Home >> Tag Archives: Senate Banking Housing and Urban Affair Committee

Tag Archives: Senate Banking Housing and Urban Affair Committee

Otting, Quarles Nominations to go to Full Senate Vote

white house

Joseph Otting, nominated to be the Comptroller of the Currency, and Randal Quarles, nominated to the Board of Governors of the Federal Reserve, was confirmed by the Senate Committee on Banking, Housing, and Urban Affairs. A full Senate vote will be needed to finalize the two men’s nominations.

Read More »

Bill Seeks to Amend Truth in Lending Act

In 2013, the Consumer Financial Protection Bureau (CFPB) issued guidelines to expand the range of loan products that can be considered high-cost mortgages under the Home Ownership and Equity Protection Act (HOEPA). According to the senators, the CFPB guidelines went into effect in January 2014 with the CFPB failing to recognize how unique manufactured home loans can be. After the guidelines were released a large percentage of small-balance loans used for the purchase of affordable manufactured housing were classified as high cost loans. As a result, lender liabilities associated with making and obtaining HOEPA high cost mortgage has increased. This could lead to a loss of credit available to those seeking to purchase manufactured housing.

Read More »

Subscribe to MDaily

MReport is here for you to stay on top of important developments in the mortgage marketplace. To begin receiving each day’s top news, market information, and breaking news updates, absolutely free of cost, simply enter your email address below.