10 mortgage reforms in Senate's reg relief bill
The Senate is racing toward a
Some of the proposed changes in the legislation sponsored by Banking Committee Chairman Mike Crapo, R-Idaho, target rules that drew broad-based complaints from the mortgage industry. But others address narrower concerns from specific sub-sets of the business, and at least one is not a relief measure, but rather restores an expired post-crisis servicing restriction.
The regulatory relief that the Crapo bill offers is aimed primarily at loosening restrictions on lenders rather than servicers, particularly if they are smaller and are nonbanks or credit unions.
That may be in part to appease Democrats that might otherwise oppose the bill. Some progressive Democrats are challenging the proposed legislation on the grounds it could mark a return to dangerous pre-crisis financial services practices.
But former Rep. Barney Frank, one of the Dodd-Frank Act's co-authors,
From HMDA and TRID to restoring the Protecting Tenants at Foreclosure Act, here's a look at 10 mortgage and housing provisions in the Senate's regulatory reform bill.
HMDA exemption for small banks
The provision, which does not apply to nonbanks, would not exempt institutions from HMDA reporting altogether, but is limited to new requirements initially mandated by the Dodd-Frank Act of 2010.
Critics argue this provision will