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Entries in Mortgage Lending (19)


Financial Institutions...In the News

  • New federal requirements for banking institutions coming in 2016.  (MPBN 9.3.14)
  • Financial Institutions search for solutions to retail data breaches.  (Portland Press Herald 9.8.14)
  • Credit card use is on the rise while mortgage demand slows even though rates are at record lows for the year.  (Bangor Daily News 9.11.14)
  • Many older Americans are paying off student loan debts into retirement.  (Bangor Daily News 9.11.14)
  • 76 Million households affected by JPMorgan Chase data breach.  (Portland Press Herald 10.2.14)
  • Wealth-building 15-year mortgage may help homeownership.  (MPBN 10.4.14)
  • 10-Year deference of bonuses recommended by NY Fed President William Dudley to cover institutions’ fines from financial crisis.  (Bangor Daily News 10.20.2014)
  • Mortgage rates a bargain for 30-year fixed rate mortgages.  (Portland Press Herald 10.19.14)
  • Discussions of lowering mortgage requirements for homeowners are in the planning stages.  (Portland Press Herald 10.21.14)

CFPB Issues Small Entity Compliance Guide on Ability-to-Repay and Qualified Mortgage Rule

The Consumer Financial Protection Bureau (“CFPB”) recently issued a Small Entity Compliance Guide on the Ability-to-Repay and Qualified Mortgage Rule (the “Rule”). The Rule was issued under Dodd-Frank. The Guide provides an overall summary of the Rule and discusses application of the Rule in a Q&A format. The CFPB issued the final rule on January 10, 2013, with an effective date of January 10, 2014.

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CFPB Issues Guidance on Transfers of Residential Mortgages to Third-Party Servicers

The Consumer Financial Protection Bureau (“CFPB”) recently issued guidance regarding its expectations for when residential mortgage loans are transferred to mortgage servicers and subservicers (the “Guidance”). Servicing transfers of mortgages and mortgage portfolios are a common practice, with mortgage lenders outsourcing servicing duties (such as loan payment collection and processing) to a third-party vendor.

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CFPB Issues Final Rules Governing MLO Compensation Restrictions and Other Requirements under Regulation Z

The Consumer Financial Protection Bureau (“CFPB”) recently issued a final rule (the “Final Rule”) implementing restrictions on mortgage loan originator (“MLO”) compensation under Regulation Z (Truth in Lending), along with additional interpretive guidance. These restrictions, which prohibit MLO compensation based on mortgage loan terms, or “proxies” for such terms, were mandated under the Dodd-Frank Act. In a number of prior blogs, we discussed the CFPB’s evolving guidance on these restrictions. One issue of particular interest was whether profit-based retirement and bonus plans would be prohibited under the rationale that profit serves as a “proxy” for certain loan terms such as interest rate (a view taken by Federal Reserve staff members when the rule was first introduced).

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Financial Institutions...In The News

  • Two anticipated new rules for mortgage lending may make mortgage loans harder to come by.  Cleveland Plain Dealer, 11/5/12
  • Federal Reserve survey finds banks willing to lend, but not for mortgages.  Portland Press Herald, 10/31/12
  • Swiss banks, suspected of being a haven for tax evasion, under pressure to reduce secrecy.   Sun Journal/Washington Post, 11/4/12
  • Bank failures down in 2012.  Portland Press Herald, 10/28/12
  • National foreclosure inventory remains stable, but completed foreclosures down from last year.  Real Estate Economy Watch, 10/31/12;, 11/5/12
  • Cyber thieves steal $180,000 from Missouri company electronic bank account using a “virus-laden” email., 11/8/12