The CFPB recently issued A Regulatory and Reporting Overview Reference Chart for HMDA Data Collected in 2019. As previously reported, the Economic Growth, Regulatory Relief, and Consumer Protection Act created an exemption from the reporting of the new HMDA data categories for smaller mortgage loan volume depository institutions and credit unions.… Continue Reading
mortgages
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 institutions collected data under the expanded requirements, and that data must be reported to the government by March 1, 2019.… Continue Reading
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 filing of 2018 data.… Continue Reading
National Flood Insurance Program Update
By Richard J. Andreano, Jr. on
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, 2019, and President Trump signed the extension on December 21.… Continue Reading
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 Application Register (LAR) data complies with the reporting requirements outlined in the Filing Instructions Guide for HMDA data collected in 2018.… Continue Reading
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 2017 and August 2018 Village employed loan officers in its San Antonio, Texas office who were responsible for making in-home sales presentations to veterans for VA Interest Rate Reduction Refinancing Loans to be made by Village.… Continue Reading
Another Temporary Extension of the Flood Insurance Program
By Richard J. Andreano, Jr. on
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 will come down the chimney and deliver a long-term, sensible reform of the Program.… Continue Reading
One Week Extension of Flood Insurance Program
By Richard J. Andreano, Jr. on
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 only until December 7, 2018.… Continue Reading
CFPB Revised Loan Originator Rule and HOEPA Rule Guides
By Richard J. Andreano, Jr. on
The CFPB recently issued revised versions of the small entity compliance guides for the Loan Originator Rule and the Home Ownership and Equity Protection Act (HOEPA) Rule.
While some of the most well-known provisions of the Loan Originator Rule are the provisions addressing loan originator compensation, the rule also defines the concept of a loan originator and addresses qualification and other requirements related to loan originators.… Continue Reading
Trade Groups Support Confirmation of Kraninger as CFPB Director
By Richard J. Andreano, Jr. on
A number of housing and financial industry trade groups, including the Mortgage Bankers Association and Real Estate Services Providers Council, Inc. (RESPRO®), recently sent a letter to Senators Mitch McConnell (R-KY) and Charles E. Schumer (D-NY) supporting the confirmation of Kathleen Kraninger as CFPB Director.
The trade groups state that Ms.… Continue Reading