REFinBlog

Editor: David Reiss
Brooklyn Law School

April 20, 2018

Rate-Lock Lock Out

By David Reiss

Mick Mulvaney plays against type by signing off on a Consent Order with a billion dollar penalty for Wells Fargo. The Order stated that Wells, among other things, charged “fees for rate-lock extensions in connection with residential-mortgage lending” and violated … Continue reading

April 10, 2018

Taking Apart The CFPB, Bit by Bit

By David Reiss

Mick Mulvaney’s Message in the CFPB’s latest Semi-Annual Report is crystal clear regarding his plans for the Bureau: As has been evident since the enactment of the Dodd-Frank Act, the Bureau is far too powerful, and with precious little oversight … Continue reading

April 5, 2018

Fight Over The Community Reinvestment Act

By David Reiss

Bloomberg BNA quoted me in Community Investment Revamp for Banks Likely To Spark Fight (behind a paywall). It opens, Community groups and banks agree that the Community Reinvestment Act needs an update, but with regulators beginning an ambitious overhaul of the … Continue reading

April 4, 2018

“Modernizing” the Community Reinvestment Act

By David Reiss

The Trump Administration has been signaling its intent to do a makeover of the Community Reinvestment Act of 1977 (CRA) for quite a while, describing it as a much needed update.  Last June, Treasury stated in its Banks and Credit … Continue reading

March 15, 2018

FinTech Disrupting The Mortgage Industry

By David Reiss

Researchers at the NY Fed have posted The Role of Technology in Mortgage Lending. There is no doubt that tech can disrupt the mortgage lending business much as it has done with others. The abstract reads, Technology-based (“FinTech”) lenders increased … Continue reading

March 14, 2018

The Importance of Mortgage Data

By David Reiss

Senate Bill 2155 is looking like it will be enacted and reduce the amount of data collected pursuant to the Home Mortgage Disclosure Act. The Federal Reserve Bulletin includes a report that demonstrates just how useful that data is, Residential Mortgage Lending … Continue reading

March 12, 2018

Nonbanks and The Next Crisis

By David Reiss

    Researchers at the Fed and UC Berkeley have posted Liquidity Crises in the Mortgage Markets. The authors conclusions are particularly troubling: The nonbank mortgage sector has boomed in recent years. The combination of low interest rates, well-functioning GSE and … Continue reading