Your Busy Government–Latest on Reform Summary, QM, and CFPB on Appraisals & LO Comp


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Reform Summary:

(overall excellent summary with lots of links) Mortgage Reforms Keep Coming – By Karen Weise – Bloomberg Businessweek 

More on QM:

(lots on QM) How the new mortgage rules will impact the housing marketOC Housing News

(QM, High Cost Mortgages, Escrow Rule Changes) Regulatory Meltdown Starts Monday – Penny Showalter – National Mortgage News 

From the CFPB:

Here is the CFPB press release – worth reading all: Consumer Financial Protection Bureau rules establish strong protections for homeowners facing foreclosure – New rules prevent servicer surprises and runarounds for mortgage borrowers
(APPRAISALS) Agencies Issue Final Rule on Appraisals for Higher-Priced Mortgage LoansFR Board of Governors 
(LO COMP) CFPB Issues Mortgage Compensation Rule to Prevent Steering – by Jason Oliva – … Under the rules, brokers or loan officers cannot receive additional payment if the consumer chooses a loan with a higher interest rate, a prepayment penalty or higher fees. Originators also cannot get paid more if consumers agree to buy title insurance from the lender’s affiliate. The rule also prohibits originators from receiving dual compensation, meaning getting paid by both borrower and the creditor. … more  – Reverse Mortgage Daily


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