In responses to the CFPB’s request for information on ways to streamline refis and make loss mitigation easier to access, industry groups expressed resistance to some new ideas floated by the bureau.

In a recent RFI, the CFPB suggested that the development of automatic mortgage refinances could help borrowers.

The industry was hoping the FHFA and the Treasury Department would roll back the restriction placed on the GSEs’ use of the qualified mortgage patch.

The CFPB has made it clear that it’s not buying income share agreement providers’ argument that their products are not loans and hence they don’t have to comply with consumer protection laws.

The payment provisions under the payday lending rule will become effective June 13, 2022. Attorneys suggest lenders with products covered under the small dollar rule begin revising policies and procedures.

Mortgage industry participants have a ho-hum reaction to expiration of the GSE patch for QMs. One compliance officer says the industry will do just fine without it.

One of the biggest issues mortgage lenders will face is implementing changes to the general qualified-mortgage rule, which has a mandatory compliance date of July 2021.

The FDIC’s community bank study shows that an unusually high percentage of small community banks reduced their residential holdings after the 2008 financial crisis. Reason: high compliance costs due to the large volume of new mortgage rules.

The CFPB grants compliance assistance sandbox to two companies; QM rules to take effect March 1.

The CFPB finalized its qualified-mortgage revisions to replace the 43% debt-to-income ratio with a pricing threshold. Meanwhile, the agency also finalized its “seasoned” QM rule allowing certain non-agency loans to become QMs if they meet performance requirements.