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Senate Banking Committee schedules Dec. 5 markup of regulatory reform bill

Last week, members of the Senate Banking Committee announced that they had reached bipartisan agreement on “legislative proposals to improve our nation’s financial regulatory framework and promote economic growth.” ...more

The Financial CHOICE Act, now closer to passage, would significantly impact the mortgage industry

On May 4 H.R. 10, the Financial CHOICE Act (the Act) introduced by House Financial Services Committee Chairman Jeb Hensarling, R-Texas, obtained enough votes to move the bill on to the House of Representatives floor.  The Act...more

House Passes Bill to Curb QM requirements

The U.S. House of Representatives passed a bill that would provide a safe harbor exception for depository institutions from certain provisions of the Truth in Lending Act and Regulation Z, and for mortgage originators from...more

House Financial Services Committee passes CFPB-related bills including bill creating TRID Rule hold harmless period

Wednesday, the following four CFPB-related bills were passed by the House Financial Services Committee: H.R. 3192, the “Homebuyers Assistance Act”: The bill would provide a hold harmless period for the TILA/RESPA Integrated...more

CFPB takes aim (again) at loan originator compensation

Two days after announcing a proposed consent order with a mortgage company and its CEO to settle charges that the company paid bonuses and higher commissions to loan officers in violation of the Regulation Z loan originator...more

Shelby Draft Regulatory Relief Bill Addresses Various Residential Mortgage Issues

Senator Richard Shelby (R-AL) released a draft of a regulatory reform bill titled “The Financial Regulatory Improvement Act of 2015” on May 12, 2015. The draft bill addresses various residential mortgage lending issues...more

CFPB finalizes amendments to TILA/RESPA integrated disclosures rule and loan originator rule

On Tuesday, January 20, the CFPB promulgated its first final rule of 2015, a series of minor amendments to the TILA/RESPA integrated disclosures (TRID) rule. The substantive changes to the TRID rule are (1) an extension of...more

CFPB settles second loan originator compensation case

The CFPB entered into a stipulated order and final judgment with Franklin Loan Corporation (Franklin) to settle allegations that Franklin paid its employee loan originators compensation based on the interest rates charged on...more

CFPB issues revised mortgage servicing and origination exam procedures

The CFPB has revised its examination procedures for mortgage servicing and mortgage origination. The revisions are intended to update the CFPB’s existing examination procedures to reflect the new mortgage rules which became...more

Federal financial regulatory agencies finalize appraisal requirement exemptions

The CFPB, Fed, FDIC, FHFA, NCUA, and OCC have finalized a supplemental rule creating several exemptions to the appraisal requirements for higher-priced mortgage loans (HPML). Those requirements are contained in the final rule...more

CFPB settles lawsuit challenging loan officer bonuses

For mortgage industry members wondering how serious the CFPB will be when enforcing the Regulation Z loan originator compensation rule (“LO Compensation Rule”) we now have an answer— $13 million dollars serious. ...more

CFPB files lawsuit challenging loan officer bonuses

It appears the CFPB wants to send a warning through the lawsuit it filed yesterday in a Utah federal court against a mortgage company and two of its officers for allegedly paying illegal bonuses to loan officers that were...more

CFPB Proposes Changes to Points and Fees, Loan Originator Compensation Provisions

As we reported in CFPB Monitor, the Consumer Financial Protection Bureau proposed changes earlier this week to the mortgage rules adopted in January 2013. Comments on the proposal are due July 22, 2013....more

CFPB proposes further changes to mortgage rules

On Monday, the CFPB proposed additional changes to the mortgage rules adopted in January 2013. Comments on the proposed changes are due by July 22, 2013....more

Mortgage Banking Update - February 21, 2013

In This Issue: - MERS Has Power To Assign Interest in Deed of Trust, Borrower Can Challenge Assignment of Mortgage, First Circuit Rules - Federal Judge Refuses To Dismiss Arizona Mortgage Class Action Alleging...more

CFPB issues final rules on mortgage servicing, appraisals and loan originator compensation

The regulatory barrage continued last week with the CFPB issuing the last batch of mortgage-related rules it was required to finalize by the Dodd-Frank Act’s January 21 deadline....more

CFPB Issues Final Rule on Loan Originator Compensation Requirements

The CFPB has issued a final rule to incorporate Dodd-Frank requirements into the existing Regulation Z loan originator compensation rule that applies to mortgage loans....more

Mortgage Banking Update - January 10, 2013

In This Issue: - Ohio Enacts the Nation's First Transitional MLO Licensing Law for Out-of-State MLOs - Noted Data Security and Privacy Attorney Amy Mushahwar Joins Ballard Spahr - Information Security...more

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