Fed Publishes Wave of Rules for Mortgage Origination Transparency

In January 2014, new servicing standards and requirements mandated by the Consumer Financial Protection Bureau (CFPB) became effective. 74 These requirements applied to both banking institution and nonbank servicers, as the Dodd-Frank Act provided the CFPB with the authority to supervise banking institutions with assets over $10 billion and nonbank mortgage servicers, and to issue rules that addressed consumer protection issues in mortgage servicing. 75 Under its authority under the Truth in.

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3 According to 75 fed. reg. 58509 (september 24, 2010), the purpose of the Compensation Rules is "to protect consumers in the mortgage market from unfair or abusive lending practices that can arise from certain loan originator compensation practices, while preserving responsible lending and sustainable homeownership."

Diana Golobay – HousingWire – The Federal Reserve Board today announced a batch of final and interim rules designed to increase the transparency of the mortgage origination and disclosure processes. The Fed is also proposing a.

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Loan origination refers to the initiation and completion of the home loan process, which begins when a borrower submits their financial information to a bank or mortgage lender for loan processing.. Depending on documentation type, a borrower will have to supply certain credit, income, asset, and employment information to a specified bank or lender to initiate the underwriting of the loan.

CFPB Considers Rules to Simplify Mortgage Points and Fees. Ban Origination Charges that Vary with the Size of the Loan: Brokerage firms and creditors would no longer be allowed to charge origination fees that vary with the size of the loan. These "origination points" are easily confused with discount points.

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