Ohio MBA coverage: Mortgage industry faces ‘two-by-four era’ of regulationThe housing industry is showing signs of life, but continued uncertainty is among the factors holding back the nation’s economic recovery, according to Mortgage Bankers Association Chairman Mike Young. Dodd Frank Update was on site at the Ohio MBA Convention as Young discussed the challenges facing the mortgage industry. Read of for the details.
Ohio MBA coverage: Mortgage industry may be ‘losing ground’ in fight for QM safe harbor The Consumer Financial Protection Bureau appears to be leaning toward adopting a rebuttable presumption of compliance structure as part of its qualified mortgage rulemaking, according to leaders at the Ohio Mortgage Bankers Association. Read on to learn why one association leader believes a QM rebuttable presumption could destroy the mortgage market.
CFPB releases details on loan originator compensation rulemakingThe Consumer Financial Protection Bureau released details of its effort to craft sweeping rules under the Dodd-Frank Act intended to change the way loan originators are compensated. The plan the CFPB is considering would also change the way loan originators qualify for their jobs.
Live MBA coverage: Stevens says QM is ‘most important’ mortgage ruleUncertainty among industry participants and consumers, coupled with an over tightening of regulations, are among the greatest impediments to the recovery of the real estate market and the broader economy, Mortgage Bankers Association President Dave Stevens said during the MBA’s National Secondary Market Conference in New York. Read on to learn which proposed Dodd-Frank regulation causes him the most concern.
Ohio lenders discuss compliance challengesTop regulators seeking to build a more stable U.S. banking system vowed to remain attuned to the needs of community financial institutions, but some small lenders told members of Congress that those promises are not being realized on the ground. Representatives from Ohio banks and credit unions discussed the challenges they face in this new era of regulation during an April 16 field hearing. Read on for the details.
Mortgage, real estate, investment industries clamor for QM safe harborA group of nearly two dozen trade associations asked the Consumer
Financial Protection Bureau to establish a legal safe harbor for lenders
who will need to comply with Dodd-Frank rules requiring loan
originators to verify and document a borrower’s ability to repay before
making a mortgage loan. Read on for an update on the debate surrounding
this key provision.