Mortgage Daily, Apr. 27, 2018A final rule issued by the Consumer Financial Protection Bureau addresses disclosing changes to closing costs under integrated disclosures required under the Truth in Lending Act and Real Estate Settlement Procedures Act.
Category: Top National News
Dodd-Frank Rollback Hinges on Democrats’ Reply, Hensarling Says
Bloomberg, Apr. 26, 2018–Elizabeth DexheimerIt’s your move, Senate Democrats. That’s the word from House Financial Service Committee Chairman Jeb Hensarling on a standoff over a sweeping rollback of bank regulations put in place after the 2008 credit crisis.
Altisource Says CFPB Will Not Fine Company Over Relationship with Ocwen
HousingWire, Apr. 26, 2018–Ben LaneJust over a year ago, Altisource Portfolio Solutions disclosed that the Consumer Financial Protection Bureau was investigating the company’s relationship with Ocwen Financial, but now, it looks that investigation is over.
Conservatives Eye New Tax Cut for Capital Gains
The Hill, Apr. 25, 2018–Naomi JagodaRepublican lawmakers and prominent conservative leaders such as Grover Norquist say they want capital gains to be indexed to inflation, saying it would give the economy a boost. They are pursuing both legislation and regulatory action in an effort to achieve that goal.
HUD Proposes Raising Rent for People Receiving Federal Housing Subsidies
HousingWire, Apr. 25, 2018–Ben LaneAccording to HUD, Congress requires HUD-assisted households to provide 30% of their adjusted income toward rent while the government makes up the difference, up to a maximum amount. Under HUD’s proposal, that amount would increase to 35% of their net income.
Genworth Cuts its Mortgage Insurance Rates
HousingWire, Apr. 25, 2018–Kelsey RamirezGenworth Mortgage Insurance, an operating segment of Genworth Financial, announced Wednesday it will reduce its national monthly and single premium borrower-paid mortgage insurance rates.
Dozens of FHA Mortgagees Face HUD Actions
Mortgage Daily, Apr. 25, 2018HUD’s Mortgagee Review Board took actions against 20 FHA mortgagees during the past year.
Homebuyers are Stretching Their Budgets and Mortgage Limits to Win Bidding Wars
CNBC, Apr. 24, 2018–Diana OlickMore buyers are stretching their budgets, putting less money down or using adjustable rate loans that offer lower rates. Borrowers have more options for low-downpayment loans, options that were not available as recently as just a few years ago.
Mulvaney to Drop Public Complaints Against Firms, Change CFPB Name
National Mortgage News, Apr. 24, 2018–Rachel Witkowski (subscription)Acting Consumer Financial Protection Bureau Director Mick Mulvaney vowed to bankers on Tuesday that he would halt the agency’s actions against indirect auto dealers, stop posting consumer complaints online and change the bureau’s name.
Reg Relief in Limbo as House, Senate Refuse to Budge
National Mortgage News, Apr. 24, 2018–Neil Haggerty (subscription)A bill to provide community banks with regulatory relief remains stuck as House and Senate lawmakers are still at odds over whether to add provisions to the Senate effort.