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Thursday, May 15, 2014

ABA, Groups: More CFPB-FHA Coordination Needed

ABA and several other trade groups urged the Department of Housing and Urban Development to coordinate its consumer protections for Federal Housing Administration borrowers with the CFPB and Ginnie Mae.

In a comment letter, the groups noted that the HUD proposal would prohibit lenders from charging post-payment interest for FHA-insured single-family mortgages. This would make prepayment penalties consistent with definitions in the CFPB’s Ability-to-Repay/Qualified Mortgage rule.

The groups added that more is needed to make FHA lending practices consistent, noting that Ginnie Mae rules continue to require servicers to remit to investors the amount of post-payment interest that would have been charged, or could have been charged, absent the proposed amendment.

“It would be most advisable for HUD, FHA, Ginnie Mae, and the CFPB to coordinate their actions so that the intended consumer protection can be implemented,” the groups said.

Read the letter.

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