With uncertainty the rule, the best advice is to have banks’ change-management processes ready for whatever comes.
Lenders need assurances regarding legal and examination risk plus time for lenders to install or refine HMDA systems and achieve compliance.
CFPB said banks may need time to implement or adjust policies, procedures, systems and operations to comply with reporting obligations.
A federal judge recently moved to vacate CFPB regulations that expanded the number of small-volume lenders deemed exempt from Home Mortgage Disclosure Act reporting requirements. I
The share of mortgages originated by nonbanks continues to climb, accounting for 63.9% of home-purchase loans, up from 60.7% in 2020.
ABA Regulatory and Compliance Inbox: Can We Base Mortgage Credit Decisions on the Assets of the Borrower?
What would my bank report if instead of income it based the credit decision on the assets of the borrower?
As the CFPB undertakes its planned assessment of the 2015 Home Mortgage Disclosure Act regulations…
The CFPB today announced that it will undertake a review of its rules implementing the 2015 changes to the Home Mortgage Disclosure Act regulations.
Closed-end mortgage originations increased 65.2% in 2020, driven primarily by an increase in mortgage refinance loans, according to a new review of Home Mortgage Disclosure Act data released by the Consumer Financial Protection Bureau today.
Must the Bank Update the Loan Estimate if It Becomes Aware of Increases to Fees Unrelated to Extension of Rate Lock Agreement?
Questions and answers from the July/August 2021 ABA Regulatory Policy and Compliance Inbox.