Articles Tagged with ''Mortgage regulation''

Tip for mortgage lenders and compliance officers: A weaker CFPB means stronger state regs

What can lenders learn from recent AG settlements in Massachusetts and California? 
[Op-ed] Perhaps no one rejoiced more than mortgage compliance officers at the change in leadership and tone (no more “regulation by enforcement”) at the CFPB. However, before you break out the Champagne, consider that regulators in trend-setting states like California, New York, and others now see a need to ramp up efforts to fill a perceived gap.
Read More

CFPB finalizes amendments to Equal Credit Opportunity Act

Seeks public comment on proposal for disclosure of HMDA Data
The CFPB finalized amendments to Equal Credit Opportunity Act regulations to provide additional flexibility for mortgage lenders in the collection of consumer ethnicity and race information. The CFPB also said it is seeking comment on the Home Mortgage Disclosure Act. Have any thoughts to share on the HMDA data the bureau proposes to make available to the public beginning in 2019?
Read More

Confused about CFPB regulations? Ask your questions here

Clarification on TRID, RESPA and more from the bureau
Ever since the Consumer Financial Protection Bureau came into fruition, the industry has spent countless hours trying to interpret how to properly stay in compliance with their regulations. For those who are having trouble making sure they interpret the rules correctly, there’s good news. Check out this new submission form from the bureau.
Read More

Dear CFPB, here's the reality of how regulations impact credit unions

CUNA: Regulatory burdens caused $6.1 billion in regulatory costs
Putting an end to remarks from the Consumer Financial Protection Bureau that its regulations are helping credit unions, the Credit Union National Association published a detailed report that outlines exactly how the new rules have suffocated growth. CFPB Director Richard Cordray has commonly gone on record to denounce doomsayers who say that new regulations are killing credit unions. To CUNA, this letter should serve as a clear example that the CFPB is wrong.
Read More

How can lenders stay compliant amid possible Trump administration regulatory changes?

Stick with the status quo
[Commentary] Despite the fact that the Republican Party holds a majority in both houses of Congress, progress on reducing governmental regulatory oversight has been slower than many expected. Without evidence of actual change, lenders and servicers can only continue to work for full compliance with existing regulations. So how should they operate moving forward in this period of uncertainty?
Read More

NAFCU reiterates calls to Congress to lighten regulatory burdens for credit unions

Dodd-Frank pushing credit unions out of market
Credit unions have focused a lot of their efforts after the financial crisis fighting to make sure they aren’t suffocated by regulation put in place to fix problems they didn’t participate in. National Association of Federally-Insured Credit Unions President and CEO Dan Berger wrote a letter to the Senate Banking Committee, highlighting the economic benefits that credit union regulatory relief would create.
Read More

CFPB proposes new changes to HMDA

Asks public to comment on latest proposals
The Consumer Financial Protection Bureau on Thursday issued a much-asked-for proposal to clarify the updates to the Home Mortgage Disclosure Act rule that are set to take effect next year. The CFPB claims that these new changes will help ensure industry compliance with the much-discussed HMDA rule. Click the headline to read more about the proposed changes and judge for yourself.
Read More

Don't let talk of deregulation take your focus off quality control

The importance of producing error-free loans
If your town cut back on the number of police officers who patrol your streets, would people suddenly start speeding and ignoring the traffic laws? Probably not, because it wouldn't be the safe thing to do. The same goes for financial regulations. While there’s been a lot of talk in Washington lately about rolling back, if not eliminating, many parts of the Dodd-Frank law, originators still need to keep their eyes squarely on producing quality loans.
Read More

Here's what's wrong with the CFPB's practice of regulating through enforcement

Companies are punished just to teach the rest of the industry a lesson
CFPB Director Richard Cordray asserts that protecting consumers in financial matters involves too many bad actors trying to do too many bad things to be outlined in specific laws. As it turns out, it sounds like the CFPB might decide to take enforcement action against one particular company if they need to “send a public message of deterrence” to the whole industry. This is ludicrous.
Read More