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Legislation


Results 1 - 10 of 184

Bill seeks CFPB fair lending testing office

Posted Date: Monday, March 1, 2021
A bill that would establish an Office of Fair Lending Testing within the Consumer Financial Protection Bureau to review mortgage loan applications for compliance with the Equal Credit Opportunity Act (ECOA) is gaining new traction

The Fair Lending for All Act would provide strong criminal penalties for violating ECOA. National Fair Housing Alliance President and CEO Lisa Rice recently spoke in support of the bill before the House Financial Services Committee. Read on for details.

Legislation

NAR backs downpayment assistance legislation

Posted Date: Thursday, August 13, 2020

The National Association of Realtors (NAR) is supporting a proposed law that would remove barriers to first-time homeownership.

Earlier this month, Sens. Doug Jones (D-Ala.) and Cory Gardner (R-Colo.) introduced the American Dream Down Payment Act of 2020, a bipartisan bill that would create savings accounts to help prospective homebuyers more easily save for down payments and other eligible costs associated with buying a home.

Read on for details from NAR.

Legislation

CSBS touts BSCA amendments

Posted Date: Monday, August 3, 2020

Bipartisan legislation has been proposed that would amend the Bank Service Company Act (BSCA) to allow federal and state banking agencies to coordinate examinations of technology service providers (TSPs) and share results.

The BSCA currently authorizes federal regulators to examine TSPs, but is silent about the authority and role of state regulators. 

Read on for more information about the proposed amendments from the Conference of State Banking Supervisors.

Legislation

NAR, MBA ask for emergency mortgage, rental help

Posted Date: Monday, May 11, 2020

The National Association of Realtors (NAR) and the Mortgage Bankers Association (MBA) have asked Congress to support legislation to fund emergency mortgage and rental assistance.

In a letter to Sen. Jack Reed, House Financial Services Committee Chairwoman Maxine Waters and other legislators, the trade groups expressed gratitude for actions Congress has already taken to support pandemic relief, but said more needs to be done.

Read on for more from NAR and MBA.

Legislation

Committee proposes rental, homeowner assistance fund

Posted Date: Thursday, April 23, 2020

Now that the Senate has unanimously approved adding $370 billion to the Paycheck Protection Plan (PPP) account, which ran out of $349 billion in 11 days, Congress must turn to comprehensive legislation to address other aspects of the economic crisis caused by the pandemic.

That’s according to House Financial Services Committee Chairwoman Maxine Waters, who is now asking legislators to provide additional assistance to struggling homeowners, renters, landlords and people experiencing homelessness.

Read on for more details from Waters.

Legislation

NAFCU supports bill calling for CFPB commission

Posted Date: Monday, March 9, 2020

The National Association of Federally-Insured Credit Unions (NAFCU) is the latest trade group to call for the single-director Consumer Financial Protection Bureau (CFPB) to switch to a bipartisan commission. 

Rep. Blaine Luetkemeyer (R-Mo.) previously introduced a bill in the House of Representatives to change the CFPB’s governance structure, and NAFCU is expected to advocate for its passage. 

Read on for details from NAFCU President and CEO Dan Berger.

Legislation

CBA: Change CFPB to bipartisan commission

Posted Date: Friday, February 14, 2020

The Consumer Bankers Association (CBA) made several legislative and regulatory recommendations to the House Financial Services Committee in advance of the Consumer Financial Protection Bureau’s (CFPB) semi-annual report to Congress.

CBA President and CEO Richard Hunt suggested Congress quickly pass a law changing the bureau’s structure to a bipartisan commission, citing concerns with the upcoming  Seila Law v. CFPB case, which will be argued before the U.S. Supreme Court March 3.

Read on to learn about additional recommendations.

Legislation

CSBS sets 2020 legislative priorities

Posted Date: Monday, February 3, 2020

Conference of State Bank Supervisors President and CEO John Ryan has announced this year’s legislative priorities for state regulators. 

The priorities include strengthening Bank Secrecy Act/Anti-Money Laundering (BSA/AML) reform proposals.   

Read on to learn more about Ryan’s legislative priorities.

Legislation

House Democrats ask GAO to research alternative data

Posted Date: Thursday, January 23, 2020

House Financial Services Committee Chairwoman Maxine Waters and other Democrats are asking the Government Accountability Office (GAO) for information on the benefits and drawbacks of alternative data in mortgage lending.

