Posts on mortgage compliance and industry regulation including TRID, HMDA, and MERS.
For those of you who were hoping, and maybe believing, the CFPB and their Director, Richard Cordray, were going away, it looks as though that may not happen anytime soon. CFPB just announced plans to hold public hearings on the potential for use and the benefits of non-traditional sources to establish a consumer’s credit profile for lending purposes. Today, most…
Happy Valentine’s Day, Mr. President. Another Executive Order (EO) bites the dust. This time the EO issued for Reducing Regulations and Controlling Regulatory Costs. According to a memorandum issued by the Office of Information and Regulatory Affairs’ acting Administrator, Dominic Mancini, the requirements outlined in Section 2 of the EO do not apply to all agencies. One agency that is…
There’s been much speculation surrounding President Trump’s Executive Order calling for the review of Dodd-Frank. This could include anything from amendments to the rule, the elimination of the CFPB, to an outright repeal of the Act. No one really knows for sure exactly what will happen. One thing we do know is that when the order was signed by the…
The headline read: “President Trump Signs Order to Start Dismantling Dodd-Frank.” Say what? Dodd-Frank is a law passed by Congress. To dismantle it, as reported, would take an Act of Congress as well. This is not something that can be changed by any President with the stroke of a pen. So, let’s take a closer look at what the President actually…
The DOJ strikes again. JPMorgan Chase is paying $55 million to settle a lawsuit accusing it of discrimination in their mortgage lending practices. (DOJ Fine) According to the complaint filed by the US Department of Justice, Chase allowed Brokers originating loans for them to charge minority borrowers higher rates than rates charged to white borrowers. Chase did not directly charge…
In case you haven’t heard, President Trump officially suspended the reduction in the annual FHA premium previously announced by FHA. With the stroke of a pen, Mr. Trump made one of his first official presidential acts to officially suspend the rate cut indefinitely. This action has caused quite a stir in the housing and mortgage communities. Some say it is…
