For years, the mortgage industry has urged the CFPB to issue informal written guidance on the TILA/RESPA Integrated Disclosure (TRID) Rule, as well as other rules. The CFPB resisted, providing most guidance in the form of actual rules, webinars or oral statements. The industry believed that it would be a cold day in Hades if
Mortgages
CFPB Assesses Ability to Repay/Qualified Mortgage Rule
Posted in CFPB Monitor, Mortgages
On January 10, the CFPB published a report containing the results of its assessment of the Ability-to-Repay and Qualified Mortgage Rule (“ATR/QM Rule”) issued in 2013. The assessment was conducted pursuant to the Dodd-Frank Act, which requires the Bureau to review each significant rule it issues and evaluate whether the rule is effective in achieving…
CFPB Finalizes Off-Balanced Approach to Public Disclosure of HMDA Data
By Richard J. Andreano, Jr. on
As previously reported, in September 2017 the CFPB proposed policy guidance regarding what application-level Home Mortgage Disclosure Act (HMDA) data would be disclosed to the public based on the significant expansion to the HMDA data reporting items that the CFPB adopted in October 2015. Calendar year 2018 was the first year that reporting…
CFPB Announces Opening of HMDA Data Filing Period
By Richard J. Andreano, Jr. on
As previously reported, late in 2018 the CFPB announced the availability of a beta version of a Home Mortgage Disclosure Act (HMDA) data platform for companies to test the filing of 2018 data. The CFPB has now announced that the beta testing period is closed and the HMDA data platform is open for the…
National Flood Insurance Program Update
By Richard J. Andreano, Jr. on
Posted in Flood Insurance, Mortgages
As previously reported, in early December 2018 Congress passed another short-term extension of the National Flood Insurance Program that was scheduled to expire on December 21, 2018. On December 21, the US House of Representatives agreed to a bill adopted by the US Senate in November 2018 to extend the Program until May 31,…
CFPB Releases Beta Version of 2018 HMDA Data Platform
By Richard J. Andreano, Jr. on
The CFPB has made available a beta version of its 2018 HMDA data platform. The platform is for the reporting of data collected in 2018 that must be reported in 2019.
During the beta period, reporting institutions can test and retest 2018 HMDA data files as often as desired to assess if their Loan…
CFPB Settles With VA Lender Regarding Claims of Deception
By Richard J. Andreano, Jr. on
The CFPB recently filed a complaint and a proposed stipulated final judgment and order to address claims that Village Capital & Investments LLC (Village) engaged in deceptive acts and practices in the solicitation of veterans for mortgage refinance loans to be guaranteed by the Department of Veterans Affairs (VA).
The CFPB asserts that between March…
Another Temporary Extension of the Flood Insurance Program
By Richard J. Andreano, Jr. on
Posted in Flood Insurance, Mortgages
As previously reported, the National Flood Insurance Program was scheduled to expire on November 30, 2018 and Congress extended the Program to December 7, 2018. The US House of Representatives and US Senate have once again voted to temporarily extend the Program, this time until December 21, 2018. Perhaps Congress is hoping that someone…
One Week Extension of Flood Insurance Program
By Richard J. Andreano, Jr. on
Posted in Flood Insurance, Mortgages
As previously reported, the National Flood Insurance Program was scheduled to expire on November 30, 2018. Once again, Congress has kicked the can down the road by authorizing a temporary extension of the Program, rather than adopting a long-term, sensible reform of the Program. This time the kick was short, as the extension is…
Banking Agencies Propose Rule to Increase Appraisal Exemption Transaction Value
By Richard J. Andreano, Jr. on
The FDIC, Federal Reserve Board and Comptroller of the Currency are proposing a rule to implement a rural property appraisal exemption under the Economic Growth, Regulatory Relief, and Consumer Protection Act (the Act) and also increase the appraisal exemption based on transaction value from $250,000 to $400,000.
As we reported previously, the Act…