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FHA Updates Forbearance Deadline

10.21.2020

The Federal Housing Administration (FHA) and U.S. Department of Housing and Urban Development (HUD) today announced it is extending the date for single family homeowners with FHA-insured mortgages to request an initial forbearance from their mortgage servicer to defer their mortgage payments for up to six months.

GSE’s ‘At the Heart’ of Assisting Homeowners, Lenders, Servicers

05.22.2020

A report by Bloomberg said while the government took control of Fannie Mae and Freddie Mac during the last downturn, the GSEs are “now at the heart” of the government’s effort to assist homeowners, lenders, and servicers during COVID-19. 

Bills to reform credit bureaus unveiled on eve of hearing

02.27.2019

WASHINGTON — Ahead of a hearing with the chief executives of the three major credit reporting agencies, House Financial Services Committee leadership has released two bills aimed at reforming the bureaus and protecting credit scores for government employees affected by the shutdown.

FHFA would ban VantageScore from Fannie Mae, Freddie Mac credit scores

12.14.2018

WASHINGTON—The Federal Housing Finance Agency has proposed barring Fannie Mae and Freddie Mac from using credit scores developed by VantageScore over concern about conflicts of interest with the joint venture of Equifax, Experian and TransUnion.

It's the law: Trump signs off on reg relief bill

05.24.2018

WASHINGTON — The most significant regulatory relief legislation since the crisis made it to the finish line Thursday as President Trump signed targeted reforms of the Dodd-Frank Act into law.

Senate reg relief bill opens new front in credit-scoring battle

03.14.2018

Among the several provisions in the regulatory relief bill, nearing passage in the Senate, is a new measure dealing with credit scores that some observers and stakeholders say is redundant.

Handle HMDA With Care

01.18.2016

In October 2015, the Consumer Financial Protection Bureau (CFPB) finalized the Home Mortgage Disclosure Act (HMDA) adding more to the data point requirements burden on lenders and vendors.

Michael Flynn, a partner in Goodwin Procter’s Financial Institutions Group sat down with MReport to explain how the HMDA rule is shaking up the mortgage industry and advises on how to cope with the changes.

CFPB Responds to MBA, Says TRID Implementation Period Not 'Punitive'

01.05.2016

The Consumer Financial Protection Bureau, in direct response to concerns raised by the Mortgage Bankers Association, last week explicitly stated that it viewed the first months of implementation of its RESPA/TILA Integrated Disclosure rule as "corrective and diagnostic, rather than punitive."  

New rules raising the cost of mortgages

11.24.2015

Under a recent directive from the federal Consumer Financial Protection Bureau, lenders, title insurers and settlement agents were required to comply with a new, nearly 1,900-page rule book designed to improve transparency and accuracy in real estate and mortgage transactions for home buyers and refinancers. The regulations impose potentially heavy penalties on lenders that get their cost estimates wrong or fail to deliver accurate disclosures to consumers on prescribed timelines at application and closing.

CFPB Points Out Illegal Mortgage Activities in Supervisory Report

06.24.2015

In order to provide transparency, reduce risks to consumers, and comply with Federal consumer financial law, the Consumer Financial Protection Bureau (CFPB) recently shared its eighth Supervisory Highlights report. The report covers the illegal practices that the Bureau uncovers in areas such as consumer reporting, debt collection, student loan servicing, mortgage origination, mortgage servicing, and fair lending for the first four months of the year.

According to the supervisory report, the CFPB found problems with dual-tracking at mortgage servicers that could lead consumers to believe their trial modifications were canceled.

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