RESPA

Browse articles from all of our Newsletters related to RESPA.

November 20, 2017 - Inside the CFPB

Other News in Brief/More Industry Advice for a Post-Cordray CFPB

More Industry Advice for a Post-Cordray CFPB. Competitive Enterprise Institute financial policy expert John Berlau said last week, “Richard Cordray’s impending resignation as director of the CFPB is long overdue.... Growth of CFPB Leveling Off. The total number of employees at the CFPB came to 1,668 for fiscal year 2017, up 20 positions from the year before, according to the bureau’s latest financial statements for the last two years.... GAO Signs Off on CFPB Financial Statements. The Government Accountability Office audited the CFPB’s financial statements for fiscal years 2016 and 2017, and found they are “presented fairly, in all material respects, in accordance with U.S. generally accepted accounting principles.”...


November 20, 2017 - Inside the CFPB

Senate Banking Panel Agrees to Separate Mortgage Reforms

Last week, the Senate Banking, Housing and Urban Affairs committee endorsed a handful of legislative provisions related to mortgage financing, including a measure that tackles one aspect of the CFPB’s integrated-disclosure rule under the Truth in Lending Act and the Real Estate Settlement Procedures Act. One section of the still-to-be-named bill would remove the three-day waiting period required for the combined TILA/RESPA mortgage disclosure if a creditor extends to a consumer a second offer of credit with a lower annual percentage rate. It also would express the sense of Congress that the CFPB should provide clearer, authoritative guidance with respect to certain issues. A separate section deals with escrow requirements for certain consumer credit transactions. These provisions would provide an ...


November 20, 2017 - Inside the CFPB

House Panel OKs Reforms to CFPB Mortgage-Related Rulemakings

Last week, the House Financial Services Committee approved several bills that would override the CFPB on some of its key mortgage-related rulemakings. The voting included the passage of H.R. 1153, the Mortgage Choice Act of 2017, which would exclude from the ability-to-repay calculation of points and fees insurance and taxes held in escrow and fees paid to affiliated companies as a result of their participation in an affiliated business arrangement. The bill passed by a recorded vote of 46 ayes and 13 nays. Jaret Seiberg, an analyst with Cowen Washington Research Group, said in a client note, “This would permit lenders to work with affiliate title insurers without worrying about the points-and-fees cap.” Another measure that survived the legislative gauntlet ...


November 20, 2017 - Inside the CFPB

CFPB, Ocwen Tit for Tat Continues, Thanks to DOJ’s Absence

The CFPB recently told a U.S. District Court it opposes Ocwen Financial’s motion to submit the Department of Justice’s brief filed in another case in lieu of the department’s inaction when it comes to weighing in on Ocwen’s dispute with the bureau. Ocwen recently asked the U.S. District Court, Southern District of Florida, West Palm Beach Division, for permission to file a supplemental memorandum (an earlier brief by the DOJ in PHH Corp. v. CFPB as to the unconstitutionality of the bureau) in defense of the company’s motion to dismiss the consumer regulator’s case against it. The common thread in both cases is that Ocwen and PHH similarly assert that the CFPB’s structure is unconstitutional. During the Obama administration, the ...


November 6, 2017 - Inside the CFPB

Industry Presses Lawmakers to Pass TRID Improvement Bill

Nearly two dozen mortgage industry groups wrote to members of the U.S. House of Representatives recently, urging them to support a bipartisan measure that would tweak the CFPB’s integrated disclosure rule to enable title insurers to disclose available discounts and accurate title insurance premiums to homebuyers. Currently, the bureau does not permit title insurance companies to disclose available discounts for lender’s title insurance on the government mandated disclosure forms. “This creates inconsistencies in mortgage documents and causes confusion for consumers,” said the industry organizations... H.R. 3978, the TRID Improvement Act of 2017, introduced last month by Reps. French Hill, R-AK, and Ruben Kihuen, D-NV, would end this confusion by amending the Real Estate Settlement Procedures Act to require the CFPB ...


Poll

With originations expected to drop in 2018, will your shop turn to non-QM/non-prime mortgage products as a way to bolster volumes?

Yes, definitely. We’re planning a launch.
No. It’s still difficult compliance/regulatory-wise.
Maybe. It’s under consideration.
Not now. But things could change as 2018 progresses.

vote to see results