Tag Archives: Dodd-Frank Reform Act

Starting in January 2014, mortgage lenders will work under new rules governing the handling of appraisals and other home value estimates. The Consumer Financial Protection Bureau (CFPB) announced Friday the adoption of a new rule intended to improve consumer access to appraisal reports. The new rule implements requirements under the Dodd-Frank Act that state that lenders must give consumers a copy of each appraisal free of charge. A lender generally may still charge a reasonable fee for the cost of conducting the appraisal.

RE/MAX co-founder and chairman Dave Liniger says he expects the national housing market's rebound in 2012 to not only continue into 2013, but he also thinks the year could be the best the industry has seen in a very long time. Liniger also offered his top 10 predictions for the year in a video presentation. According to the RE/MAX research team, Liniger's predictions for 2012 were 85 percent accurate.

The Consumer Financial Protection Bureau (CFPB) put a stop to two companies it believes took part in mortgage modification scams that cheated thousands struggling homeowners. The CFPB alleges Gordon Law Firm and the National Legal Help Center amassed more than $10 million after charging consumers for services that falsely promised to stop foreclosures or provide modifications.

The Consumer Financial Protection Bureau (CFPB) announced Friday it's granting more time for the industry to implement new mortgage disclosures required under Dodd-Frank and the Consumer Protection Act. The extension was provided ""in order to allow a more seamless integration with other mortgage disclosures that have been proposed by the Bureau,"" the CFPB said in a statement.

The Real Estate Roundtable's survey of 110 industry leaders on commercial real estate changed little quarter-over-quarter, possibly due to uncertainty over how the next administration will impact economic policies. On a scale of 1-100, the sentiment index overall inched up to 65 in Q4, a 2 point increase from Q3. One survey participant said, ""Everyone is deferring business and investment decisions until after the election because they don't know what's going to happen.""

Neither Barack Obama or Mitt Romney has seemed particularly enthusiastic about discussing housing on the national stage, but viewers of Wednesday's debates got to see a brief skirmish between the two candidates about regulation for Wall Street and the mortgage industry. While some viewers complained about debate's narrow focus, they were at least given reassurance that housing hasn't been eclipsed completely by other issues.

A study released Thursday by Ellie Mae found that community bankers see increasing regulations as the biggest immediate challenge to their mortgage businesses. More than half of community bank executives (51 percent) said that handling changing compliance standards is the most significant challenge for their banks. They specifically spoke of regulations created by the Dodd-Frank Act and the Consumer Financial Protection Bureau (CFPB).

The Consumer Financial Protection Bureau (CFPB) released Wednesday a new proposed rule that would require mortgage lenders to provide home loan applicants with appraisal reports to determine how the value of a property was determined. CFPB proposed the rule in response to a provision of the Dodd-Frank Act that requires creditors to provide mortgage applicants with a copy of written appraisals and home value estimates. The newly-proposed rule would require that creditors inform applicants of their right to receive a free copy of appraisal reports and home estimates.

The Consumer Financial Protection Bureau (CFPB) proposed two notices with rules designed to protect homeowners from surprises or mistakes made by their mortgage servicers. CFPB first announced in April that it was considering several proposals to implement requirements laid out in the Dodd-Frank Act, the bill that created the bureau.

The Consumer Financial Protection Bureau recently passed its one-year anniversary, and Monday, the agency released its semi-annual report for 2012 highlighting its achievements in the first half of this year. Between July 21, 2011 and June 30, 2012, the CFPB received 55,300 complaints about consumer finance products, according to a press release. Some of the top consumer complaints include, inability to modify or refinance mortgage loans, inability to refinance or consolidate student loans, confusion regarding credit scores, and confusion regarding various terms of credit. The greatest single source of complaints, making up 43 percent of all complaints made to the CFPB, was mortgages.