Fed Proposal on Annual Assessments
On April 15, the Fed requested comment on a proposed rule to establish an annual assessment for bank holding companies and savings and loan companies with $50 billion or greater in total consolidated assets, as well as for nonbank financial companies designated for Fed supervision by the FSOC. Comments on the proposed rule must be submitted by June 15. Fed Release. Proposed Rule.
FHFA HARP Extension
On April 11, the FHFA announced that Fannie Mae and Freddie Mac will extend the Home Affordable Refinance Program (HARP) by two years until December 31, 2015. The program was set to expire on December 31 of this year. FHFA Release.
CFPB Proposed Clarification of Escrow Rule
On April 12, the CFPB issued a proposed rule clarifying and making technical amendments to the 2013 Escrows Final Rule issued in January relating to mandatory escrow requirements for certain mortgage loans. Comments on the proposed rule must be received within 15 days of publication in the Federal Register. CFPB Proposed Rule.
CFPB Small Entity QM Compliance Guide
On April 10 , the CFPB published a small entity compliance guide for the Ability-to-Repay and Qualified Mortgage rule, as well as a comparison chart which compares the general Ability-to-Repay requirements with the requirements for originating Qualified Mortgage loans. CFPB Compliance Guide. CFPB Comparison Chart.