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Mortgage Compliance News | Mortgage Compliance Newsletter | Mortgage Regulations
News about complying with mortgage laws, rules and regulations.

Videos Help With CFPB Mortgage Rules Compliance

Three mortgage rules addressed in videos

Feb. 13, 2015

By Mortgage Daily staff

A set of videos are intended to help mortgage lenders and servicers comply with three key mortgage rules issued by the Consumer Financial Protection Bureau.

The first video in the series, released late last year, addresses compliance with the CFPB's Ability to Repay and Qualified Mortgage Rule.

A second video that was released just last month takes on compliance with the regulator's Loan Officer Compensation Rule.

On Friday, the Federal Deposit Insurance Corp. -- which produced the videos -- announced that a third video addresses compliance with the bureau's Mortgage Servicing Rules.

"Similar to the other recent mortgage rules, the CFPB's mortgage servicing rules include provisions of particular relevance to community banks, and we hope this video provides useful information tailored to community bank operations," FDIC Director of the Division of Depositor and Consumer Protection Mark Pearce said in the FDIC's statement.

The FDIC noted that the trio of videos are designed to help bank compliance officers and staff understand and follow the CFPB's mortgage-related rules.

The FDIC's announcement comes as community bankers are calling on Congress to provide regulatory relief.

In prepared testimony before the Senate Banking Committee Thursday, American Bankers Association Chairman Elect Daniel Blanton noted that the avalanche of new rules has made it much more difficult to meet customer needs.

"Every bank regulatory change directly affects the cost of providing banking products and services to customers," Blanton said.  "Even small changes can reduce credit availability, raise costs and drive consolidation.  Everyone who uses banking products or services is impacted by changes in bank regulation."

He explained that the heavy regulatory burden is often pushing small banks to sell to banks many times their size -- cutting the number of community by 1,200 over the past five years.

John Buhrmaster, who is the chairman of the Independent Community Bankers of America, said the bank regulations threaten economic growth. If Congress doesn't lighten the burden on small banks, Buhrmaster claims communities will be deprived of essential banking services.

"Simply put -- community banks and the communities they serve deserve tiered regulation that's proportionate with their size and risk profile," Buhrmaster said according to prepared text of his testimony. "Only then will the strangling effect of one-size-fits-all regulation be eradicated -- allowing community banks and local economies they serve to prosper."

Among the changes the ICBA is calling for is the exemption of community banks from certain mortgage reforms to support the housing recovery.

watch FDIC video on Servicing Rules

watch FDIC video on LO Comp Rule

watch FDIC video on ATR and QM Rule

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