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Events Explore Impact of New CFPB Rules

Telephone briefings being held

Jan. 22, 2013

By Mortgage Daily staff

A series of conference calls are being held to help executives get their arms around the thousands of pages of mortgage rules recently issued by the Consumer Financial Protection Bureau.

Among the barrage of final rules recently released by the regulator are the ability-to-repay rule, a final rule on appraisals for higher-priced mortgages, final servicing rules and the loan originator compensation rule.

The new rules are required under the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010. They involve amendments to Regulation Z, which implements the Truth in Lending Act, and Regulation X, which implements the Real Estate Settlement Procedures Act of 1974. Most become effective in one year.

The American Bankers Association announced a telephone briefing series, A Whole New World: CFPB Re-Draws the Mortgage Regulatory Landscape, that will focus on how the new rules will impact mortgage lending products, operations and compliance programs.

The ABA says that the series is targeted at chief lending officers, operating officers and information officers as well as compliance officers and risk managers.

The first briefing, Understanding the Big Picture: Overview of CFPB Mortgage Rulemakings, is a two-hour summary of six recently issued CFPB rules. The Jan. 25th event will highlight how the rules impact mortgage operations at banks with a special emphasis on the ability-to-repay requirements. Event speakers include two former financial regulators.

While the first event is free and exclusively for ABA members, subsequent events will cost $255 for members of the trade group and $385 for non members. The events include one phone connection at one location.

Full ABA Briefing Calendar
Understanding ability-to-repay and QM Feb. 12
In-depth: parsing CFPB's new servicing rule Feb. 19
HOEPA's expanded reach: "high-cost mortgages" Feb. 26
Escrow and balloons: what's exempt and what's not March 5
Understanding mortgage loan originator compensation March 12
Appraisals March 19

Registration for the events will be posted at

Final Rule Issued on LO Comp
A final rule on loan originator compensation aims to eliminate incentives for originators to steer borrowers into high-cost loans.

Final Servicing Rules Issued
Mortgage servicing rules proposed last year have been finalized by the federal agency responsible for regulating consumer financial products.

Final Rule Issued for Appraisals on Higher-Priced Loans
Mortgage lenders originating loans that are considered to be higher-priced mortgages will be subject to a final rule on appraisals.

Details Emerge on New QM Rule
A long-awaited rule on suitability and what constitutes a qualified mortgage has been finalized. The rule is expected to protect unsuspecting consumers from overzealous originators who disregard the borrower's ability to repay the loan in order to generate commissions. But some insiders warn about further tightening in an already frigid credit environment.

CFPB Looks to Finalize Several Rules
The Consumer Financial Protection Bureau's agenda calls for several proposed mortgage-related rules to soon become final. Loan originators and mortgage servicers are impacted by the new regulations.

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