DS News: Servicers, Regulators Partner to Create CFPB Complaint Tracking Report

“Black Knight Financial Services (BKFS) is working to create a prototype of an industry-level report to provide detailed information on the consumer complaints the Consumer Financial Protection Bureau (CFPB) receives, promoting greater understanding for regulators and servicers. The CFPB Complaint Tracking Report, produced by Black Knight, will incorporate data contributed by both servicers and CFPB. […]

Read More

DS News: The Fate of Fannie and Freddie and the Importance of GSE Reform

Congress chartered Fannie Mae in 1938 as part of the New Deal and Freddie Mac in 1970. Although they were chartered by the federal government, the corporations were owned by private shareholders for the purpose of making homeownership affordable for lower- and middle-class and other underserved Americans. In theory, GSEs purchase mortgages from lenders, guarantee […]

Read More

DS News: CFPB Finalizes Minor Changes to Rules to Expand Credit Access

“The Consumer Financial Protection Bureau (CFPB) finalized minor changes to its mortgage rules designed to ensure expanded credit access, which has been a hot topic in recent weeks. The adjustments were proposed in April and include changes that will allow some non-profits to provide mortgage credit and servicing to populations that are underserved, and allow lenders […]

Read More

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 regulator […]

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.

Read More