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Dodd-Frank Act

NTC Sounds Off on the CFPB's QM Rules

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As a result of the questionable lending practices that led to the housing crash, the Consumer Financial Protection Bureau (CFPB) has established a national standard for issuing mortgages. The Ability-to-Repay (ATR) Rule, designed to protect consumers from debt traps, took effect Jan. 10. Nationwide Title Clearing Inc. (NTC) predicts that the new guidelines will help standardize the industry.Click to continue

CFPB Unveils New Remittance Rule

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The Consumer Financial Protection Bureau (CFPB) proposed a rule that would allow it to supervise certain non-bank international money transfer providers for the first time. The proposed rule would bring new oversight to larger nonbank international money transfer providers, to make sure they are adhering to the CFPB’s new protections for consumers sending money abroad.Click to continue

Leveraging Technology to Move Lenders Back to Core Business

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This year undoubtedly marks the beginning of a new era for the U.S. housing market as lenders turn their focus to increased originations. Despite indications the housing finance market is improving, the industry is still faced with numerous challenges related to high origination and servicing costs, low through-put in mortgage approvals, and longer application to funding cycle times. Regulatory compliance continues to be an increasing concern for the industry. In fact, analysts expect compliance-related spending to be a major priority for financial institutions this year.Click to continue

Banks Look to Mitigate Big Data Risks Through Information Governance

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Over the last few years, senior executives, legal teams and IT departments have been have been heavily tasked with protecting their companies from a multitude of evolving legal and compliance liabilities.Click to continue

Qualified Written Requests--RESPA Revisions in 2014

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Question: What significant amendments are being made to the Qualified Written Request (QWR) rules under RESPA effective Jan. 10, 2014? 

Answer: Section 1463 (c) of the Dodd-Frank Act modifies RESPA by significantly reducing the time period mortgage servicers have to respond to a QWR from a borrower. Section 1463 (c) contains the following modifications: 

►The period of time for a servicer to acknowledge receipt of a borrower’s QWR is reduced from 20 days (current requirement) to five business days.Click to continue

Volcker Rule FAQs Laid Out by Several Regulatory Agencies

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Three federal financial institution regulatory agencies have jointly issued a FAQ (Frequently Asked Questions) document to provide clarification and guidance to banking entities regarding investments in “Covered Funds” and whether collateralized debt obligations backed by trust preferred securities (TruPS CDOs) could be determined to be Covered Funds under the final rules to implement section 619 of the Dodd-Frank Act.Click to continue