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Inside the CFPB

August 9, 2010

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Rulemaking Priority: RESPA-TILA Disclosures

Each of the federal agencies involved in implementing financial reform has begun planning on prioritizing the rules they now have to write and setting initial dates for when the public will be able to comment on the draft rules, according to Obama administration officials. Policy makers, federal regulators and supervisors will be... Read More

Groups Seek Full Rulemaking on RESPA Issue

Industry groups have called for a full rulemaking with a public comment period for the Department of Housing and Urban Development’s new interpretive rule regarding compensation by home warranty companies (HWCs) to real estate brokers and agents for certain marketing services. In a joint comment letter, various lender groups said... Read More

Expect Broader, Costlier Appraisal Reforms, Say Compliance Experts

The first set of financial reform rules to be implemented after enactment of the Dodd-Frank Wall Street Reform and Consumer Protection Act will be broader appraisal reforms, which will replace the Home Valuation Code of Conduct on the date new rules are issued. Title XIV, the Mortgage Reform and Anti-Predatory Lending Act, creates... Read More

Groups Call For Expansion of HMDA to Loan Modifications

A coalition of 280 community organizations and public agencies has urged the Federal Reserve to extend Home Mortgage Disclosure Act requirements to loan modification applications, denials, and modification terms to gauge the effectiveness of foreclosure prevention policies and programs. Testifying at an Aug. 5 public hearing on potential revisions to HMDA regulations, fair lending advocates underscored the need to... Read More

6th Circuit Upholds Dismissal of Subprime ‘Nuisance’ Lawsuit

A federal appellate court in Ohio has discouraged any future attempts by municipalities to recover millions of dollars in damages and lost revenues from financial institutions by portraying subprime lending as a “public nuisance.” The U.S. Court of Appeals for the Sixth Circuit affirmed... Read More

HFSC Calls for HUD Guidance on State Implementation of SAFE Act

Reps. Barney Frank, D-MA, and Spencer Bachus, R-AL, the chairman and ranking minority member of the House Financial Services Committee called upon the Department of Housing and Urban Development to issue guidance to states regarding the implementation of the Secure and Fair Enforcement for Mortgage Licensing Act. In a recent letter to HUD Secretary Shaun Donovan, the two lawmakers noted that... Read More

House Boosts Funding for Housing Counseling, Retains FH/FL Level

The House of Representatives has increased fiscal year 2011 funding for housing counseling assistance and matched FY 2010 funding for fair housing/fair lending enforcement to curb foreclosures, discriminatory housing and mortgage lending practices. The House also demanded... Read More

FHA Loan Quality Improves with New Rules, Market Restrictions

New underwriting standards set by the Federal Housing Administration and tight credit restrictions in the conventional market have helped keep potentially problematic borrowers out of the FHA market over the last 12 months, according to the agency’s latest report to Congress. For four straight quarters, more than a third of all FHA borrowers had credit scores at... Read More

State Roundup

New York. More than 1,800 mortgage loan originators have met the licensing requirements under New York law and the federal Secure and Fair Enforcement for Mortgage Licensing Act of 2008. The newly licensed MLOs were also registered with the Nationwide Mortgage Licensing System and Registry in time to beat the July 31 deadline in order to continue... Read More

Federal Roundup

Federal Housing Administration Short Refinance Opportunity. Beginning Sept. 7, the FHA will offer homeowners, who owe more on their mortgage than the value of their property but are current on their payments, an opportunity to refinance under a new program. Originally announced by the FHA in March, the “FHA Short Refinance” option would be available to... Read More

Worth Noting

The Senate last week approved H.R. 5981, which allows the Federal Housing Administration to increase its annual mortgage insurance premiums for single-family home loans to 1.55 percent from the current 0.55 percent. The FHA also plans to raise annual premiums for Home Equity Conversion Mortgage loans to 1.25 percent from 0.50 percent. Congress’ quick action will yield... Read More

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