Tag Archives: Dodd-Frank

HUD released on Monday a proposal to define the type of qualified mortgage (QM) that would be insured, guaranteed, or administered by the agency. The proposed definition is aligned with the Ability-to-Repay rule laid out in the Truth in Lending Act (TILA) and includes provisions that prohibit loan terms in excess of 30 years and that limit upfront points and fees to no more than 3 percent--making it consistent with the Consumer Financial Protection Bureau's existing QM rule.

President Obama spoke to the nation Monday--one day after the five-year anniversary of the Lehman Brothers collapse that kicked off the financial crisis--to tout the progress the country has made and to urge Republicans to action as a potential government shutdown looms. The president wasn't the only one to speak--other current and former government officials and analysts offered their own commentary on the country's circumstances, and not all of it was charitable.

When Congress enacted Dodd-Frank in retribution for perceived ills, you had to know banks would come up with new ways to replace lost revenues, but bankers were too clever by half.

An increase in prices itself does not signal a bubble. An unsustainable increase, not supported by other data, however, would.

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) 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."

Realtors attending the National Association of Realtors' (NAR) Midyear Legislative Meetings & Trade Expo expressed renewed confidence in a forum on the commercial real estate (CRE) market. NAR chief economist Lawrence Yun joined several Realtor CRE specialists on a panel to discuss the economy and regulatory issues and how they impact the market. In a live audience poll, the majority of attendees said their local economy is either a little better or showing a major improvement from last year.

QuestSoft's fifth annual compliance survey reveals at least 49 percent of lenders have ranked Dodd-Frank-related uncertainty as a high concern for the past three years.

Richard Cordray, director of the Consumer Financial Protection Bureau (CFPB), sat once again on Tuesday in front of the Senate Banking Committee, this time to present his case to continue leading the consumer agency. While some had expected a contentious round of questioning from Republicans critical of CFPB in its current form, the proceedings were generally cordial, with Cordray and commitee members agreeing to work together to maximize transparency and accountability at the bureau.

The last few weeks have seen a deluge of new rules from the Consumer Financial Protection Bureau (CFPB) and other regulatory agencies, but a new report from the U.S. Government Accountability Office (GAO) says the reform process is still coming along slowly. As of the end of 2012, GAO estimates regulators have issued rules for approximately 48 percent of the Dodd-Frank provisions that call for them. Most of the effective deadlines for those rules have not yet been reached, the agency says.