The Federal Reserve Board has issued a final rule and sought comment on a proposed rule to revise escrow requirements for first-lien jumbo mortgage loans and first-lien, higher-priced mortgages, respectively. The changes to Regulation Z, which implements...
The House Financial Services Committee intends to conduct a hearing to examine the impact of the Federal Reserve’s recent regulation governing compensation to mortgage loan originators. In its oversight plan for the 112th Congress, the HFSC expressed concern that the Fed’s LO pay rules, which take effect April 1, may have an adverse impact on...
The Small Business Administration has joined other stakeholders in asking the Federal Reserve Board to postpone the April 1 implementation date of its final rule on mortgage loan originator compensation. In a recent letter, the SBA’s Office of Advocacy said the compliance guidance for small businesses it had requested...
House Republicans are vowing to place financial regulators under tight scrutiny to ensure that the objectives of the new finance reform bill are being met without harmful, unintended consequences. The House Financial Services Committee placed the Dodd-Frank Wall Street Reform and Consumer Protection Act under a stringent oversight plan that takes...
The Department of the Treasury is testing a new website for the Bureau of Consumer Financial Protection through which the new agency can communicate and solicit opinions and recommendations from the public on any new rulemaking or initiative in the weeks and months ahead. The site will also be a valuable tool in recruiting...
The Federal Reserve will likely set aside proposed revisions of Truth in Lending Act regulations, including borrowers’ right to rescind flawed mortgage loans, until the Bureau of Consumer Financial Protection is fully operational and has completed integrating disclosures under TILA and the Real Estate Settlement Procedures Act. Leonard Chanin, deputy director of the Federal Reserve Board’s Division of Consumer and Community Affairs, reportedly told attorneys at a meeting in Naples, FL, that the Fed is suspending…
Property owners whose lien subordination requests were denied because they chose to refinance with another lender are seeking class status in a lawsuit against their primary lender, PNC Bank. Although the proper defendant is PNC Bank, the complaint refers to the actions of National City Bank, which PNC acquired...
House Republican leaders have started to make good on a post-election promise to deconstruct the Bureau of Consumer Financial Protection. Rep. Randy Neugebauer, R-TX, chairman of the House Financial Services Subcommittee on Oversight and Investigations, has requested...
The Bureau of Consumer Financial Protection is expected to hire a private firm to develop a new, simplified form integrating mortgage disclosures required under the Real Estate Settlement Procedures Act and the Truth in Lending Act. About 80 percent of disclosures mandated by both TILA and RESPA will be whittled...
The mortgage financing industry will push harder in 2011 for less stringent risk-retention regulations, harmonized mortgage disclosures and certain regulatory relief issues facing industry participants. Rulemakings, mostly implementing provisions in the Dodd-Frank Wall Street Reform and Consumer Protection Act, must not...
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