IG’s recommendations but takes issue with other aspects of the report.
Not only are Fannie Mae and Freddie Mac spending more money than they were a few years ago, but their proposed budgets are being submitted late, says the IG.
The use of proprietary mods by banks was essentially level compared with the second quarter of 2014 while the number of HAMP restructurings declined by 42.9 percent.
The CFPB and all of the prudential banking regulators will recognize the good-faith efforts of the mortgage industry to comply with the bureau’s Truth in Lending Act/Real Estate Settlement Procedures Act Integrated Disclosure (TRID) rule as of its effective date of Oct. 3, 2015. “During initial examinations for compliance with the rule, the agencies’ examiners will evaluate an institution’s compliance management system and overall efforts to come into compliance, recognizing the scope and scale of changes necessary for each supervised institution to achieve effective compliance,” said CFPB Director Richard Cordray, in a letter to industry trade groups. “Examiners will expect supervised entities to make good-faith efforts to comply with the rule’s requirements in a timely manner,” the director continued. “Specifically,...
The full House of Representatives is expected to vote sometime this week on legislation that would provide a regulatory and legal safe harbor for mortgages originated under the CFPB’s Truth in Lending Act/Real Estate Settlement Procedures Act Integrated Disclosure (TRID) rule until Feb. 1, 2016. Speaking of the legislation at issue, H.R. 3192, the Homebuyers Assistance Act, House Majority Leader Kevin McCarthy, R-CA, said, “This bipartisan bill provides certainty to businesses that are trying to comply with the rule as well as an opportunity to work out any implementation issues that come up.” One industry observer who anticipates a “big margin” vote indicated he expects the bill will split rank-and-file Democrats from their caucus leadership. Meanwhile, industry readiness continues to ...
Real estate, title and mortgage industry groups are doing more than lobbying Congress and the CFPB for relief when it comes to compliance with and enforcement of the bureau’s Truth in Lending Act/Real Estate Settlement Procedures Act Integrated Disclosure (TRID) rule. They are also continuing to work hard to get their own respective memberships as up to speed as possible before examiners show up on their doorsteps. For instance, the American Bankers Association sent a letter to member CEOs last week to assist executive management and line business managers in decision making as the industry completes final arrangements to comply with TRID. “Bankers are making assessments of systems readiness, staff training, capabilities of settlement services providers, and potential compliance risk ...
Last week, the Republican-controlled House Financial Services Committee passed H.R. 1266, the Financial Product Safety Commission Act of 2015, which would replace the CFPB’s sole director with a bipartisan, five-member commission. In the run-up to the vote, a number of industry groups came out in support of such a bipartisan leadership structure for the bureau, noting in an op-ed in The Hill newspaper that then-professor Elizabeth Warren and the Obama administration both envisioned a pro-consumer regulatory agency with just such a commission. And in a letter to the committee leadership, a number of the groups made that same point while also noting such a commission leadership structure had the support of two key Democrats during the passage of the Dodd-Frank ...
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