DS News: Financial Regulators Finalize QRM Rule

“Federal regulators announced on Tuesday they have finalized a rule establishing a risk retention framework for mortgage lenders securitizing and selling loans. The so-called qualified residential mortgage (QRM) rule, which was put up for consideration by FDIC’s board of directors Tuesday morning, would require banks to retain at least 5 percent of a loan’s risk… Read More »

HousingWire: FHFA, Fannie & Freddie Near Deal to Open Mortgage Credit Box

” As readers of HousingWire know, Federal Housing Finance Agency Director Mel Watt has been working towards a plan to open what many see as underwriting standards that are too restrictive. Now, the Wall Street Journal is reporting that the plan may be close to being a reality. Mortgage giants Fannie Mae and Freddie Mac , their… Read More »

ABA Dodd-Frank Tracker: Regulators to Finalize QRM Rule

“The Federal Reserve will meet later this month to finalize a piece of the Dodd-Frank Act which would define what qualifies as a QRM and its associated risk requirements. The final rule will require lenders to retain some of the risk for loans they securitize in the secondary market. As reported by the American Banker, the… Read More »

HousingWire: Mortgage Lending Regulation Compliance Costs up 30%

“Most lenders believe new regulations have had “significant” impact on their business, according to the Third Quarter Mortgage Lender Sentiment Survey of senior mortgage executives conducted by Fannie Mae. In particular, lenders reported a nearly 30% median increase in compliance costs compared with 2013. Lenders also reported increased reliance on outsourcing due to increased regulations… Read More »

ABA: CFPB Proposes Policy on No-Action Letters

“In an effort to facilitate innovation in financial products and services, the CFPB is proposing a Policy on No-Action Letters. Under the policy, the CFPB would issue no-action letters to specific applicants who are introducing financial products or services that promise substantial consumer benefit, where there is substantial uncertainty whether or how specific provisions of… Read More »

ABA: CFPB Updates Mortgage Rules Readiness Guide

“The CFPB updated its mortgage rules readiness guide to include the TILA-RESPA integrated mortgage disclosures. The guide is intended to help bankers assess their readiness to comply with the rules.” Read more in the ABA Dodd-Frank Tracker. Did you like this? Share it:Tweet

ABA Dodd-Frank Tracker: CFPB, Fed Release Recording of Second TILA-RESPA Webinar

“The CFPB and the Federal Reserve have made available a recording of an August 26 webinar answering specific questions raised to the bureau about the implementation of the merger of the TILA-RESPA mortgage disclosure rules.” Read more in ABA Dodd-Frank Tracker. Did you like this? Share it:Tweet

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 »

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