Tag Archives: HOEPA

The data on 2013 mortgage lending transactions at thousands of U.S. financial institutions was made available starting Monday, the Federal Financial Institutions Examination Council (FFIEC) announced.

The CFPB's mortgage servicing standards--including the Qualified Mortgage (QM) definition and the Ability-to-Repay rule--take effect in less than 90 days. Some bankers have indicated they might limit their offerings to only QM products as the transition is made, and many are concerned that as a result, their operations may run counter to the Equal Credit and Opportunity Act, implemented by the Federal Reserve's Regulation B. Those fears, however, are unfounded, regulators say.

The Mortgage Bankers Association and six other industry groups sent a letter to Federal Reserve Chairman Ben Bernanke Monday, voicing their concern that the Fed, which has jurisdiction over the Truth in Lending Act (TILA), and HUD, which oversees the Real Estate Settlement Procedures Act (RESPA), will create regulatory rules that overlap. The Dodd-Frank Act created the Consumer Financial Protection Bureau, which will be overseen by yet another agency, the Treasury, and will have regulatory authority over consumer disclosures.

The Federal Reserve has decided to raise the dollar amount of mortgage fees that trigger additional regulatory disclosure requirements under the Truth in Lending Act (TILA) and the Home Ownership and Equity Protection Act of 1994 (HOEPA). On Friday, the central bank's board of governors issued an adjustment to the rule, bumping the amount of the fee-based trigger up 2 percent to $592, effective January 1, 2011. Currently that threshold is set at $579.