From: Reverse Mortgage Daily
by Cassandra Dowell
Revisions intended to streamline and improve certain mortgage procedures are among the top priorities of the Consumer Financial Protection Bureau as 2015 fast approaches.
The CFPB’s fall 2014 rulemaking agenda revisits its July proposal to amend Regulation C, which implements the Home Mortgage Disclosure Act (HMDA).
The proposal, now in the final rule stage, aims to simplify the process for financial institutions and gain more insight into consumers’ access to mortgage credit.
The proposal also included revisions to its regulations to bring about changes to institutional and transactional coverage, modifications of reporting requirements, and clarifications of other existing regulatory provisions.
Recently, more than 40 organizations in California called upon the CFPB to bring greater transparency to HMDA to address a variety of proposals, including those related to non-borrowing reverse mortgage spouses.