MBA Asks CFPB to Extend GSE ‘Patch’ Sunset

The Mortgage Bankers Association, in a comment letter yesterday to the Consumer Financial Protection Bureau, asked the Bureau to extend the temporary GSE Qualified Mortgage loan definition, also known as the GSE “Patch,” for an additional six months following the effective date for the revised general QM parameters.

MBA, Trade Groups Ask CFPB to Extend Comment Period on ECOA Request for Information

The Mortgage Bankers Association and nearly a dozen industry trade organizations yesterday asked the Consumer Financial Protection Bureau to extend the comment period on its Request for Information on expanding access to credit through Regulation B, which implements the Equal Credit Opportunity Act.

MBA Asks CFPB to Extend GSE ‘Patch’ Sunset

The Mortgage Bankers Association, in a comment letter yesterday to the Consumer Financial Protection Bureau, asked the Bureau to extend the temporary GSE Qualified Mortgage loan definition, also known as the GSE “Patch,” for an additional six months following the effective date for the revised general QM parameters.

CFPB Issues RFI on Credit Discrimination

The Consumer Financial Protection Bureau issued a request for information to seek public input on “how best to create a regulatory environment” that expands access to credit and ensures that all consumers and communities are protected from discrimination in all aspects of a credit transaction.

The Week Ahead

The Federal Open Market Committee holds its next Policy Meeting this Tuesday, July 28 and Wednesday, July 29. While Fed-watchers don’t expect the FOMC to take action on the federal funds rate—it’s already at zero—they will, as usual, go over the Wednesday statement with a fine-toothed editing pencil to gain insight on other steps to boost an uncertain economy amid the global coronavirus pandemic.

FHA Proposes Streamlined Single-Family Servicing Policies; CFPB Touts Benefits of Credit Builder Loans

The Federal Housing Administration this week published proposed revisions to its Single-Family servicing policies, designed to remove “unnecessary barriers” for homeowners seeking mortgage payment relief, achieve operational consistency with industry standard best practices and reduce burdens incurred by the industry when servicing an FHA-insured mortgage portfolio.

Industry Briefs July 14, 2020

FirstClose Inc., Austin, Texas, a provider of technology platforms for banks and credit unions, partnered with Temenos, a banking software company. With integration of the FirstClose ONE platform into Temenos Infinity Loan Origination, customers can order instant and bundled reports on credit, flood, valuation, tax and title directly from the loan origination system.

Industry Briefs July 7, 2020

CoreLogic, Irvine, Calif., launched OneHome, a virtual, collaborative platform for real estate agents and their clients looking to buy, sell or make improvements to a home. Following a launch with Ohio-based Yes-MLS, OneHome is expected to be nationally available by the end of 2020 to the more than 850,000 real estate agents in North America who currently use CoreLogic’s multiple listing platform.

CFPB Issues Proposed Rule on Reg Z Escrow Exemptions

The Consumer Financial Protection Bureau on Thursday issued a notice of proposed rulemaking that would amend Regulation Z to provide a new exemption available to certain insured depository institutions and insured credit unions from the requirement to establish escrow accounts for certain higher-priced mortgage loans.

Supreme Court Rules Independent CFPB Director Unconstitutional

A divided Supreme Court on Monday ruled the current structure of the Consumer Financial Protection Bureau, with power resting with a single director, is unconstitutional, but stopped short of allowing the Trump Administration to dismantle the agency.