Tag Archives: Mortgage Disclosures

Indecomm-Mortgage U, a full-service training company serving the mortgage industry, announced the development of a new suite of training tools designed to help bring lenders in compliance with the Consumer Financial Protection Bureau's (CFPB) soon to be implemented integrated mortgage disclosure rule.

While seemingly innocuous, the Consumer Financial Protection Bureau's (CFPB) push to change reporting requirements under the Home Mortgage Disclosure Act may have unintended consequences for both servicers and legal teams to assess discriminatory lending practices. The CFPB is inviting input on both the content and the method of reporting. Now is the time to speak up on these matters.

The Consumer Financial Protection Bureau issued on Wednesday a rule requiring lenders to use its new mortgage disclosure templates designed to streamline and simplify information for consumers. The forms will replace the standard disclosures given at the opening and closing stages of a loan. Testing the new templates against the old, the CFPB found borrowers using the updated forms showed a better understanding of their loan, demonstrating a 29 percent improvement in comprehension.

The Consumer Financial Protection Bureau (CFPB) announced it has finalized a rule adjusting the asset-size exemption threshold for banks, savings associations, and credit unions under Regulation C, which implements the Home Mortgage Disclosure Act (HMDA). Based on the adjustments, institutions with assets of $42 million or less (as of the end of 2012) are exempt from collecting HMDA data in 2013. That exemption does not apply to data institutions are supposed to report for 2012.

A newly proposed policy from the Consumer Financial Protection Bureau (CFPB) would allow companies to test new consumer disclosures on a case-by-case basis. Under the proposed policy, the CFPB would allow limited-time exemptions from current federal disclosure laws for approved companies. Those companies would use that time to research and test informative, cost-effective disclosures and share the results of their trial with the bureau, which would use the information to improve its own rules and model forms.

The Consumer Financial Protection Bureau (CFPB) is granting more time to implement new mortgage disclosures required under the Dodd-Frank Act.

FHA loans receded in September as conventional loans gained popularity, Ellie Mae revealed in its Origination Insight Report.

Just how important is disclosure to American borrowers? Very important, if the figures from a recent Harris Interactive survey mean anything. MortgageMarvel.com commissioned a survey of 2,214 American adults 18 years or older to learn that one full-quarter of Americans take disclosure into account when considering their next home loan. Sixteen percent wanted an easy comparisons process, 10 percent affirmed their interest in privacy, and 7 percent cited a want of real-time quotes.

The Consumer Financial Protection Bureau recently passed its one-year anniversary. On Monday, the agency released its semi-annual report for 2012 to highlight achievements in the first half of this year. What do the numbers say? For starters, the consumer bureau has received more than 55,300 complaints between July 2011 and June 2012, according to the report. The greatest single source of complaints, making up 43 percent of all complaints made to the CFPB, fell on mortgages and problems encountered by consumers with their monthly payments.

Richard Cordray, director of the Consumer Financial Protection Bureau, laid out the agency├â┬ó├óÔÇÜ┬¼├óÔÇ×┬ós aims to reform mortgage lending standards before a congressional subcommittee Monday. Speaking before House lawmakers, Cordray acknowledged that although the Dodd-Frank Act has had a hand in improving most consumer lending markets, tight mortgage lending standards have kept creditworthy borrowers out of homes. In an effort to fix these issues, Cordray said that CFPB is proposing ├â┬ó├óÔÇÜ┬¼├àÔÇ£clear rules of the road├â┬ó├óÔÇÜ┬¼├é┬Ø to address each stage of the mortgage process and to rebuild consumer and investor confidence.