Fed Publishes Wave of Rules for Mortgage Origination Transparency

 · On May 11, 2011, the Federal Reserve Board (FRB) issued a proposed rule (Rule) to implement ability-to-repay requirements for closed-end residential loans.1 The Rule implements Section 1411, Section 1412, and part of Section 1414 of the dodd-frank wall street Reform and Consumer Financial Protection Act of 2010 (Dodd-Frank).2 Comments on the Rule are to be received by no later.

Mortgages made safer: The new forms announced today are just one part of the CFPB’s efforts to make the mortgage market work better for consumers, the industry, and the economy as a whole. In January 2013, the CFPB released new rules on mortgage servicing, mortgage loan origination compensation, and the mortgage origination process.

Yesterday the Federal Reserve announced a final ruling on a series of regulations and changes designed to increase transparency in the mortgage origination process and hopefully make the process clearer and easier for borrowers.

2002 – The Federal Reserve expanded the data collection and disclosure rules under the Home Mortgage Disclosure Act (HMDA) to increase transparency in the subprime mortgage market. New data elements were added on loan pricing for certain higher priced loans, which helps to facilitate the federal banking and thrift agencies’ ability to identify potential problems in the subprime market.

This guidance emphasizes certain supervisory expectations for FDIC-supervised institution mortgage loan originator compensation plans. The Compensation Rules. The federal reserve board originally issued the loan originator compensation rules (Compensation Rules) under the Truth in Lending Act in September 2010 (75 fed.

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WASHINGTON, D.C. – The Bureau of Consumer Financial Protection (BCFP) and the Federal Housing Finance Agency (FHFA) today released for public use a new loan-level dataset collected through the National Survey of mortgage originations (nsmo) that provides insights into borrowers’ experiences in getting a residential mortgage.

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 · All 18 participating banks exceeded the Fed’s minimum capital requirement under a severely adverse stress scenario. These results are credit positive for the banks because they show that the firms are able to withstand severe stress while continuing to lend to the economy.

Watch live: Michael Cohen testifies at House Oversight Committee hearing The Bureau of Consumer Financial Protection is amending Regulation X, which implements the Real Estate Settlement Procedures Act of 1974, and implementing a commentary that sets forth an official interpretation to the regulation. The final rule implements provisions of the Dodd-Frank Wall Street.