The lawmakers recently sent a letter to GAO Comptroller General Gene Dodaro requesting details about the role of the federal government in overseeing the use of alternative data by credit reporting agencies and lenders.

Read on for more from the letter.

Legislation

House passes trade deal

Posted Date: Monday, December 30, 2019

The House of Representatives has voted in favor of ratifying the United States-Mexico-Canada Trade Agreement (USMCA).

The National Association of Realtors (NAR) previously joined with the Canadian Real Estate Association and the Asociacion Mexicana de Profesionales Inmobiliarios  in support of the USMCA.

Read on for a statement from NAR.

Legislation
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“The sale of a loan after the original funding of the loan at settlement is a secondary market transaction. Such a sale is exempt from RESPA coverage as a secondary market transaction."

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12 USC Section 2605 or Section 6 is titled Servicing of mortgage loans and administration of escrow accounts. It pertains to qualified written requests, notices of transfer of servicing and the administration of escrow accounts.
An arrangement that involves a person who is in a position to refer business as part of a real estate settlement service and who has an interest in a settlement services provider.

In the arrangement, the person, who has either an affiliate relationship with or a direct or beneficial ownership interest of more than one percent in a settlement services provider, directly or indirectly refers business to that provider or influences a consumer to select that provider.
An arrangement that involves a person who is in a position to refer business as part of a real estate settlement service and who has an interest in a settlement services provider.

In the arrangement, the person, who has either an affiliate relationship with or a direct or beneficial ownership interest of more than one percent in a settlement services provider, directly or indirectly refers business to that provider or influences a consumer to select that provider.
A mortgage disclosure that lists all estimated charges and fees associated with your loan. In addition to fees and charges, it will list your loan amount, mortgage rate, loan term and estimated monthly payment. Your escrows due at closing for insurance and taxes will also be outlined. Mortgage lenders are legally required to provide a GFE within three days of receiving your application.
A mortgage disclosure that lists all estimated charges and fees associated with your loan. In addition to fees and charges, it will list your loan amount, mortgage rate, loan term and estimated monthly payment. Your escrows due at closing for insurance and taxes will also be outlined. Mortgage lenders are legally required to provide a GFE within three days of receiving your application.
Under RESPA Section 2605(e)(1)(B), a qualified written request is a written correspondence that includes: 1) the name and account of the borrower, or has enough information to allow the servicer identify that information; and 2) a statement of the reasons for the belief of the borrower that the account is in error or provides sufficient detail to the servicer regarding other information sought by the borrower.

A QWR cannot be written on a payment coupon or other payment medium supplied by the servicer.
Under RESPA Section 2605(e)(1)(B), a qualified written request is a written correspondence that includes: 1) the name and account of the borrower, or has enough information to allow the servicer identify that information; and 2) a statement of the reasons for the belief of the borrower that the account is in error or provides sufficient detail to the servicer regarding other information sought by the borrower.

A QWR cannot be written on a payment coupon or other payment medium supplied by the servicer.
12 USC Section 2609 or Section 10 is titled Limitation on requirement of advance deposits in escrow accounts. It governs escrow accounts including notifications and statements to borrowers. Section 10 also sets out penalties for those who violate the section.
RESPA Section 3 provides that a thing of value includes any payment, advance, funds, loan, service or other consideration

Regulation X says thing of value includes: monies, things, discounts, salaries, commissions, fees, duplicate payments of a charge, stock, dividends, distributions of partnership profits, franchise royalties, credits representing monies that may be paid at a future date, the opportunity to participate in a money-making program, retained or increased earnings, increased equity in a parent or subsidiary entity, special bank deposits or accounts, special or unusual banking terms, services of all types at special or free rates, sales or rentals at special prices or rates, lease or rental payments based in whole or in part on the amount of business referred, trips and payment of another person’s expenses or reduction in credit against an existing obligation.
A form used by a settlement or closing agent itemizing all charges imposed on a borrower and seller in a real estate transaction. This form represents the closing transaction and provides each party with a complete list of incoming and outgoing funds. RESPA requires the HUD-1 to be used as the standard real estate settlement form in all transactions in the U.S. involving federally related mortgage loans.
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