State-regulated lenders and servicers will be required to report new information on servicing and originations to regulators beginning in the first quarter of 2015. Lenders weren’t able to win many concessions from the Conference of State Bank Supervisors, which proposed reporting changes for the Nationwide Mortgage Licensing System & Registry’s Mortgage Call Reports in October. The State Regulatory Registry, a subsidiary of the CSBS that operates the NMLS on behalf of state regulators, positioned the reporting requirements as part of an effort to reduce regulatory burden for lenders. “A goal of the MCR is...

The multi-agency final rule implementing the Dodd-Frank Act appraisal-related amendments to the Financial Institutions Reform, Recovery, and Enforcement Act is expected sometime this month, according to the Consumer Financial Protection Bureau’s semi-annual regulatory agenda. The amendments made by Dodd-Frank to FIRREA require new minimum requirements to be applied by states in the registration, reporting and supervision of appraisal management companies (AMCs). They further require implementing regulations for new quality control standards for automated valuation models (AVMs) “designed to ensure a high level of confidence in the estimates produced by the valuation models.” The pending regulations also are...

Now that the mortgage lending industry has had about three months to comb through the details of the CFPB’s proposed expansion of reporting requirements under the Home Mortgage Disclosure Act, it has found more cause to dislike it than upon first glance. “While we support the purpose of HMDA – to provide information on the availability of credit in the home mortgage market – we are concerned that the proposal to markedly increase HMDA data reporting and coverage goes beyond the law’s purposes in some areas and will unduly harm competition and increase costs in others,” a handful of leading industry groups told the bureau in a joint comment letter last week. “At the same time, we do not believe that the ...

Consumer advocacy groups say the CFPB isn’t going far enough to expand mortgage industry reporting requirements under the Home Mortgage Disclosure Act. The California Reinvestment Coalition and 41 other state organizations suggested a handful of changes to the proposal, each of which would likely add to the reporting burden for companies. Among the changes the California groups want is requiring loan modification data to be reported by banks and servicers, along with disaggregating the overly broad “Asian” race category to allow for more accurate reporting. They also would like to see the CFPB capture more information about languages spoken during a loan transaction, and have companies disclose if a borrower is going to own a property with somebody who is ...

A proposal from the Conference of State Bank Supervisors to increase reporting requirements on state mortgage call reports has been met with strong resistance from a number of lender trade groups. In October, the CSBS proposed collecting additional quarterly information regarding qualified mortgages and servicing, among other data submitted as part of the Nationwide Mortgage Licensing System and Registry’s mortgage call report. The comment period closed late last week. “We join...

Mortgage lending industry representatives urged the Consumer Financial Protection Bureau to establish workable data integrity standards as it substantially expands reporting requirements under the Home Mortgage Disclosure Act. “Our members are committed to reporting accurate data and strive to do so, but the current supervisory expectation of a near-zero error rate is virtually impossible to achieve,” said six industry trade groups said in a joint comment letter. “As community banks and other small lenders pointed out to the bureau during the Small Business Regulatory Enforcement Fairness Act panel, the doubling of the number of reported fields can be expected to cause the error rate to increase exponentially.” Some small business participants raised...

It’s Official: QRM = QM. Last week, the Office of the Comptroller of the Currency, the Federal Reserve Board, the Federal Deposit Insurance Corp., the Securities and Exchange Commission, the Federal Housing Finance Agency, and the Department of Housing and Urban Development adopted a final version of their risk-retention rule for securitized mortgages. Under the new rule, the definition of a “qualified residential mortgage” (QRM) will be no broader than the definition of the “qualified mortgage” (QM) as promulgated by the CFPB in its ability-to-repay rule. Mortgage lending industry representatives were generally pleased with the move. Independent analysts said they expected the near-term impact of the QRM to be quite limited. However, others noted that the development does place a ...

California continued to dominate jumbo originations in 2013, according to an Inside Nonconforming Markets analysis of data from the Home Mortgage Disclosure Act. The $96.74 billion in jumbos originated in California in 2013 accounted for 36.9 percent of total jumbo production during the year. The analysis defines jumbos as loans that exceed a county’s government-sponsored enterprise loan limit for 1-unit mortgages. If the county isn’t available, data cover ... [Includes one data chart]

State regulators recently proposed expanding the data that state-licensed lenders must report on the Nationwide Mortgage Licensing System and Registry’s mortgage call report. The State Regulatory Registry said the data help state regulators supervise licensees, determine examination schedules, monitor compliance and calculate assessments. The SRR was established by the Conference of State Bank Supervisors and the American Association of Residential Mortgage Regulators. The SRR owns and operates the NMLS and has required state-licensed lenders to submit quarterly call report data since 2011. On Oct. 1, the SRR proposed...[Includes one data chart]

Only one nonbank claimed more than a 1.0 percent share of originations of non-agency jumbo mortgages in 2013, according to a new Inside Nonconforming Markets analysis of Home Mortgage Disclosure Act data. Quicken Loans, the 10th-ranked jumbo lender in 2013, accounted for 1.26 percent of jumbos originated during the year, even after growing its originations at more than double the industry average compared with 2012. Banks were the top nine jumbo lenders in 2013 ... [Includes one data chart]