Skip to main content

MBA files two comment letters with Fed on RESPA

NationalMortgageProfessional.com
Dec 23, 2009

The Mortgage Bankers Association (MBA) has filed two comment letters with the Board of Governors of the Federal Reserve System, both relating to the proposed amendments to Regulation Z, the implementing regulation for the Truth-in-Lending Act (TILA). The first letter specifically addresses the proposed rules to revise consumer disclosures and compensation practices for closed-end credit transactions--a credit agreement in which the amount advanced, plus any finance charges, is expected to be repaid in full by a specified date, such as your traditional 30-year fixed mortgage. The second letter addresses the proposed rules on open-end credit transactions--credit agreements allowing a customer to borrow against a preapproved credit line when purchasing goods and services, an example fo which could be a home equity line of credit (HELOC). In both letters, MBA expresses concern that the proposed rules could harm consumers and increase costs unnecessarily. The letters suggest improvements to the proposed rules (and the disclosures) that would avoid potential unintended consequences. To read the MBA comment letter on closed-end transactions, click here. To read the MBA comment letter on open-end transactions, click here. For more information, visit www.mortgagebankers.org. 
Published
Dec 23, 2009
Mortgage Forbearance Changes Create Challenges for Servicers

65% Of All Plans Would Expire By The End of 2021

Regulation and Compliance
Aug 02, 2021
CFPB Reports Trends In Financial Assistance

The latest developments from this study reveal that most consumers have exited the payment assistance they received at the start of the pandemic.

Analysis and Data
Jul 14, 2021
CFPB Orders GreenSky To Refund $9M In Unauthorized Loans

The consent order requires GreenSky to refund or cancel up to $9 million in loans for the customers harmed by this illegal conduct.

Regulation and Compliance
Jul 13, 2021
CFPB Warns Landlords And Consumer Reporting Agencies To Report Accurate Rental Information

Inaccurate rental or eviction information can unfairly block families and individuals from safe, affordable housing.

Regulation and Compliance
Jul 01, 2021
FHFA Mandates Quarterly Fair Lending Reports

FHFA issued orders for all enterprises to submit quarterly Fair Lending Reports with data and information to improve the FHFA’s capabilities. 

Regulation and Compliance
Jul 01, 2021
FHFA Follows CFPB To Protect Borrowers Once COVID-19 Foreclosure And Eviction Moratoriums End

The Federal Housing Finance Agency made it clear that Fannie Mae and Freddie Mac servicers are not permitted to make first notice or filing for foreclosure that would be prohibited by the CFPB protections for borrowers affected by COVID-19.

Regulation and Compliance
Jun 30, 2021