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If you are interested in purchasing Compliance Essentials or other education products from the national MBA, please visit the Connecticut MBA’s webstore, where CT MBA members can obtain special state member discounts.  There are many national MBA products available on this webstore, including School of Mortgage Banking, and more are being added every week. Also, if you are interested in the MBA’s Education Advantage program, the discounted subscription-based approach to purchasing MBA’s on-line courses, please fill out and submit the CT MBA form on this page.

 

FOR IMMEDIATE RELEASE:

October 27, 2016

 

 

CONSUMER FINANCIAL PROTECTION BUREAU WARNS Financial Institutions about Potential mortGAGE lendIng reporting failures

CFPB Puts 44 Mortgage Lenders and Brokers on Notice That They May Be Required to Report Mortgage Data 

 

WASHINGTON, D.C. – Today the Consumer Financial Protection Bureau (CFPB) is issuing warning letters to 44 mortgage lenders and mortgage brokers. The Bureau has information that appears to show they may be required to collect, record, and report data about their housing-related lending activity, and that they may be in violation of those requirements.

 

"Financial institutions that fail to report mortgage information as required make it harder to identify and address discriminatory lending," said CFPB Director Richard Cordray. "No mortgage lender that is required to report their loan data can avoid this responsibility."

 

The Home Mortgage Disclosure Act, which was originally enacted in 1975, requires many financial institutions to collect data about their housing-related lending activity, including home purchase loans, home improvement loans, and refinancings that they originate or purchase, or for which they receive applications. Annually, these financial institutions must report to the appropriate federal agencies and make the data available to the public. The public and regulators can use the information to monitor whether financial institutions are serving the housing needs of their communities, to assist in distributing public-sector investment so as to attract private investment to areas where it is needed, and to identify possible discriminatory lending patterns.

 

Data transparency helps to ensure that financial institutions are not engaging in discriminatory lending or failing to meet the credit needs of the entire community, including low- and moderate-income neighborhoods. Financial institutions that avoid their responsibility to collect and report mortgage loan data hinder regulatory efforts to enforce fair lending laws.

 

The CFPB identified the 44 companies by reviewing available bank and nonbank mortgage data. The warning letters flag that entities that meet certain requirements are required to collect, record, and report mortgage lending data. The letters say that recipients should review their practices to ensure they comply with all relevant laws. The companies are encouraged to respond to the Bureau to advise if they have taken, or will take, steps to ensure compliance with the law. They can also tell the Bureau if they think the law does not apply to them. The CFPB, in sending these letters, made no determination that a legal violation did, in fact, occur.

 

A sample letter is available at: files.consumerfinance.gov/f/documents/102016_cfpb_HMDA_Non_Reporter_Warning_Letter.pdf

 

In October 2015, the CFPB finalized a rule updating the reporting requirements of the Home Mortgage Disclosure Act regulation. The rule will improve the quality and type of data that is collected and reported, including shedding more light on consumers' access to credit. Most of the provisions of the final rule will take effect on Jan. 1, 2018.

 

In October 2013, the CFPB released a bulletin putting mortgage lenders on notice about the importance of submitting correct mortgage loan information.

 

 

For mortgage loan questions or to submit a complaint, consumers can contact the CFPB at (855) 411-2372 or visit consumerfinance.gov

 

MBA News link

 

 

 

We are very pleased to announce an enhanced legislative monitoring system which will allow us to share an interactive and real time electronic summary of the legislation of interest to you. 

Go to GBA’s website: http://www.gaffneybennett.com/

 Click on green button in the top right corner:  “Legislative Tracker Login”

 Enter CMBA U/N and PW on login page (contact the CMBA office for password)

Our grid should appear along with some tabs allowing you to filter and search, etc.


 

 

 


 


 

SAFE Mortgage Loan Originator ONLINE Pre-licensing, Exam Prep and Continuing Education!
Connecticut Mortgage Bankers Association has partnered with the Association of Mortgage Educators (NMLS Provider ID: #1400214) to offer online SAFE MLO Pre-licensing, Exam Preparation and Continuing Education courses. REGISTER
 

CMBA Advisory Council Sponsors

Bendett & McHugh PC
Birchwood Credit Services
CATIC
Chelsea Groton Bank
CHFA
Fairfield County Bank
Farmington Bank
First County Bank
First World Mortgage Corp.
Genworth Financial
Guilford Savings Bank
Hunt Leibert
Liberty Bank
McCue Mortgage Company
Norcom Mortgage
People's United Bank
Radian Guaranty, Inc
Robinson & Cole
Sikorsky Credit Union
Simsbury Bank
Strategic Information Resources
Thomaston Savings Bank
The Washington Trust Mortgage Mortgage Company
Webster Bank
Wells Fargo Home Mortgage
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Connecticut Mortgage Bankers Association, Inc.
185 Main Street, Suite 404  

New Britain, CT 06050

Phone: 860-348-1238
Fax: 860-348-1257
Email: info@cmba.org

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