The Consumer Financial Protection Bureau on Aug. 18 issued a notice of proposed rulemaking to create a new category of seasoned qualified mortgages, called “Seasoned QMs,” to “encourage innovation and help ensure access to responsible, affordable in the mortgage credit market.”
Tag: Consumer Financial Protection Bureau
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 Shares Recommendations With CFPB Regarding LIBOR Transition
The Mortgage Bankers Association shared recommendations with the Consumer Financial Protection Bureau regarding the bureau’s proposed rule to amend Regulation Z to facilitate the transition away from LIBOR.
FHA Proposes Streamlined Single-Family Servicing Policies; CFPB Touts Benefits of Credit Builder Loans
The Federal Housing Administration last 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 9, 2020
Rocket Companies Inc., Detroit, filed a long-speculated registration statement on Form S-1 with the Securities and Exchange Commission relating to a proposed initial public offering of its Class A common stock.
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.
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, independent director, is unconstitutional, but stopped short of allowing the Trump Administration to dismantle the agency.
CFPB Issues Interpretive Rule on Determining Underserved Areas; Final Rule on Loss Mitigation Options for Homeowners with COVID-Related Hardships
The Consumer Financial Protection Bureau issued an interpretive rule to provide guidance to creditors and other persons involved in the mortgage origination process about the way in which the Bureau determines which counties qualify as “underserved” for a given calendar year.
CFPB Issues Notices of Rulemaking to Address GSE ‘Patch’
The Consumer Financial Protection Bureau Monday issued two Notices of Proposed Rulemaking to address the impending expiration of the Government-Sponsored Enterprises Patch, also known as the GSE Patch, which affects nearly one million mortgage loans.