Tag Archives: Compliance

The Mortgage Bankers Association's (MBA) Mortgage Credit Availability Index (MCAI) decreased 0.7 percent month-over-month in August.

The Consumer Financial Protection Bureau (CFPB) is putting on notice companies that furnish information to credit reporting firms, reminding them that they are responsible for investigating consumer disputes forwarded to them. "Credit reports play a critical role in the lives of consumers," said CFPB director Richard Cordray. "Given the importance of these reports, consumers need to know that their documents are being reviewed when they dispute what they believe is a mistake on a report."

Harland Financial Solutions announced that clients using LaserPro can now take advantage of new services resulting from the company├â┬ó├óÔÇÜ┬¼├óÔÇ×┬ós expanded alliance with eLynx.

Fannie Mae and Freddie Mac have both updated their seller guides to incorporate the Consumer Financial Protection Bureau's Ability to Repay rule under the Truth in Lending Act.

Since helping draft the final rule for a qualified mortgage, former Consumer Financial Protection Bureau (CFPB) Deputy Director Raj Date has resigned from the agency and opened his own advisory and investment firm aimed specifically at those borrowers who do not meet the standards for 'qualified mortgages' as set by the CFPB under rules. This turn of events has raised questions as to the agency's ethics and integrity, prompting lawmakers to call for a release of communications between Date and others regarding the company's creation.

In a joint release, six federal financial regulators proposed exemptions from Dodd-Frank appraisal requirements for loans of $25,000 or less, certain streamlined refinancings, and certain loans secured by manufactured housing. Those exemptions would join others already laid out earlier this year. According to the release, the proposed exemptions "are intended to save borrowers time and money and to promote the safety and soundness and creditors."

The Consumer Financial Protection Bureau (CFPB) announced Monday proposed revisions to its ability-to-repay rule, mortgage servicing rules, and rules regarding consumer protections. "Today's proposal revises and clarifies certain aspects of our rules to ease implementation and to pave the way for more effective consumer protections in the marketplace," said Richard Cordray, director of the CFPB. Monday's proposals also addressed the ban on financing credit insurance premiums.

The Community Mortgage Lenders of America (CMLA) unveiled the Community Mortgage Lenders Act of 2013, a piece of legislation designed to spur lending, maintain effective consumer protections, and remove what the group calls "excessive regulations aimed for other parts of the market." Under the proposed legislation, "responsible" community lenders (defined as those who have no history or predatory or abusive loan practices and whose product predominantly falls under the qualified mortgage criteria) would be exempt from several rules.

The Consumer Financial Protection Bureau (CFPB) released updated procedures for examinations of financial institutions and mortgage lenders, which will begin taking place in January of next year. The new procedures, which will be published in regulatory manuals, cover a range of topics, including compensation for loan originators, qualification standards for mortgage professionals, consumer rights, arbitration, and appraisals.

The Consumer Financial Protection Bureau (CFPB) announced Wednesday it has finalized amendments to the Ability-to-Repay rule first handed down in January this year. The rule, set to take effect January 10, 2014, establishes basic requirements designed to ensure consumers don't take on loans they can't pay back. According to CFPB, Wednesday's amendments are the result of months of input offered by industry groups and the public at large, embodying the bureau's efforts "to make reasonable changes to rule."