HomeStreet Bank recently agreed to the issuance of an order to settle an allegation by the FDIC that the bank’s discontinued Home Loan Center-based mortgage business line violated the Real Estate Settlement Procedures Act (RESPA) “by entering into co-marketing agreements using online platforms and desk rental agreements that resulted in the payment of fees to
Mortgages
CFPB Issues Final HMDA Rule
By Richard J. Andreano, Jr. on
The CFPB recently issued in final form two elements of a May 2019 Home Mortgage Disclosure Act (HMDA) proposed rule.
As previously reported, the May 2019 proposal would:
- Increase the volume threshold that triggers reporting of closed-end mortgage loans from at least 25 originated loans in each of the prior two calendar years to
…
Federal Banking Agencies Increase Transaction Value Appraisal Exemption
By Richard J. Andreano, Jr. on
As we previously reported, last November the FDIC, Federal Reserve Board and Comptroller of the Currency (the federal banking agencies) proposed a rule to implement a rural residential property appraisal exemption under the Economic Growth, Regulatory Relief, and Consumer Protection Act (the Growth Act) and also increase the appraisal exemption based on transaction value…
Congress Votes to Extend National Flood Insurance Program
By Richard J. Andreano, Jr. on
The U.S. Senate recently voted to approve legislation previously passed by the U.S. House of Representatives to extend the National Flood Insurance Program (NFIP) until November 21, 2019. The NFIP is scheduled to expire on September 30, 2019 without an extension. The extension is included in a stopgap spending bill and according to press reports…
CFPB Issues HMDA Guides
By Richard J. Andreano, Jr. on
The CFPB recently issued the 2020 Filing Instructions Guide for Home Mortgage Disclosure Act (HMDA) data. The Guide applies to HMDA data collected in calendar year 2020 that must be reported to the government in 2021.
The CFPB also issued for the first time a Supplemental Guide for Quarterly Filers. As the title suggests, the…
CFPB Summer 2019 Supervisory Highlights looks at GAP products, credit card practices, debt collection, furnishing to consumer reporting agencies, reverse mortgages
The CFPB has released the Summer 2019 edition of its Supervisory Highlights. The report discusses the Bureau’s examination findings in the areas of automobile loan originations, credit card account management, debt collection, furnishing, and mortgage originations.
Key findings include the following:
Auto loan originations. Auto lenders were found to have engaged in an abusive…
CFPB addresses RESPA issue in its first no-action letter under the revised final policy
By Richard J. Andreano, Jr. on
In its first No-Action Letter under the new revised policy, the CFPB addresses a long-standing issue under the Real Estate Settlement Procedures Act regarding certain payment arrangements between mortgage lenders and housing counseling agencies. We previously reported on the CFPB issuing its final No-Action Letter policy and other innovation policies. (The CFPB issued just one…
Consumer Financial Protection Bureau Files Complaint Alleging Defendants Engaged in Unlawful Conduct in Connection with Mortgage Assistance Relief Services
By John A. Kimble on
Posted in Mortgages, Regulatory and Enforcement
On September 6, 2019, the Bureau filed a complaint in federal court in the Central District of California against Certified Forensic Loan Auditors, LLC (CFLA) and Andrew Lehman (Lehman) in connection with their offering, advertising, marketing, and selling of purported financial advisory and mortgage assistance relief services, and against Michael Carrigan (Carrigan), who was CFLA’s…
Treasury Housing Reform Plan Supports Expiration of GSE Patch for Qualified Mortgages
By Richard J. Andreano, Jr. on
The U.S. Department of Treasury recently issued the long-awaited Housing Reform Plan, and among various topics the Plan addresses the temporary qualified mortgage under the Regulation Z ability-to-repay rule for loans that are eligible for sale to Fannie Mae or Freddie Mac (the GSEs). The Department concurs with the position of the CFPB, set…
CFPB Updates HMDA Webinars and Issues New HMDA Webinar
By Richard J. Andreano, Jr. on
The CFPB recently updated two prior Home Mortgage Disclosure Act (HMDA) webinars to reflect amendments to HMDA made by the Economic Growth, Regulatory Relief, and Consumer Protection Act, and the interpretive and procedural rule issued by the CFPB last year. We previously reported on the amendments and the interpretive and procedural rule.
The CFPB…