The CFPB has announced that it will be holding two field hearings in January 2013 on mortgage policy. The first hearing is scheduled for January 10 in Baltimore and the second hearing is scheduled for January 17 in Atlanta. CFPB Director Richard Cordray is expected to deliver remarks at both hearings and there will also be testimony from consumer groups, industry representatives, and members of the public.
Given that the hearings are scheduled to be held only several days before the January 21 deadline for the CFPB to finalize various Dodd-Frank mandated mortgage regulations, it appears likely those regulations will be the focus of the hearings. In October, the CFPB used a field hearing on debt collection practices as the forum at which Director Cordray announced the release of the CFPB’s final debt collection larger participant rule.
Major topics to be addressed by the regulations are the “qualified mortgage” standard under the Dodd-Frank ability-to-pay rule, servicing requirements, loan originator compensation, appraisal-related requirements, escrow requirements for higher-priced mortgage loans, and new provisions for high-cost (HOEPA) loans.