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Time To Act: Mortgage Rates Likely To Rise Over Next Few Months

Time To Act: Mortgage Rates Likely To Rise Over Next Few Months

Despite relief, independent mortgage bankers say Financial CHOICE Act still needs work

The FCA curtails the Consumer Financial Protection Bureau’s authority in certain areas that affect IMBs – eliminating CFPB exam authority, ending CFPB authority to audit third party vendors, and eliminating CFPB actions based on unclear standards inherent in UDAAP.  But one additional provision is needed to ensure that small IMBs are treated the same as banks are under the bill.

IMBs are supervised and regulated by every state in which they do business. But despite the fact that IMBs did not cause the housing crisis, federal laws have significantly expanded their regulatory compliance burden in the wake of that crisis.  The 2008 SAFE Act requires that every loan originator that works at a nonbank mortgage lender is required to pass the SAFE Act qualifications test, an independent background check, and pre-licensing and continuing education courses (requirements that all banks are exempt from). 

And, with passage of Dodd-Frank, even the smallest IMB is subject to the dual consumer regulatory jurisdiction of both the CFPB and the states - along with new Dodd-Frank mortgage rules.  Yet, this dual regulatory process for IMBs currently does not apply to the 99% of banks that have been exempt from CFPB exams and enforcement since the passage of Dodd-Frank.

With Choice Act Up for Vote and Treasury Report Expected, Nichols ...

The week ahead is expected to be a busy one for financial reform in Washington, D.C.  In an essay posted this morning on Medium , American Bankers Association President and CEO Rob Nichols teed up the expected release of the Treasury Department’s report responding to President Trump’s call to streamline financial regulations, as well as Rep. Jeb Hensarling’s Financial Choice Act, which comes up for a vote later this week.

Nichols emphasized that all Americans have a stake in the future of financial reform. “This busy week in D.C. will be a significant start on the regulatory reforms we need to accelerate this economy, grow jobs and create opportunity,” he wrote. “If you’re concerned about job creation, local economic growth and access to affordable credit, you might want to pay attention to this other Washington story this week.”

Nichols was interviewed on NPR’s “All Things Considered” on Friday about the Financial Choice Act, which includes many provisions advocated by ABA as part of its Blueprint for Growth . He emphasized that ABA is not seeking a total repeal of the Dodd-Frank Act. “We are not seeking to roll back all of Dodd-Frank,” he told NPR. “Our intention is to acknowledge what many regulators and legislators will tell you, publicly and privately, which is: aspects of Dodd-Frank overshot.”

Can a letter of hardship apply toward Mortgage forgiveness Act?

I am looking to move closer to my job, which I currently commute 200 miles on a daily round trip. My current property is $200k under my purchase price. I plan on trying to rent my home or I will probably attempt to short sale it.


If you chose to buy a home 200 miles to job, that's a choice you made, your election, hardship you chose. Now if you got transferred after purchasing home, then it's a hardship.

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