Freddie Mac Reports Acute Shortfall of Affordable Rental Units
Freddie Mac Multifamily has released an analysis showing Rental Affordability Is Worsening. The study compares rent increases in specific units over time by examining loans... Read More
Federal Regulatory Developments
Senate Votes to Repeal CFPB’s Arbitration Rule
The U.S. Senate voted on Tuesday night to repeal the CFPB’s arbitration rule, by a vote of 51-50 (Vice President Pence cast the deciding vote). ... Read More
CFPB Issues Guidance and Reference Tools to Assist with Implementation of New HMDA Rule
The CFPB has recently updated and published multiple resources in order to assist the financial services industry as it prepares to submit the first set... Read More
CFPB Updates Know Before You Owe Mortgage Disclosure Rule Guides in a Revised Small Entity Compliance Guide
Updates to incorporating changes and clarifications from the July 7, 2017 amendments to the TILA-RESPA Final Rule that were published on August 11, 2017 are... Read More
CFPB Files Suit against Debt-Relief Companies for Violations of UDAAP and the Telemarketing Sales Rule
The CFPB recently filed suit in federal court against two debt-relief companies, a service provider, and their owners for allegedly misrepresenting the companies as being... Read More
CFPB Issues Final Rule on Payday Loans; OCC Rescinds Deposit Advance Product Guidance
On October 5, 2017, the CFPB finalized its proposed rule impacting payday loans, auto title loans, deposit advance products, and longer-term loans with balloon payments.... Read More
CFPB Issues Interim Final Rule Regarding Communication about Foreclosure Prevention
On October 4, 2017, the CFPB issued an interim final rule (Interim Final Rule) to provide mortgage servicers more flexibility and certainty around requirements to... Read More
CFPB Issues Proposal to Amend 2016 Mortgage Servicing Final Rule
On October 4, 2017, the CFPB issued a proposed rule (Proposed Rule) that would amend provisions of the 2016 Mortgage Servicing Rule relating to the... Read More
OIG Audit Report Discloses that Ginnie Mae Did Not Adequately Respond to Changes in its Issuer Base
On September 21, 2017, HUD’s Office of Inspector General (OIG) issued the results of its audit, 2017-KC-0008, regarding Ginnie Mae’s oversight of nonbanks. The audit... Read More
DOJ Issues Annual ECOA Report to Congress Summarizing Fair Lending Enforcement Activities
DOJ recently issued its 2016 Annual Report summarizing its enforcement activities related to lending discrimination prohibited by the Equal Credit Opportunity Act (ECOA), the Fair... Read More
CFPB Takes Action Against Settlement Agent for Violations of RESPA
The CFPB has entered into a consent order with a settlement agent and title insurance company for failure to provide Affiliated Business Arrangement Disclosures, as... Read More
OIG Issues Report Disclosing HUD Lacked Adequate Controls to Ensure Servicers Engaged in Loss Mitigation
On September 14, 2017, HUD’s Office of Inspector General (OIG) issued the results of its audit, 2017-LA-0004, regarding HUD’s oversight of servicers’ use of loss... Read More
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