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Inside the CFPB

November 3, 2008

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H4H Program Expansion Sought by Industry

Mortgage industry participants are calling for more flexibility in the HOPE for Homeowners program to encourage greater use and to broaden the scope of borrowers who could be eligible for special H4H refinancing. In an audio conference hosted by Inside Mortgage Finance Publications last week, originators and secondary market representatives urged HUD and... Read More

HUD’s Says RESPA Rule to be Issued Soon

The Department of Housing and Urban Development is expecting to issue final regulations streamlining Real Estate Settlement Procedures Act policies and practices shortly, possibly within the week, according to a top department official. The mortgage industry expects to see long-awaited RESPA reform rules after HUD Assistant Secretary Brian Montgomery’s assurance at the Mortgage Bankers... Read More

Investors Question BofA/CFC Plan To Pass Settlement Costs to Trusts

Securities industry lawyers are planning to organize investors to challenge a recent settlement between Countrywide Financial Corp. – now a unit of Bank of America – and 14 state attorneys general over alleged deceptive and misleading lending practices. In an Oct. 16 position paper, New York law firm Grais & Ellsworth said the agreement imposes the cost of the settlement ultimately on... Read More

Lenders’ Biggest Fear Today is Increased Enforcement Litigation

Industry attorneys are warning of increased enforcement litigation risk, particularly at the state level, after the presidential election. Attorneys with the Washington law firm Paul, Hastings, Janofsky & Walker predict a strong legislative and regulatory push in the months ahead that could result in many unnecessary enforcement actions and frivolous lawsuits... Read More

OCC Issues Exam Procedures for Data Sharing, ID Theft, Addresses

New examination procedures for the Fair Credit Reporting Act issued by the Office of the Comptroller of the Currency are focused on compliance with rules regarding affiliated marketing, identity-theft red flags and discrepancies in customer addresses. In scrutinizing compliance with affiliated-marketing opt out provisions, examiners are instructed to determine whether the financial institution... Read More

HUD Allows Loan Modification for Mortgage Borrowers in Bankruptcy

FHA mortgage servicers need not wait until a bankruptcy is discharged or dismissed before offering loan modification to a borrower in bankruptcy, according to the Department of Housing and Urban Development. In fact, contact with debtor’s counsel or a bankruptcy trustee to provide loss mitigation or modification information will not be considered as a violation of the automatic... Read More

FTC Extends Red Flag Compliance Date for Independent Originators

Independent mortgage companies and mortgage brokers have until May 1, 2009, to have their written identity-theft “Red Flag Rule” program in place before the Federal Trade Commission begins cracking down on violators. The FTC extended the deadline for compliance for non-bank creditors and financial institutions, which said they were confused about their coverage under the rule... Read More

OCC Extends Rate Reduction Rule, Protects Soldiers’ SCRA Rights

The Office of the Comptroller of the Currency has announced statutory revisions to the Servicemembers Civil Relief Act’s provisions for interest rate adjustments on certain debts and for temporary suspension of legal proceedings that may adversely affect service members’ rights during their military service. The SCRA requires lenders to forgive, not merely defer, interest in excess... Read More

State Roundup

Maryland. A new regulation becomes effective Nov. 3, 2008, requiring state-regulated lenders to provide new disclosures in connection with home loans that include balloon payments or... Florida. State Attorney General Bill McCollum issued a warning to consumers about mortgage fraud-related identity theft following the dismantling of a mortgage-fraud scheme that bilked lenders of... Read More

Federal Roundup

Department of Housing and Urban Development: H4H Training. Approved lenders and housing counselors will get to know more about the new... Federal Housing Finance Agency: 2Q Mortgage Metrics Report. On Oct. 22, the FHFA released its Mortgage Metrics Report for the... FRB/OTS/OCC/FDIC: Proposed Capital Treatment of Certain Claims on GSEs. Federal thrift and banking... Read More

Worth Noting …

The Mortgage Bankers Association elected David Kittle as MBA chairman for 2009 at the... The PNC Financial Services Group has announced plans to purchase National City Corp. for... Fannie Mae forgave the mortgage debt of a 90-year old woman who tried... Mortgage insurer Radian Guaranty and the New York Loan Exchange, operators of the.... The Consumer Bankers Association is having its annual Fair... Read More

Fed Adopts New Higher-Price Loan Index to Improve HMDA Reporting

Mortgage lenders will begin using the new rate-spread reporting test under the Home Mortgage Disclosure Act on home loans after Oct. 1, 2009. On Oct. 20, the Federal Reserve Board approved revisions to HMDA regulations, which includes the new index for determining higher-priced mortgage loans. Under the revised Regulation C, lenders must collect and report the rate spread between the... Read More

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