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Inside the CFPB

July 12, 2010

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Bill’s Strength to be Felt in Next 18 Months

With the Dodd-Frank Wall Street Reform and Consumer Protection Act inching closer to enactment, federal regulators will have their hands full developing and cranking out rules that will significantly alter financial supervision over the next decade, legal experts say.The impact of the legislation will be felt by every financial institution in this country and those... Read More

HUD’s View Appears to Exceed Rule’s Scope

Compliance experts are raising new questions about the Department of Housing and Urban Development’s latest interpretive rule regarding the legality of marketing fees paid by home warranty companies to real estate brokers or agents. While the rule appears to be limited in scope, HUD seems to be extending the rule’s principles to other marketing arrangements among settlement service providers, not just home warranty... Read More

Dodd-Frank Act Pronounces Yield-Spread Premium Dead

After many years of debate, the volatile issue of yield-spread premiums will finally be laid to rest by the Dodd-Frank Wall Street Reform and Consumer Protection Act, according to compliance experts.Once enacted, the new law will prohibit residential mortgage loan originators from receiving service-related fees that vary based on the terms of the loan other than the amount of the... Read More

Reform Act Ends HVCC, Fannie Strengthens Appraisal Regulations

Appraisers are welcoming many of the changes that the Dodd-Frank Wall Street Reform and Consumer Protection Act will bring, as well as efforts by Fannie Mae to strengthen the appraisal process. Unlike the controversial Home Valuation Code of Conduct, the Dodd-Frank bill would allow Fannie Mae and Freddie Mac to accept a completed appraisal transferred to a lender from a correspondent lender... Read More

OMB Delays SAFE Act Registration Rules for Agency-Regulated LOs

The Office of Management and Budget has extended its review of a draft final rule requiring certain federal agencies to jointly develop and maintain a federal registration system for individual, federally employed loan originators. The draft final rules under review are those from the Office of the Comptroller of the Currency and the Office of Thrift Supervision, which have been at the... Read More

Defense of CRA Reiterated, Wiser Use of Redeveloped Land Urged

There have been only two comments submitted so far for each of the regulatory agencies’ joint announcements regarding proposed public hearings and rulemaking under the Community Reinvestment Act. But they provide an early view of issues that will likely emerge during the public hearings and the public comment period. The proposed public hearings are... [Includes two charts] Read More

State Roundup

New York: Attorney General Andrew Cuomo has placed 213 mortgage rescue companies on notice to... Illinois: Attorney General Lisa Madigan has filed a lawsuit against Countrywide, a subsidiary of... Louisiana: Gov. Bobby Jindal, R, signed H.B. 1468 into law to regulate reverse mortgage lending in... Read More

Federal Roundup

Federal Trade Commission: Redress Checks Distributed. The FTC is mailing redress checks to borrowers misled by a lender’s... Office of the Comptroller of the Currency: Possible Modification Scam. A group using the names “Mortgage Principal Reduction Program” and... Read More

Worth Noting

As the end of his five-year term nears, Comptroller of the Currency John Dugan has announced plans... The American Bankers Association has announced that Edward Yingling, the group’s president and CEO... Transition: Jeffrey Lubar, long-time spokesman for the Mortgage Insurance Companies of America... The Mortgage Bankers Association hailed the Senate’s recent passage of legislation to extend the... Read More

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