Today the Consumer Financial Protection Bureau (CFPB) published the HMDA asset threshold. The exemption threshold has been adjusted to $41 million from $40 million. The adjustment is based on the 3.43 percent increase in the average of the CPI-W for the twelve-month period ending in November 2011. Therefore, depository institutions with assets of $41 million or less as of December 31, 2011 are exempt from collecting HMDA data in 2012. Remember, HMDA was previously implemented […]
Tag: Lending Compliance
NEW MONTHLY STATEMENTS FOR MORTGAGE LOANS
The next chapter in the future of mortgage lending was published by the Consumer Financial Protection Bureau (CFPB) this week. As required by the Dodd-Frank mortgage lenders and related parties soon will be required to give borrowers with closed-end mortgage loans a statement for each billing cycle. Many financial institutions already provide statements. Currently there is no standard format for statements. Section 1420 of the Dodd-Frank Act amends the Truth in Lending Act by requiring […]
CFPB’S SEMI-ANNUAL REPORT TO THE PRESIDENT AND CONGRESS
The Consumer Financial Protection Bureau (CFPB) recently presented its first Semi-Annual Report to the President and Congress. Among other issues, the report includes the CFPB’s agenda for the next six months. It is aggressive and includes items that will represent a lot of work for our readers. The agenda includes: Final rules defining the lender’s obligation to assess the borrower’s ability to repay mortgage loans; Proposed mortgage loan disclosures, which combine Truth in Lending disclosures […]
2012 – THE YEAR OF FAIR LENDING ISSUES
2012 is going to be a big year for Fair Lending issues. In late December 2011 the Department of Justice (DOJ) entered into the largest residential fair lending settlement in the agency’s history. The $335 million settlement resulted from the lender charging higher rates and fees to African-American and Hispanic borrowers than non-Hispanic white borrowers. Attorney General Eric Holder has made clear that DOJ is gearing up for additional fair lending suits. DOJ has filed […]
STATUS OF CFPB’s COMBINED MORTGAGE DISCLOSURES
Several months ago, the Consumer Financial Protection Bureau (CFPB) published in its blog two sample closing disclosures that combine final Truth in Lending (TIL) disclosures with HUD-1 disclosures. They requested that consumers and industry members compare two prototypes for the disclosures and vote on the preferred option. Now the CFPB is asking consumers and industry members to look specifically at how the new closing disclosure prototypes work with the application disclosure prototype, which was pretty […]