RESPA, TILA exam manuals updated
Subscriber Access OnlyRESPA, TILA exam manuals updated

The Consumer Financial Protection Bureau updated the manuals its examiners will use to assess compliance with certain mortgage rules that take effect in January 2014. The manuals, released on Nov. 27, outline the agency’s exam procedures for the Real Estate Settlement Procedures Act and the Truth in Lending Act. The manuals update earlier documents released in August and reflect changes the bureau made to its mortgage rules through Oct. 15.

Industry groups support CFPB servicing rule guidance
Subscriber Access OnlyIndustry groups support CFPB servicing rule guidance
Three trade groups voiced support for a bulletin and interim final rule the Consumer Financial Protection Bureau released to address industry questions related to new mortgage servicing rules that take effect in January 2014. The groups also expressed concern over a recent staff comment indicating the CFPB will require servicers to provide periodic statements to borrowers whose loans have been charged off. Read on for the details.
Trade groups say mortgage disclosure rule is improved, but concerns remain
Subscriber Access OnlyTrade groups say mortgage disclosure rule is improved, but concerns remain
Reaction continues to flow in from all corners of the mortgage, banking and settlement services industries following the Nov. 21 release of the Consumer Financial Protection Bureau’s final mortgage disclosures and rules. Read on to learn what some major trade associations had to say about the bureau’s new rules and forms.
Mortgage disclosure forms released - <span style="color: #c00">Updated</span>
Subscriber Access OnlyMortgage disclosure forms released - Updated
The wait is finally over. The Consumer Financial Protection Bureau released the new mortgage disclosure forms and their implementing rule. The final rule provides answers to many of the industry’s long-standing questions about the RESPA/Truth in Lending Act proposal released last year.
CFPB captive reinsurance probe results in new enforcement action
Subscriber Access OnlyCFPB captive reinsurance probe results in new enforcement action
Republic Mortgage Insurance Corp. agreed to pay a civil money penalty to the Consumer Financial Protection Bureau to resolve claims that it funneled illegal kickbacks to mortgage lenders through its captive reinsurance practices. The CFPB’s proposed consent order follows four similar actions the agency announced earlier this year. Read on to learn how much money RMIC will pay under the proposed order.
CFPB reveals upcoming priorities in report to Congress
Subscriber Access OnlyCFPB reveals upcoming priorities in report to Congress
The Consumer Financial Protection Bureau outlined its accomplishments and future plans in a semi-annual report to Congress released on Nov. 5. The report details the bureau’s activities from April 1 to Sept. 30. It also lists the bureau’s planned regulatory initiatives through early 2014. Read on for the details.
  
Recent Headlines
Conforming loan limit won’t move in 2014, FHFA says
Subscriber Access OnlyConforming loan limit won’t move in 2014, FHFA says
The agency that oversees government sponsored enterprises Fannie Mae and Freddie Mac will not reduce the maximum conforming loan limit in 2014. The Federal Housing Finance Agency previously signaled it was considering a reduction in order to shrink the GSE’s share of the mortgage market. Read on for the details.
 
Mortgage Headlines
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Deposit advance guidance finalized by banking regulators
Subscriber Access OnlyDeposit advance guidance finalized by banking regulators
The Office of the Comptroller of the Currency and the Federal Deposit Insurance Corp. finalized supervisory guidance regarding deposit advance products. The guidance comes as the Consumer Financial Protection Bureau considers how it could address the consumer protection risks associated with certain small-dollar loans.
 
Banking Headlines
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CFPB to scrutinize nonbank student loan servicers under new rule
Subscriber Access OnlyCFPB to scrutinize nonbank student loan servicers under new rule
The Consumer Financial Protection Bureau will gain authority to supervise large nonbank student loan servicers under a rule finalized by the agency on Dec. 3. The CFPB previously blasted the private student lending industry, likening it to the mortgage servicing industry. The agency said its new rule will allow it to better evaluate the extent and scope of problems consumers face when dealing with larger nonbank student loan servicers. Read on for the details.
 
CFPB Headlines
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CFTC rolls out weekly swaps report
CFTC rolls out weekly swaps report
The Commodity Futures Trading Commission recently launched a weekly report providing the public with a detailed view of the swaps marketplace. The Weekly Swaps Report currently covers the interest rate and credit asset classes that comprise about 90 percent of the approximately $400 trillion swaps market. Read on for the details and for a link to the report.
 
Derivatives Headlines
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FDIC resolution implementation would benefit from improved internal coordination, report says
Subscriber Access OnlyFDIC resolution implementation would benefit from improved internal coordination, report says
The Federal Deposit Insurance Corp. has made important progress toward implementing Dodd-Frank’s systemic resolution authorities, according to a recent report from the corporation’s Office of Inspector General. However, the report said the FDIC should take additional steps to ensure the agency is prepared in the event it must oversee the resolution of a systemically important financial institution. Read on for the details.
 
Financial Stability Headlines
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Mortgage industry just weeks from getting ‘back to basics,’ Cordray says
The mortgage industry will return to a “back to basics” approach to business when new rules issued by the Consumer Financial Protection Bureau take effect on Jan. 10, CFPB Director Richard Cordray told consumer advocates last week. He endeavored to put to rest certain concerns regarding the bureau’s ability-to-repay rule. He also said the notion that the CFPB’s new servicing requirements are overly burdensome is an “erroneous myth.” Read on for the details.

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Cover Story:

Fed Guidance on Managing Outsourcing Risk 12.5.13

Another federal banking regulator released guidance explaining how it expects institutions to manage the risks posed by their third-party service providers. The Federal Reserve released this guidance on Dec. 5, 2013. The Office of the Comptroller of the Currency unveiled its own set of third-party management expectations on Oct. 30, 2013.

Guidance Documents

 
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Regulatory Outlook 2014:
Compliance, Enforcement and Pressure Points
This in-depth training features two top compliance attorneys who will educate participants on significant regulations impacting the mortgage, title and settlement services industries in 2014.
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