Tag: MBA Advocacy Update

Last Thursday MBA asked HUD to withhold publication of its final disparate impact rule and to bring the housing, lending and civil rights communities together for renewed discussions about how to address the wide housing and wealth gaps faced by communities of color.

Fannie Mae and Freddie Mac issued a lender letter and bulletin that offer additional information for market participants regarding implementation of the redesigned Uniform Residential Loan Application. Late last week, Ginnie Mae issued APM 20-08 and APM 20-09, both of which clarify requirements relevant to independent mortgage bank issuers. And MBA joined a coalition of trade groups to provide ex parte comments in response to the FCC’s June 25 draft order establishing a call-blocking safe harbor.

Fannie Mae and Freddie Mac issued a lender letter and bulletin that offer additional information for market participants regarding implementation of the redesigned Uniform Residential Loan Application. Late last week, Ginnie Mae issued APM 20-08 and APM 20-09, both of which clarify requirements relevant to independent mortgage bank issuers. And MBA joined a coalition of trade groups to provide ex parte comments in response to the FCC’s June 25 draft order establishing a call-blocking safe harbor.

On Monday, the U.S. Supreme Court issued its decision in Seila Law LLC v. Consumer Financial Protection Bureau, holding that the Consumer Financial Protection Bureau’s single-director structure violates the Constitution’s separation of powers scheme while also ruling that the CFPB can continue to operate.

On Monday, the U.S. Supreme Court issued its decision in Seila Law LLC v. Consumer Financial Protection Bureau, holding that the Consumer Financial Protection Bureau’s single-director structure violates the Constitution’s separation of powers scheme while also ruling that the CFPB can continue to operate.

Last week, the Consumer Financial Protection Bureau released two Notices of Proposed Rulemaking revising Regulation Z’s QM provisions in response to the scheduled expiration of the GSE Patch on January 10, 2021. The CFPB also issued an Interim Final Rule that will facilitate servicers’ ability to offer streamlined deferral options to borrowers as they exit COVID-19-related forbearance.

Last week, the Consumer Financial Protection Bureau released two Notices of Proposed Rulemaking revising Regulation Z’s QM provisions in response to the scheduled expiration of the GSE Patch on January 10, 2021. The CFPB also issued an Interim Final Rule that will facilitate servicers’ ability to offer streamlined deferral options to borrowers as they exit COVID-19-related forbearance.

Last week, Federal Reserve Chairman Jerome Powell appeared before both the Senate Banking and House Financial Services Committees to give his semi-annual monetary report to Congress. Last Thursday, California Assembly Bill 2501, which would have enacted sweeping new forbearance standards beyond federal CARES Act mandates for residential and multifamily mortgages, was not approved ahead of a critical procedural deadline – a big win for the industry.

Last week, Federal Reserve Chairman Jerome Powell appeared before both the Senate Banking and House Financial Services Committees to give his semi-annual monetary report to Congress. Last Thursday, California Assembly Bill 2501, which would have enacted sweeping new forbearance standards beyond federal CARES Act mandates for residential and multifamily mortgages, was not approved ahead of a critical procedural deadline – a big win for the industry.