The CFPB recently announced the public availability of calendar year 2020 residential mortgage loan application data reported under the Home Mortgage Disclosure Act (HMDA). ...more
The New York Department of Financial Services (DFS) recently announced that it has entered into an agreement with Hunt Mortgage, a licensed mortgage banker, to address the DFS’s findings that there was a “demonstrable lack of...more
In coordination with the Federal Housing Finance Agency on March 11, 2021, Fannie Mae in updates to Lender Letter 2021-03 and Lender Letter 2021-04 and Freddie Mac in Bulletin 2021-10 extended certain loan origination...more
The CFPB has proposed to delay the mandatory compliance date for the new general qualified mortgage (QM) rule that amends the Regulation Z ability to repay/QM rule from July 1, 2021 to October 1, 2022. As previously...more
The CFPB recently issued a policy statement addressing the rules finalized near the end of former Director Kraninger’s tenure that amend the Regulation Z ability to repay rule/qualified mortgage (QM) requirements to replace...more
The New York Department of Financial Services (DFS) recently announced that it has entered into an agreement with Hunt Mortgage, a licensed mortgage banker, to address the DFS’s findings that there was a “demonstrable lack of...more
In response to directions from the Biden Administration, the following actions have been taken: Federal student loans. The Acting Secretary of Education has extended the following relief on ED-held federal student loans...more
The U.S. Department of Housing and Urban Development announced on January 20, 2021 that effective January 19, 2021 individuals who are classified under the “Deferred Action for Childhood Arrivals” program (DACA) with the U.S....more
As previously reported, the Economic Growth, Regulatory Relief, and Consumer Protection Act (Growth Act), passed in June 2018, created an exemption from the requirement to maintain an escrow account in connection with a...more
The CFPB recently filed a complaint in the United States District Court for the District of Connecticut alleging violations of various federal consumer protection laws by 1st Alliance Lending, LLC (1st Alliance), a former...more
In coordination with the Federal Housing Finance Agency on January 14, 2021, Fannie Mae in Lender Letter 2021-03 and Lender Letter 2021-04 and Freddie Mac in Bulletin 2021-1 extended certain loan origination flexibilities due...more
Although HMDA reporting institutions are busily working on their submission of 2020 data, the CFPB recently announced the availability of a beta version of the HMDA reporting platform for 2021 data. (As previously reported,...more
The CFPB recently announced that the platform for the submission of Home Mortgage Disclosure Act (HMDA) data collected in 2020 is now available for the submission of the data. The platform may be accessed here. HMDA data for...more
The Federal Housing Finance Agency (FHFA) recently issued a request for information (RFI) seeking input on appraisal-related policies, practices and processes in connection with home mortgage loans. Comments will be due 60...more
The CFPB recently issued a final rule increasing the asset exemption threshold under the Home Mortgage Disclosure Act (HMDA) and a final rule increasing the asset exemption threshold for the Truth in Lending Act (TILA)...more
In a series of Mortgagee Letters, each dated December 17, 2020, the U.S. Department of Housing and Urban Development (HUD) extended the dates of various policies addressing the COVID-19 national emergency....more
The Federal Housing Finance Agency (FHFA) announced on December 2, 2020, the extension of the Fannie Mae and Freddie Mac moratorium on single-family foreclosures from December 31, 2020, to January 31, 2021. The moratorium on...more
Three industry trade associations sent a letter dated December 17, 2020, to federal agencies, Fannie Mae, and Freddie Mac seeking guidance on the CARES Act concept of the covered period during which a borrower may request a...more
The CFPB recently issued a final rule amending Regulation Z ability to repay rule/qualified mortgage (QM) requirements to replace the strict 43% debt-to-income (DTI) ratio basis for the general QM with an annual percentage...more
As previously reported, in August 2020 the CFPB released the Home Mortgage Disclosure Act (HMDA) Filing Instruction Guide (FIG) for data that must be collected in 2021 and reported in 2022. Recently, the CFPB released an...more
Fannie Mae and Freddie Mac extended certain loan origination flexibilities due to COVID-19 from November 30, 2020, to December 31, 2020. The changes occurred November 13, 2020, through Fannie Mae updates to Lender Letter...more
The CFPB recently announced that it, along with the Comptroller of the Currency and Federal Reserve Board, issued a final rule that will maintain the current exemption threshold to the appraisal requirement for higher priced...more
In Mortgagee Letter 2020-34, dated October 20, 2020, the U.S. Department of Housing and Urban Development (HUD) extended the date for approving an initial COVID-19 forbearance with an FHA loan, or a COVID-19 extension with a...more
The CFPB recently issued a final rule that amends the Regulation Z ability to repay/qualified mortgage rule by extending the sunset date for the qualified mortgage (QM) based on a loan meeting certain product requirements and...more
On October 19, 2020, Fannie Mae in updates to Lender Letter 2020-03 and Lender Letter 2020-04, as well as Freddie Mac in Bulletin 2020-40, extended certain loan origination flexibilities due to COVID-19 from October 31, 2020,...more