Archive: 15 October 2015

Push Them Back, Shove Them Back, Way Back
CFPB Publishes Major Changes to HDMA

Push Them Back, Shove Them Back, Way Back

By: Laurence E. Platt

From the October 2015 issue of Mortgage Banking magazine, with permission from the Mortgage Bankers Associate (MBA).

Despite the opposition of major consumer and industry groups, the National Conference of Commissioners on Uniform State Laws adopted the proposed Uniform Home Foreclosure Procedures Act in July. There is much to like in the Act, such as limiting local governments from regulating foreclosures, expediting foreclosures for abandoned properties and extinguishing junior liens in short sales. Outweighing these potential benefits, however, are the likely material delays in, and increased costs of, foreclosure resulting from the imposition of “foreclosure resolution” requirements and assignee liability for origination errors. Individual state legislatures must now evaluate whether to enact the Act in whole, in part or not at all, in light of the anticipated active opposition from stakeholders.

To read the article, click here.

CFPB Publishes Major Changes to HDMA

By: Melanie Brody, Christopher Shelton

Today, the Consumer Financial Protection Bureau issued a final rule that makes significant amendments to its Home Mortgage Disclosure Act (“HMDA”) regulations.  The final rule is available here.

At 797 double-spaced pages, the final rule is almost half the length of the TILA-RESPA Integrated Disclosure rule, which came into effect earlier this month.  Institutions will have to devote significant attention to digesting and implementing all the new HMDA requirements.  The new requirements come into effect in three phases, starting in January 2018, January 2019, and January 2020.

K&L Gates will be circulating a client alert shortly, followed by a webinar, to help institutions navigate this complex final rule.

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