The Consumer Financial Protection Bureau today proposed certain changes to the TILA-RESPA integrated disclosures, including some advocated by ABA to improve the ability of lenders to comply with TRID and avoid unnecessary constrictions of mortgage credit.
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Earlier this month, the Rural Housing Service amended the regulations surrounding its Single Family Housing Guaranteed Loan program.
In a letter to the heads of banking and mortgage trade associations today, Consumer Financial Protection Bureau Director Richard Corday said the the bureau’s plans to fast-track a notice of proposed rulemaking on the TILA-RESPA integrated disclosures after extensive calls for further guidance by ABA and other industry groups. Cordray added that the bureau also plans to hold meetings with the associations in advance of the rulemaking to further discuss the rule.
Members of the Federal Reserve’s Community Depository Institutions Advisory Council — which includes several ABA member bank CEOs — raised concerns over the difficult regulatory landscape facing community banks in a recent meeting, according to minutes released by the Fed.
The percentage of Qualified Mortgages originated by banks declined in 2015, falling to 86 percent from 90 percent in 2014, according to ABA’s latest Residential Real Estate Survey released today as the association kicks off its annual Real Estate Lending Conference in San Antonio.
Data security and fraud topics dominated ABA’s media agenda in the first quarter of 2016, according to the ABA Public Relations Quarterly Report.
The American Bankers Association today responded to inquiries from House Financial Services Committee members about the effects of the TILA-RESPA Integrated Disclosure rule on the financial services industry.
The Consumer Financial Protection Bureau today posted a recording of its March 1 webinar on complying with the TILA-RESPA integrated disclosures for construction loans.
In congressional testimony yesterday, Consumer Financial Protection Bureau Director Richard Cordray said that the bureau would provide further question-and-answer guidance to the financial and housing industries on complying with the TILA-RESPA integrated disclosures, which — since TRID took effect in October 2015 — have been delaying mortgage closings, according to a recent ABA survey.
More than three-quarters of bankers surveyed say that they have experienced delays in loan closings as a result of the TILA-RESPA integrated disclosures that took effect last fall, according to an ABA survey released today.