Mortgages, Reporting Requirements

Highlights from the CFPB’s Spring 2024 Semi-Annual Regulatory Agenda

Troutman Pepper on 7/22/2024

The Consumer Financial Protection Bureau (CFPB or Bureau) recently released its semi-annual regulatory agenda, outlining its planned rulemaking initiatives. The CFPB releases regulatory agendas twice a year in voluntary...more

CFPB Releases Mortgage Servicing Report on Borrower Experiences During the COVID-19 Pandemic

Ballard Spahr LLP on 7/16/2024

The complexity of loss mitigation programs designed to assist distressed mortgage borrowers during the COVID-19 pandemic may have been too daunting for many borrowers to seek help, the CFPB said, in a report released last...more

CFPB Issues Proposed Rule Amending Mortgage Servicing Rules

Ballard Spahr LLP on 7/16/2024

The CFPB recently issued its long-awaited proposed rule amending the mortgage servicing rules under Regulation X, with a focus on streamlining and expanding the loss mitigation procedures and foreclosure protections. The...more

Possible… but Practical? HUD’s New 12 Hour Cyber Incident Reporting Requirement for FHA-Approved Mortgagees

Wyrick Robbins Yates & Ponton LLP on 7/10/2024

On May 23, 2024, the U.S. Department of Housing and Urban Development (“HUD”) issued requirements, effective immediately, for all FHA-approved mortgagees to report certain cyber incidents to HUD within 12 hours of detection....more

Nutter Bank Report: June 2024

Nutter McClennen & Fish LLP on 6/28/2024

The CFPB, as part of its initiative to accelerate the shift to open banking in the United States, issued a final rule on June 5 that outlines the qualifications to become a recognized industry standard setting body, which can...more

CFPB Files $3.95M Proposed Order to Settle HMDA Lawsuit Against Florida-Based Mortgage Company

Sheppard Mullin Richter & Hampton LLP on 6/24/2024

On June 18, the CFPB filed a proposed final judgment that would require a Florida-based nonbank mortgage originator and servicer to pay a $3.95 million civil money penalty and implement corrective actions requiring the...more

FHA Requiring Reporting of Significant Cybersecurity Incidents

Ballard Spahr LLP on 5/28/2024

In Mortgagee Letter 2024-10, FHA announced a requirement for FHA approved lenders to notify the U.S. Department of Housing and Urban Development (HUD) of Significant Cybersecurity Incidents. The Mortgagee Letter, which is...more

FFIEC releases 2022 HMDA data (UPDATE)

Orrick, Herrington & Sutcliffe LLP on 7/10/2023

On June 29, the Federal Financial Institutions Examinations Council (FFIEC) released the 2022 HMDA data on mortgage lending transactions at 4,460 covered institutions (an increase from the 4,338 reporting institutions in...more

FFIEC announces release of 2022 HMDA data

Ballard Spahr LLP on 7/5/2023

The Federal Financial Institutions Examination Council (FFIEC) recently announced the release of the 2022 Home Mortgage Disclosure Act (HMDA) data. The CFPB also released a summary of the data....more

FFIEC releases 2022 HMDA data

Orrick, Herrington & Sutcliffe LLP on 3/27/2023

On March 20, the CFPB announced the release of the 2022 HMDA modified loan application register (LAR) data. The LAR data, available on the Federal Financial Institutions Examination Council’s HMDA platform, contains modified...more

CFPB Releases Voluntary Report On October 2015 and Subsequent HMDA Rule Amendments

Ballard Spahr LLP on 3/8/2023

As previously reported, in June 2021 the CFPB announced that it would conduct a voluntary review of the significant amendments to the Home Mortgage Disclosure Act (HMDA) rule adopted in October 2015, most of which became...more

CFPB Issues 2023 Reportable HMDA Data Chart

Ballard Spahr LLP on 2/15/2023

The CFPB recently issued a chart entitled Reportable HMDA Data: A Regulatory and Reporting Overview Reference Chart for HMDA Data Collected in 2023. ...more

2020 HMDA Final Rule Partially Vacated: Closed-End Loan Reporting Threshold Lowered

Troutman Pepper on 12/12/2022

As we previously discussed here, in 2020 the Consumer Financial Protection Bureau (CFPB) issued a final Home Mortgage Disclosure Act (HMDA) rule amending Regulation C to raise institutional and transactional coverage...more

CFPB Addresses Approach to Court Order Overturning Closed-End Loan HMDA Reporting Threshold

Ballard Spahr LLP on 12/8/2022

In a recent blog post, the CFPB addressed its approach to the court ruling that overturned the part of a CFPB April 2020 Home Mortgage Disclosure Act (HMDA) rule that increased the threshold to report closed-end mortgage...more

CFPB Issues Reminder of New Threshold for Reporting HMDA Open-End Lines of Credit Data

Goodwin on 11/22/2021

In This Issue. The Consumer Financial Protection Bureau (CFPB) reminded institutions of a new threshold for reporting Home Mortgage Disclosure Act data about open-end lines of credit; the Financial Crimes Enforcement Network...more

FFIEC Issues 2021 HMDA Guide

Ballard Spahr LLP on 4/1/2021

The Federal Financial Institutions Examination Council (FFIEC) recently issued the 2021 edition of A Guide to HMDA Reporting (Guide). The Guide addresses the collection and reporting of residential mortgage loan application...more

CFPB Announces Availability of 2020 HMDA Data

Ballard Spahr LLP on 4/1/2021

The CFPB recently announced the public availability of calendar year 2020 residential mortgage loan application data reported under the Home Mortgage Disclosure Act (HMDA). ...more

When in Doubt, Report Cybersecurity Events

Harris Beach PLLC on 3/18/2021

The New York State Department of Financial Services (DFS) announced the $1.5 million settlement of its investigation of Residential Mortgage Services (RMS) surrounding the unauthorized access to an email account which...more

New York to Impose New Foreclosure, Loss Mitigation, and Reporting Requirements for Home Equity Conversion Mortgages

Locke Lord LLP on 12/18/2020

On December 15, 2020, New York Governor Andrew Cuomo signed into law Senate Bill 4408, which amends the Real Property Law by adding a new section 280-d. The amendment will become effective on April 14, 2021, and the...more

[Virtual Event] 27th NATIONAL FORUM ON Residential Mortgage Regulatory Enforcement & Litigation - November 17th - 18th, 9:00 am -...

American Conference Institute (ACI) on 11/13/2020

ACI’s Residential Mortgage Forum is a premier gathering of leading servicers, lenders, external counsel, and regulators engaging in dialogue on how to navigate the very complex residential mortgage enforcement and litigation...more

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