CFPB re-opens comments on ability-to-repay

The Consumer Financial Protection Bureau is re-opening the comment period on a proposed rule that addresses new ability-to-repay requirements for mortgages, as well as the definition of “qualified mortgage.”

Ability to repay/QM: A review

The Consumer Financial Protection Bureau is expected to soon release an “ability to repay” proposed rule, which is likely to prominently detail the attributes of a “qualified mortgage” (QM).

GAO: Strengthen payroll procedures

A May 21, 2012 report from the Government Accountability Office identified seven internal control issues that the Consumer Financial Protection Bureau should consider fixing.

Small providers to review mortgage points proposals

The Consumer Financial Protection Bureau has begun the process of gathering input on rules to simplify mortgage points and fees – a change intended to bring greater transparency to the mortgage origination market.

House GOP wants more budget data from CFPB

In a May 2, 2012 letter to the Consumer Financial Protection Bureau, members of the House Financial Services Committee say that the “CFPB has been wholly unresponsive to our requests for additional budget information.”

CFPB clarifies loan originator licensing

A state may grant a transitional loan originator license to an individual who holds a valid loan originator license from another state, according to an April 19 bulletin from the Consumer Financial Protection Bureau.

CFPB warns against disparate impact

The Consumer Financial Protection Bureau is cautioning lenders against discriminatory practices, intentional or not, by reaffirming that the legal doctrine of “disparate impact” applies to them.

Service providers come under scrutiny

Financial institutions under Consumer Financial Protection Bureau supervision can be held liable for third-party vendors, the Bureau explained in a bulletin.

More articles: