Items Tagged with 'qualified mortgage'

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Monday Morning Cup of Coffee: Industry trade groups tell Senate how to fix financial regulations

MBA, CUNA weigh in on regulatory reforms
The main front for the Republican Party’s push for regulatory reform is in the House of Representatives, where an effort is underway to replace the Dodd-Frank Wall Street Reform Act with the Financial CHOICE Act. But the House isn’t the only place where regulatory reform is on the table. Here's a look at what some of the mortgage industry's biggest trade groups want the Senate to do about regulatory reform. All that, and more, in your Monday Morning Cup of Coffee.
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Here's how the industry adapted to QM lending, heightened regulations

8 charts break down the impact of regulations
As the mortgage regulation alphabet continues, with lenders implementing HMDA, TRID, QM and more, it’s not going without notice in the industry. A new survey found that lenders believe regulation is having a negative impact on business production and consumer credit availability. These charts break down how that’s affecting the bottom line.
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What's next now that Republicans control the Presidency and Congress?

Are Dodd-Frank and the CFPB on the chopping block?
While much of the country’s attention is focused on the seemingly unexpected election of Donald Trump, it shouldn’t be lost that the Republican Party also maintained its control of the House of Representatives and the Senate in this election. Now one party will control the legislative and executive branches of the government for at least the next two years. So what does that mean for the financial services industry, given the seismic changes the industry has seen in the last eight years?
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Republicans set to unveil plan to replace Dodd-Frank

Hensarling: Dodd-Frank "stands as a monument to the arrogance and hubris of man"
Later this year, the Dodd-Frank Wall Street Reform and Consumer Protection Act will reach its sixth anniversary, unless Congressional Republicans get their way. They would hate to see Dodd-Frank reach anniversary number seven judging by this recent, fiery speech. Here's what their replacement would look like.
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Collingwood Group Chairman calls out 'regulatory Jihad' on mortgage lenders

Tim Rood says regulations actually seriously harming borrowers
There is little doubt that there are more regulations foisted upon the mortgage industry in the wake of the housing crisis. Count Tim Rood, the chairman of The Collingwood Group, among those who think the regulatory environment is smothering mortgage lenders, going so far as to use a shocking term to describe the current lending environment.
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4 ways the Qualified Mortgage rule doesn’t reduce mortgage lending

Urban Institute: Rule appears small to nonexistent
When the Qualified Mortgage rule came out in January 2014, many worried that the rule would contribute to a reduction in mortgage credit availability. But that's not the case. In an updated analysis, Urban Institute housing and mortgage experts say that the rule does little to impact the availability of mortgage credit.
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CFPB lays out 9-point plan to reshape financial industry

Cordray shares 9 goals CFPB hopes to achieve within 2 years
The five-year anniversary of the Consumer Financial Protection Bureau is coming up this summer. Yet the CFPB is far from being done. This week, CFPB Director Richard Cordray laid out a series of goals for how the CFPB wants the financial industry to operate within the next two years. Here they are.
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House votes to revamp Qualified Mortgage rules

Presidential veto is looming
The House of Representatives voted Wednesday to change the definition of “Qualified Mortgage,” opening the door to a potentially seismic change in the mortgage lending landscape. But will the President play along?
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Democrats push new bill allowing community banks to exceed QM rule

Bill has broad support among Democratic committee members
The leading Democrats on both the Senate Banking Committee and the House Financial Services Committee are pushing a new bill designed to provide regulatory relief to community banks and increase consumer protections. Most notable among the bill’s provisions is a stipulation that would allow smaller banks to exceed the QM rules while still qualifying for QM Safe Harbor.
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