Browse articles from all of our Newsletters related to HMDA.

May 22, 2017 - Inside the CFPB

Other News in Brief

Treasury Eyeballing CFPB Rules as Part of Regulatory Relief Review. The Treasury Department is focused on a wide range of regulatory requirements where simple communication and clarification of the regulatory intent is warranted, such as the CFPB’s ability-to-repay rule, the integrated disclosure rule and the Home Mortgage Disclosure Act rule, Craig Phillips, counselor to the Treasury secretary, said during a symposium in New York City last week, according to Inside Mortgage Finance.... Dodd-Frank Changes to be Discussed. House Financial Services Committee Chairman Jeb Hensarling, R-TX, is scheduled to discuss his Dodd-Frank Act alternative, H.R. 10, the Financial CHOICE Act, Tuesday of this week at an event at the American Enterprise Institute....

May 22, 2017 - Inside the CFPB

FSR Calls for White House to Change CFPB Structure, Rules

The Financial Services Roundtable advised the Trump administration that the structure of the CFPB needs to be changed, and that the agency should revise a handful of its key mortgage rulemakings, most notably the ability-to-repay/qualified mortgage rule, the Home Mortgage Disclosure Act rule and the Truth in Lending Act/Real Estate Settlement Procedures Act Integrated Disclosure rule, or TRID. The FSR’s call came in a detailed response to President Trump’s Executive Order 13777, “Reducing Regulation and Controlling Regulatory Costs,” issued earlier this year, directing the Treasury Department to conduct an assessment of financial regulations to evaluate how they align with the White House’s core principles of financial regulation. In terms of the bureau itself, the industry organization said the governance structure ...

May 8, 2017 - Inside the CFPB

ABA Calls for Bureau to Delay Implementation of HMDA Rule

The American Bankers Association last week issued the first industry call for the CFPB to delay implementation of its pending Home Mortgage Disclosure Act final rule in its entirety, citing compliance difficulties and concerns about consumer data privacy. The call came in a white paper submitted to the Treasury Department as part of the banking industry’s response to President Trump’s executive order earlier this year, EO 13772, outlining “core principles” for financial regulation. The ABA has three main gripes about the HMDA rule, most of which is scheduled to take effect in January 2018. First, it said that collecting all of the required data will be costly. “Although it is not simple to distill the cost estimates from the bureau’s ...

April 24, 2017 - Inside the CFPB

Industry Groups Raise Multiple Issues with HMDA Proposal

Industry representatives thanked the CFPB for making an effort to facilitate compliance with the pending Home Mortgage Disclosure Act final rule, most of which takes effect Jan. 1, 2018. However, the fact that revisions are being offered at all is a sign that the bureau just cannot get it right, according to some officials. Anne Canfield, executive director of the Consumer Mortgage Coalition, said her membership always appreciates any effort any of the regulators make to improve a regulation. “However, the CFPB’s proposed amendments to its HMDA regulation falls far short of what is needed,” she said. One of the CMC’s concerns is that since the bureau has not identified what it intends to do with the data, how does ...

April 24, 2017 - Inside the CFPB

CFPB Proposes Numerous Changes to Pending HMDA Disclosure Rule

The CFPB has put out a proposed rule to help mortgage lenders comply with the updates it made to the Home Mortgage Disclosure Act regulation back in 2015, most of which haven’t even taken effect yet. “The Home Mortgage Disclosure Act shines a much-needed spotlight on the mortgage market, which is the largest consumer financial market in the world,” said CFPB Director Richard Cordray. “Today’s proposal reflects the bureau’s ongoing and substantive engagement with stakeholders in the marketplace, and will help industry meet its new reporting obligations.” Among the suggested alterations in the agency’s proposed rule is the clarification of certain key terms, such as “temporary financing.” The CFPB wants to amend the commentary to the current final rule to ...

April 20, 2017 - Inside Mortgage Finance

CFPB Suggests Lenders are Making Billions Because Borrowers Don’t Shop Effectively for Mortgages

Many borrowers could have seen significant savings on the interest rate on a mortgage if they shopped around, according to a working paper published by the Consumer Financial Protection Bureau’s Office of Research. The bureau economists noted that close to half of consumers didn’t shop before taking out a mortgage, based on the National Survey of Mortgage Originations, a representative survey conducted by the CFPB and the Federal Housing Finance Agency. And only 16.0 percent of borrowers considered three or more lenders before obtaining a mortgage. The economists said...

April 20, 2017 - Inside Mortgage Finance

CFPB Proposes Clarifications to HMDA Rule, But Industry Says Problems Remain, Delay Needed

Most of the provisions of the Home Mortgage Disclosure Act final rule the Consumer Financial Protection Bureau promulgated back in 2015 won’t take effect until January 2018, and already the agency is proposing a host of clarifications, technical corrections and minor changes with the stated goal of fostering lender compliance. Among the suggested alterations to the CFPB’s proposed rule, issued last week, is the clarification of certain key terms, such as “temporary financing” and “automated underwriting system.” The proposal also would establish...


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