CFPB Releases Strategic Plan

The Consumer Financial Protection Bureau this week released a five-year blueprint that establishes its mission, strategic goals and strategic objectives. The Bureau’s strategic plan includes three strategic goals: Ensure that all consumers have access to markets for consumer financial products and services. Implement and enforce the law consistently to ensure that markets for consumer financial … more CFPB Releases Strategic Plan

Full D.C. Circuit Rejects CFPB Interpretation of RESPA, But Upholds Agency Structure

By Weiner Brodsky Kider, PC The full D.C. Circuit Court of Appeals on Wednesday reinstated a three-judge panel’s decision holding that the CFPB’s interpretation of Section 8 of the Real Estate Settlement Procedures Act (RESPA) is contrary to law and violated PHH’s due process rights. By reinstating the panel’s unanimous decision regarding RESPA, the court … more Full D.C. Circuit Rejects CFPB Interpretation of RESPA, But Upholds Agency Structure

What the Government Shutdown Means for the HECM Program

The government shutdown does not not impact your clients’ ability to receive monthly payments or access funds from their lines of credit. However, FHA will stop insuring new HECM reverse mortgages until the government reopens. Lenders can still close loans with the understanding that they won’t be insured until a later date. In general, FHA … more What the Government Shutdown Means for the HECM Program

CFPB Seeks Public Input On Its Policies and Practices

The Consumer Financial Protection Bureau said this week that it will be issuing a “call for evidence” in the coming weeks to ensure the Bureau is fulfilling its proper and appropriate functions to best protect consumers. The CFPB will publish in the Federal Register a series of Requests for Information (RFIs) seeking comment on enforcement, … more CFPB Seeks Public Input On Its Policies and Practices

Former FHA Commissioner Recommends Separating HECM From MMI Fund

Public policy experts debated proposals to strengthen FHA for the future needs of U.S. housing at an event hosted by the Urban Institute in Washington, DC, on Tuesday. Carol Galante, an FHA Commissioner during the Obama Administration, presented strategies to sustain the government’s support of underserved populations while also continuing to serve a broad spectrum … more Former FHA Commissioner Recommends Separating HECM From MMI Fund

FHA Clarifies Upfront MIP Formula For HECM Refinances

In one of its final acts of 2017, the Federal Housing Administration published FHA Connection (FHAC) Release Notes that updated and clarified its formula for calculating the initial mortgage insurance premium for refinanced Home Equity Conversion Mortgages. The announcement was made via FHA Info #17-59, published on Friday, December 29, and posted to the HECM Lenders … more FHA Clarifies Upfront MIP Formula For HECM Refinances

FHA Changes IMIP Formula For HECM Refinances

The Federal Housing Administration today published FHA Info #17-59 announcing that it has posted on its HECM for Lenders page on hud.gov, FHA Connection (FHAC) Release Notes, dated December 28, 2017, for the Initial Mortgage Insurance Premium (IMIP) formula for HECM refinance cases. The formula was modified on November 14, 2017, and affects only HECM … more FHA Changes IMIP Formula For HECM Refinances

CFPB Will Not Assess Penalties for 2018 HMDA Data Submissions

The Consumer Financial Protection Bureau announced today that it will not assess penalties with respect to errors in Home Mortgage Disclosure Act data collected in 2018 and reported in 2019, and will not require banks to resubmit data for that period unless errors are found to be material. Banks must begin submitting HMDA data collected in 2017 … more CFPB Will Not Assess Penalties for 2018 HMDA Data Submissions