Posts on mortgage compliance and industry regulation including TRID, HMDA, and MERS.
Under the new HMDA rules, CFPB is requiring lenders to gather and report additional information on borrower age and ethnicity, along with loan and fee information. In line with these changes, Fannie and Freddie created a new improved Uniform Residential Loan Application (URLA) which will assist lenders in obtaining this information. (More Data) Under the new rules, a lender must…
On September 27th, FHA announced their new proposals to ease their process for approving both condo projects and individual units in a non-approved project. The real estate community sees this as a step in the right direction. The intent is to make more condo units available for FFHA-insured financing, thus helping to make more affordable housing available to low to…
Speaking at MBA’s Legal and Regulatory Conference in Washington, DC, Peggy Twohig, CFPB’s Assistant Director, said that the CFPB is generally pleased with what lenders have done to comply with the new Dodd-Frank rules. Interestingly, she mentioned ability to repay and LO comp, but not TRID. I guess it’s a little too soon to tell. With some exceptions, they also…
My recent blog on the CHOICE Act talked about what’s broken in Washington, DC. Here’s a little more detail on the political wrangling that went on behind the scenes when the CHOICE Act went before the House Financial Services Committee for markup. (CHOICE) The Democrats decision to offer no alternatives or amendments to the proposals in the ACT, although unusual,…
In June, House Financial Services Committee Chair, Jeb Hensarling (R-Texas), introduced legislation to roll back Dodd-Frank. This legislation, H.R. 5983, is known as the Financial CHOICE Act (Creating Hope and Opportunity for Investors, Consumers, and Entrepreneurs). Cute. Do they have people in Washington whose sole responsibility is to come up with these little ditties as acronyms for legislation? I wonder.…
Same old song. This time to the tune of $52.4 million paid by Regions Financial Corporation of Birmingham, AL to HUD settling an action brought under the False Claims Act by the Department of Justice (DOJ). Under this settlement, Regions acknowledged it made and certified FHA insured loans that did not meet all required underwriting criteria. As a result, FHA-insured…
