The Consumer Financial Protection Bureau today issued an interpretive rule intended to help lenders comply with the requirement in its mortgage servicing and high-cost mortgage rules to provide a list — shortly after a borrower applies for a mortgage — of Department of Housing and Urban Development-approved housing counselors nearby.
By a bipartisan 286-140 vote, the House today passed H.R. 685, a bill introduced by Rep. Bill Huizenga (R-Mich.) that would provide needed clarifications on the Qualified Mortgage rule’s points and fees test as part of ABA’s Agenda for America’s Hometown Banks.
The OCC today updated its Comptroller’s Handbook guidance on complying with the Real Estate Settlement Procedures Act and Regulation X.
The Consumer Financial Protection Bureau yesterday released a new toolkit to “help consumers take full advantage of the new Loan Estimate and Closing Disclosure forms that lenders are required to begin providing in August.”
ABA on Monday welcomed the Consumer Financial Protection Bureau’s proposed changes — many previously advocated by ABA — that will increase the number of banks able to benefit from the bureau’s small creditor and rural or underserved area exemptions in its mortgage rules.
Some 93.2 percent of mortgages were current and performing at the end of 2014, up slightly from 93 percent in the third quarter and up from 91.8 percent a year before, according to the Mortgage Metrics Report released on Friday by the OCC.
Through its Corporation for American Banking subsidiary, ABA today endorsed the reverse mortgage program from Reverse Mortgage Funding LLC.
ABA and several trade groups wrote to congressional appropriators on Friday urging them to maintain the prohibition on federal funds being used to facilitate the seizure of underwater mortgages through eminent domain, as has been contemplated by several cities.