The Mortgage Bankers Association recently asked the CFPB to exempt business-to-business loans secured by multifamily properties from Home Mortgage Disclosure Act reporting. The MBA met with the CFPB leadership recently to discuss the HMDA requirement. “The bureau appeared receptive to our concerns,” said trade group officials. Among a number of suggestions, the MBA said HMDA reporting on business-to-business loans secured by multifamily ...

Originations of higher-priced conventional mortgages increased by 20.1 percent on an annual basis to $36.01 billion in 2017, according to a new ranking and analysis by Inside Nonconforming Markets of data from the Home Mortgage Disclosure Act. Higher-priced mortgages are loans that have an annual percentage rate higher than a threshold for the “average prime offer rate” on a comparable mortgage. First-lien mortgages with an APR ... [Includes two data charts]

The CFPB announced it will release guidance later this summer to provide exemptions to smaller financial institutions under the Home Mortgage Disclosure Act. The regulatory relief comes from the Dodd-Frank reform act – the Economic Growth, Regulatory Relief, and Consumer Protection Act – signed into law in May. The new law exempts depository institutions and credit unions that originated fewer than 500 closed-end mortgage loans or 500 open-end lines of ...

The purchase-mortgage share of jumbo originations increased in 2017 on an annual basis, according to an Inside Nonconforming Markets analysis of data from the Home Mortgage Disclosure Act. The loans accounted for 63.6 percent of the $317.29 billion of jumbos originated in 2017, up from a 53.5 percent share the previous year. The emphasis on purchase mortgages varied among the top jumbo lenders. Purchase loans accounted for 69.4 percent ... [Includes three data charts]

Congress has sealed the deal on Dodd-Frank reform with a 258-159 vote last week in the House. Thirty-three House Democrats voted in favor of the reg relief bill, which President Trump promptly signed into law. The Economic Growth, Regulatory Relief, and Consumer Protection Act passed the Senate in March on a bipartisan 67-31 vote. The House approved S. 2155 last week without making any amendments. …

California continues to account for the largest share of non-agency jumbo originations but it lost some market share in 2017, according to an Inside Nonconforming Markets analysis of data from the Home Mortgage Disclosure Act. Some $317.29 billion of jumbos were originated in 2017, down 9.7 percent from the previous year. The analysis is based on originations of first-lien, single-family mortgages, with loan-limits determined at the county level. Originations of ... [Includes one data chart]

About 70.4 percent of the home loans originated in 2017 were sold to secondary market investors, according to a new Inside Mortgage Trends analysis of Home Mortgage Disclosure Act data released this week. According to the preliminary HMDA data made available by federal regulators, lenders reported $1.738 trillion in first-lien single-family mortgage originations in 2017. HMDA data cover about 96 percent of the market. The biggest buyers were Fannie Mae ... [Includes one data chart]

The month long deadlock in Congress over the bill to roll back various parts of the Dodd-Frank Act might soon end following an offer by the House GOP to pass the bill in its current form, signaled by Rep. Jeb Hensarling, R-TX. “I’d be happy to attend multiple signing ceremonies in the White House,” said Hensarling, who has previously expressed his desire to add dozens of House bills to the Senate-passed reg relief bill. In remarks at a U.S. Chamber of Commerce event, he added ...

Trade Groups Wrote to Support a CFPB Commission. Twenty-three trade organizations representing the financial services industry, including the American Bankers Association and Mortgage Bankers Association, last week wrote to Congress to support legislation that would change the CFPB’s leadership structure from a single director to a bipartisan commission. The letter was sent to Reps. Dennis Ross, R-FL, Kyrsten Sinema, D-AZ, David Scott, D-GA, and Ann Wagner [Includes four briefs] ...

Senate Majority Leader Mitch McConnell filed a motion last week to advance bipartisan legislation that would relieve banks, especially smaller ones, from a handful of CFPB regulations. The Economic Growth, Regulatory Relief, and Consumer Protection Act, or S. 2155, was passed by the Senate Banking, Housing and Urban Affairs Committee in December 2017. The vote on the motion to proceed will be on Tuesday, March 6. The act, introduced by Sen. Mike Crapo, R-ID, would roll back a number of ...