Browsing: Mortgage

Compliance and Risk

The Consumer Financial Protection Bureau yesterday issued a report describing several lenders’ reverse mortgage advertisements as confusing to seniors. Based on focus groups of seniors, the CFPB said several reverse mortgage ads inadequately disclosed that reverse mortgages are loans, offered incomplete or inaccurate information about loan terms and included illegible fine print.

Compliance and Risk

With the Aug. 1 TILA/RESPA integrated disclosure implementation date approaching soon and members facing questions about the complex new requirements, ABA has created a webpage dedicated to TRID frequently asked questions.

Legal

The Supreme Court today ruled unanimously against borrowers who sought to void second mortgages in Chapter 7 bankruptcy when their houses were worth less than the balance owed on the first mortgages. ABA filed a friend-of-the-court brief in the cases — Bank of America v. Caulkett and Bank of America v. Toledo-Cardona¬ — arguing that the lower court rulings allowing junior liens to be “stripped off” did not align with previous Supreme Court rulings and would cause widespread disruption in housing markets.

Mortgage

The Federal Home Loan Banks of Seattle and Des Moines, Iowa, today announced that their merger is complete. The combined entity, serving nearly 1,500 financial institutions in 13 upper Midwestern and northwestern states plus Pacific island territories, remains headquartered in Des Moines.

Mortgage

More than 544,000 borrowers in the first quarter refinanced their Fannie Mae or Freddie Mac mortgage loans, with about 31,600 of those happening through the Home Affordable Refinance Program, the Federal Housing Finance Agency said yesterday.

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