ABA Dodd-Frank Tracker: HUD Finalizes Changes on FHA-Insured ARMs, Prepayments

The Department of Housing and Urban Development is finalizing changes in how FHA-insured adjustable-rate mortgages are adjusted and eliminated post-payment interest charges on single-family FHA-insured mortgages. The changes are intended to align the FHA’s lender requirements with CFPB rules. The ARM rule requires a 45-day “look-back” period — that is, the gap between an ARM… Read More »

MBA NewsLink: FHFA Proposes Single Security for Fannie Mae, Freddie Mac

he Federal Housing Finance Agency published a Request for Input for a proposed structure for a single security issued and guaranteed by Fannie Mae or Freddie Mac, a development long-sought by the Mortgage Bankers Association. The proposal outlines a structure for a single mortgage-backed security to be issued and guaranteed by Fannie Mae or Freddie… Read More »

DS News: CFPB Warns Servicers to Follow Loan Transfer Rules

The Consumer Financial Protection Bureau (CFPB) issued a bulletin on August 19 for mortgage servicers, outlining how they should handle the loan transfer process. The bulletin includes a reminder to mortgage servicers to pay close attention to the new common-sense mortgaging rules implemented by the CFPB in January 2014, aimed at protecting consumers from being… Read More »

ABA Dodd-Frank Tracker: Survey Finds Compliance Drag on Bank Growth

Fifty-five percent of senior bank executives in a recent KPMG survey said that regulatory compliance costs are having the greatest negative impact on their banks’ growth. Forty percent cited regulatory limitations on products and services, followed by weak loan demand (36%) and the low interest rate environment (31%). In addition, 60% of the respondents estimated… Read More »

ABA Dodd-Frank Tracker: FHFA Extends G-Fee Comment Deadline

The Federal Housing Finance Agency extended the deadline for comments on the guarantee fees that Fannie Mae and Freddie Mac charge lenders. The deadline is now Sept. 8. The feedback is intended to help optimize the fee level required both to protect taxpayers and to ensure credit availability, the FHFA said. Specifically, the agency is… Read More »

ABA Dodd-Frank Tracker: CFPB Extends Complaint Proposal Comment Period

The CFPB extended the comment period on its proposal to add consumers’ narratives to the publicly available material in its consumer complaint database. The extension to a 60-day comment period — with comments now due Sept. 22 — fell short of the 90 days requested by ABA and other trade groups. Read more in the… Read More »

ABA Dodd-Frank Tracker: ABA Seeks Clarifications on CFPB Servicing Rule

ABA wrote to the CFPB seeking clarifications on several mortgage servicing rule questions bankers face. Specifically, ABA asked how the bureau’s 120-day delinquency threshold applies to rolling delinquencies, when a delinquent borrower resumes making scheduled payments but never becomes current on the loan. ABA also sought clarification on the periodic statement requirement for loans that… Read More »

DS News: CFPB Issues Ruling to Keep Heirs from Falling into Foreclosure

When a borrower dies, the passing of property to the remaining family members can be a complicated process. Even if there are no issue with the borrower’s estate there can be issues transferring the mortgage to a party that had no previous relationship with the servicer. The Consumer Financial Protection Bureau (CFPB) issued guidance Tuesday… Read More »

HousingWire: TILA-RESPA Rules of the Road

This article is part of HW PartnerDirect™. What is this? Last week we introduced you to the Closing Call Blog, and we hope you have found it informative! We have covered a myriad of the ruling’s components that define some of the operating parameters we are all going to have to get used to. The… Read More »

HousingWire: MA Sues FHFA, Fannie & Freddie Over Foreclosure Buybacks

Several weeks ago, Massachusetts Attorney General Martha Coakley sent a letter to Mel Watt, the director of the Federal Housing Finance Agency, saying that her office was considering legal action against the FHFA over violations of the state’s laws allowing nonprofits to buy foreclosures and return them to the evicted homeowner. In her letter, Coakley… Read More »

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