The Consumer Financial Protection Bureau recently released its Fall regulatory agenda, announcing its intentions over the next several months to address the GSE QM Patch, HMDA, payday/small dollar loans, debt collection practices, PACE financing, business lending data, and remittances along with other federal agencies. Over the longer-term, the CFPB suggested it might also deal with feedback in the Loan Originator Compensation Rule beneath the Truth in Lending Act.
- Qualified Mortgages . Even as we have actually formerly described, the CFPB must simply speaking order address the planned termination associated with the temporary Qualified home loan status for loans qualified to receive purchase by Fannie Mae or Freddie Mac (also known as the вЂњPatchвЂќ). The Patch is defined to expire, making short amount of time to accomplish notice-and-comment rulemaking, specially on this type of complex and perhaps controversial issue. The CFPB has suggested so it will maybe maybe not expand the Patch, but will look for an orderly change (instead of a tough end). The CFPB asked for initial general public input over summer time, and announced it promises to issue some sort of declaration or proposition.
- Mortgage Disclosure Act . The CFPB promises to pursue a few rulemakings to deal with which organizations must report home loan information, what information they need to report, and exactly just exactly what information the agency is likely to make general public. First, the CFPB announced formerly it was reconsidering different areas of the 2015 fortification/revamping that is major of reporting (some вЂ“ yet not all вЂ“ of which ended up being mandated because of the Dodd Frank Act). Continue reading