May 2014 Industry News for the Appraisal and Mortgage Industries
May 5, 2014
GSE Reform Vote Delayed
Just hours before a scheduled vote on the Johnson-Crapo bill was set to take place it was delayed indefinitely. Even though the bills sponsors felt they had enough votes, they said they want to secure more support before beginning the markup process. Committee members have raised issues that sponsors plan to change in order to bring about a stronger consensus. The vote is expected to be rescheduled in the next couple of weeks.
Housing Wire – Senate Delay Johnson-Crapo Housing Reform Vote
American Banker – GSE Vote Delayed
CFPB Issues Minor Changes
CFPB Director Rich Cordray recently announced a proposed change to the organization’s mortgage rules that are intended to ensure that consumers are able to access credit. Two changes make up the proposal, one that would help some nonprofits continue providing mortgage credit and servicing to under-served populations and another that set out certain circumstances where lenders who go over the points and fees cap can issue a refund to consumers and still have the loan be recognized as a Qualified Mortgage. The CFPB seeks public comment on these changes as well as on any other change that are thought to be needed in the future.
CFPB.gov – Proposed Amendments
Regulations.gov – Add Your Comment