Federal regulars are piling on "unwarranted" compliance issues as part of a new scheme for scoring Community Reinvestment Act performance, according to the Consumer Bankers Association.Under a proposed rule, a bank's or thrift's CRA score would be adversely affected if examiners find violations of the Home Ownership and Equity Protection Act, the Real Estate Settlement Procedures Act, or other consumer protection laws. "It was not Congress' intention to have the regulatory agencies download the entire consumer compliance examination into CRA, making CRA, in effect, a super-compliance oversight review process," the CBA says in a comment letter. "We believe that the approach being proposed here is not appropriate for CRA and is fraught with problems." The consumer bankers also object to expanding the CRA public disclosures to include information on HOEPA originations and high-cost loans that institutions are collecting under the new Home Mortgage Disclosure Act requirements. The CBA can be found online at http://www.cbanet.org.
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The massive mortgage business saw a first quarter profit mitigated by nearly $300 million in hedging losses.
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The Consumer Financial Protection Bureau has seen excessive property-inspection charges, fees that loan mods should eliminate and improper line-item labels.
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Michael Tannenbaum, whose experience in the financial services industry spans over 15 years, has a track record of helping companies scale and grow.
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A majority of consumers earning more than $100,000 annually said they were concerned about their own ability to purchase a home, demonstrating how affordability issues are impacting those at many socioeconomic levels, the University of Michigan study found.
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The nonbank's results add to other indications that the first quarter's "higher for longer" rate scenario had an upside for efficient servicing operations.
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The latest rate increases contributed to a 1% drop in purchases from the previous week and 15% annually, according to the Mortgage Bankers Association.
April 24