The Consumer Financial Protection Bureau recently published its Summer 2023 Supervisory Highlights and maybe most importantly for mortgage lenders, there are potential significant changes to how the LO Comp rule is interpreted. Join MBA and industry experts as we walk through the current understanding of the LO Comp guidance and what it means for your policies and procedures.
Tag: Consumer Financial Protection Bureau
MBA Opposes Proposed Rulemaking Implementing Basel III Endgame and Making Changes to Capital Requirements for Banks
The Mortgage Bankers Association strongly urged federal policymakers to vote against a proposed Notice of Proposed Rulemaking implementing the Basel III “endgame” rule, which is set for consideration on July 27. The rule is expected to impose a 15 to 20 percent increase in capital requirements for larger institutions.
In Amici Brief to SCOTUS, MBA, Trade Groups Stress Importance of Mortgage Market Stability
While the brief takes no position on whether the Bureau is constitutionally funded, it urges the Court to avoid ruling in a manner that would disrupt the housing and mortgage markets, harming both consumers and the economy.
Industry Briefs May 16, 2023: FHFA Requests Input on GSEs’ Single-Family Pricing Framework
LenderLogix, Buffalo, N.Y., announced its streamlined point-of-sale LiteSpeed now offers a Spanish version of the residential loan application to support communication with Spanish-speaking borrowers in their native language.
CFPB Proposes New PACE Financing Rules
The Consumer Financial Protection Bureau on Monday proposed a rule to implement a congressional mandate to establish consumer protections for residential Property Assessed Clean Energy (PACE) loans.
CFPB Proposes New PACE Financing Rules
The Consumer Financial Protection Bureau on Monday proposed a rule to implement a congressional mandate to establish consumer protections for residential Property Assessed Clean Energy (PACE) loans.
Industry Briefs Apr. 27, 2023: Realfinity Partners with NFM Lending
Realfinity, Miami, announced a partnership with NFM Lending, a national mortgage lender, bringing together Realfinity’s private-label HomeDashboard platform with NFM Lending’s loan products.
CFPB Issues Guidance on ‘Zombie’ Mortgage Illegal Collection Tactics
The Consumer Financial Protection Bureau on Wednesday issued guidance on debt collectors, covered by the Fair Debt Collection Practices Act, threatening to foreclose on homes with mortgages past the statute of limitations.
CFPB, Federal Agencies Warn of AI Bias Risks
The Consumer Financial Protection Bureau and three other federal agencies on Tuesday issued a joint statement cautioning financial firms that use of artificial intelligence could increase risk of bias and civil rights violations.
MBA Amicus Brief: Lenders Not Liable for Actions of Independent Appraisers
The Mortgage Bankers Association on Friday filed an amicus brief in litigation in response to a statement of interest filed by the Consumer Financial Protection Bureau and Department of Justice examining the liability standard that would apply to lenders for the acts of independent, third-party appraisers.