The bureau has opened for public feedback the Independent Community Bankers of America’s application for a trial program that would provide borrowers expanded disclosures for construction and construction-to-permanent loans.
A study found that mortgages subject to TRID are less attractive to lenders than the pre-TRID version. The CFPB noted its own analysis didn’t find a long-term decline in mortgage originations linked to TRID.
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.
In the new year, the CFPB will propose changes to its loss-mitigation rules to govern how residential servicers work with borrowers affected by natural disasters and other emergencies.
The CFPB’s integrated mortgage disclosure rule has helped reduce borrowing costs particularly for first-time and disadvantaged homebuyers, a new study finds.
The CFPB found that the TILA-RESPA Integrated Disclosures rule improved prospective borrowers’ ability to understand mortgage transactions, but at a huge cost to originators.
The CFPB is rushing to get certain rulemakings done this year as the presidential election looms. Most items on the CFPB’s to-do list have deadlines in the fall.
Industry trade groups have criticized the CFPB for issuing guidance that is largely repetitive. They want the agency to fix disclosure issues regarding title insurance premiums.
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