ABA Banker: Rushing TILA-RESPA Integration Poses Risks to Customers
The rush to implement the TILA-RESPA integrated mortgage disclosures on Aug. 1 poses risks to customers, Cindy Lowman told a House Financial Services Committee panel today.
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.
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.
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.
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.
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.
CFPB Declines Congressional Appeals for TILA-RESPA Grace Period
In an April 22 letter released today, Consumer Financial Protection Bureau Director Richard Cordray declined congressional appeals to provide a grace period for enforcement of the TILA-RESPA integrated disclosures that come into force on Aug. 1.
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.
ABA Offers Free Resources for American Housing Month
In celebration of American Housing Month in June, ABA is offering a number of resources to help bankers promote consumer awareness about their housing options.