Mortgage

ABA Survey: TILA-RESPA Compliance Systems Not Ready

Mortgage bankers preparing for the implementation of the TILA-RESPA integrated disclosures are uncertain that they and their vendors will be ready for the switchover to the new disclosure regime, which takes place for all mortgage applications starting Aug. 1, according to an ABA survey released today.

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FHFA to Revisit Affordable Housing Goals for FHLBs

After hearing from Federal Home Loan Banks that uncertainty about affordable housing goals is limiting their mortgage purchases from member institutions, the Federal Housing Finance Agency will revisit the goals, FHFA Director Mel Watt said today.

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Shelby’s Sweeping Financial Reform Bill Would Advance ABA Goals

Senate Banking Committee Chairman Richard Shelby (R-Ala.) today released a draft of a sweeping financial reform bill that would provide regulatory relief for banks of all sizes, tailor the regulatory structure for systemically important banks and begin restructuring within the Federal Reserve System and at Fannie Mae and Freddie Mac.

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CFPB Warns Lenders to Consider Section 8 Voucher Income

The Consumer Financial Protection Bureau today issued a bulletin reminding creditors to include income from Section 8 homeownership vouchers when underwriting mortgage loans, in keeping with the prohibition on discrimination based on income derived from a public assistance program under the Equal Credit Opportunity Act and Regulation B.

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FHFA’s Watt Announces Final Extension of HAMP, HARP

Fannie Mae and Freddie Mac will participate in the federal government’s Home Affordable Modification Program and Home Affordable Refinance Program through the end of 2016, Federal Housing Finance Agency Director Mel Watt said in a speech on Friday in Los Angeles.

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Fannie Mae Profits Improve in First Quarter

Fannie Mae today said that it earned net income of $1.9 billion in the first quarter. Like Freddie Mac’s report on Tuesday, Fannie’s profits rebounded slightly from a weak final quarter of 2014, but it was still well below the $5.3 billion earned in the first quarter of 2014.

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