| Inside Mortgage Finance

Seasoned QM Proposal to Boost Banks' Non-QM Lending

The proposed seasoned QM category is designed to encourage non-QM lending with additional legal certainty. But the eligibility requirements will make banks, thrifts and credit unions the main beneficiaries, or so it appears.

Two More VA Lenders Fined for Misleading Ads

Of late, the CFPB has brought four enforcement actions against VA lenders for using deceptive mailers to advertise their government-backed products, assessing steep penalties. Similar regulatory actions are likely to follow.

GSE Refi Fee May Impact Mortgage Disclosures

The GSE refi fee, albeit delayed, ultimately will be passed to consumers, impacting loan pricing. Compliance and disclosure implications? Indeed.

In the Delivery Room: A California-Level CFPB

But the scope of the proposal amended in mid-August is much narrower than the original, exempting existing state licensees, including mortgage lenders and servicers, from the California Consumer Financial Protection Law.

States Seek Input on MLO Test.

On a separate matter, talks regarding remote work flexibilities within the state licensing framework are ongoing. The catalyst: COVID-19.

Consumer Groups Cannot Challenge Task Force, CFPB Argues

In a motion to partially dismiss, the CFPB is trying to blunt a challenge by consumer groups over the creation and composition of its consumer financial law task force, arguing they are not directly harmed.

No Need For CFPB Clarity on RESPA Sec. 8? Well...

Need help from the CFPB on RESPA? Maybe not. A lack of specific rules, in fact, has enabled innovation in how settlement service providers interact with each other and refer customers.

Industry, Consumer Groups Disagree on Advisory Opinion Program

In particular, industry groups like the idea that third parties, including trade associations, can submit advisory opinion requests on behalf of companies, but consumer groups have their doubts.

Other News in Brief

The CFPB extends the comment period on a request for information that aims to combat lending discrimination; consumers harmed by a mortgage modification service provider can now file claims; the bureau adopts an external peer review procedure; RFI issued on the CARD Act.

Inside the CFPB

August 31, 2020

View Archived Issues

Seasoned QM Proposal to Boost Banks' Non-QM Lending

Two More VA Lenders Fined for Misleading Ads

GSE Refi Fee May Impact Mortgage Disclosures

In the Delivery Room: A California-Level CFPB

States Seek Input on MLO Test.

Consumer Groups Cannot Challenge Task Force, CFPB Argues

No Need For CFPB Clarity on RESPA Sec. 8? Well...

Industry, Consumer Groups Disagree on Advisory Opinion Program

Other News in Brief

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Featured Poll

As homeowner equity continues to build, more and more lenders are launching home equity lending products. Are you thinking of joining this market?

Inside the CFPB

August 31, 2020

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As homeowner equity continues to build, more and more lenders are launching home equity lending products. Are you thinking of joining this market?