Regulatory News
HMDA data shows more people took out a mortgage to purchase a home in 2014 than 2013
Today, the Federal Financial Institutions Examination Council (FFIEC) published the 2014 Home Mortgage Disclosure Act (HMDA) data showing that more people took out a mortgage to purchase a home in 2014 than in 2013 and that fewer people refinanced their mortgages. As part of our work to educate consumers to make informed financial decisions, we at the Consumer Financial Protection Bureau (CFPB) – along with the other members of the FFIEC – are committed to making HMDA data clear and available to you. The Home Mortgage Disclosure Act helps protect consumers by providing public data about the mortgage market. Consumers, public officials, community groups, researchers, developers, journalists, and mortgage professionals can use these data to better understand mortgage trends at a…
Federal Financial Institutions Examination Council Announces Availability of 2014 Data on Mortgage Lending
The Federal Financial Institutions Examination Council (FFIEC) today announced the availability of data on mortgage lending transactions at 7,062 U.S. financial institutions covered by the Home Mortgage Disclosure Act (HMDA). Covered institutions include banks, savings associations, credit unions, and mortgage companies. The HMDA data made available today cover 2014 lending activity, and include applications, originations, purchases and sales of loans, denials, and other actions related to applications. The data released today also include disclosure statements for each financial institution, aggregate data for each metropolitan statistical area (MSA), nationwide summary statistics on lending patterns, and Loan/Application Registers (LARs) for each financial institution (LARs are modified…
Federal Financial Institutions Regulatory Agencies Announce Availability of 2014 Small Business, Small Farm, and Community Development Lending Data
The three federal banking agency members of the Federal Financial Institutions Examination Council (FFIEC) with Community Reinvestment Act (CRA) responsibilities—the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency—announced today the availability of data on small business, small farm, and community development lending reported by certain commercial banks and savings associations, pursuant to the CRA. An FFIEC disclosure statement on the reported 2014 CRA data, in electronic form, is available for each reporting commercial bank and savings association. The FFIEC also has prepared aggregate disclosure statements of small business and small farm lending for all of the metropolitan…
Agencies release list of distressed or underserved nonmetropolitan middle-income geographies
The Board of Governors of the Federal Reserve System, the Office of the Comptroller of the Currency, and the Federal Deposit Insurance Corporation today announced the availability of the 2015 list of distressed or underserved nonmetropolitan middle-income geographies, where revitalization or stabilization activities will receive Community Reinvestment Act (CRA) consideration as community development. Distressed nonmetropolitan middle-income geographies and underserved nonmetropolitan middle-income geographies are designated by the agencies in accordance with their CRA regulations. The criteria for designating these areas are available on the Federal Financial Institutions Examination Council (FFIEC) website (http://www.ffiec.gov/cra). The designations continue to reflect local…
CFPB Orders RPM Mortgage to Pay $19 Million for Steering Consumers Into Costlier Mortgages
RPM CEO Erwin Robert Hirt to Pay Additional $1 Million Civil Penalty
WASHINGTON, D.C. – Today, the Consumer Financial Protection Bureau (CFPB) filed a complaint in federal district court against RPM Mortgage, Inc. and its CEO, Erwin Robert Hirt, for illegally paying bonuses and higher commissions to loan originators to incentivize them to steer consumers into costlier mortgages. The CFPB also filed a proposed order that, if entered by the court, would require RPM to pay $18 million in redress to consumers and a $1 million civil penalty, and would require Hirt to pay an additional $1 million civil penalty.
| Institution | Regulator(s) | Violation | Penalty | Period covered | HMDA/fair-lending data field involved |
|---|---|---|---|---|---|
| RPM Mortgage, Inc. | Consumer Financial Protection Bureau (CFPB) | Violated the Loan Originator Compensation Rule and the Consumer Financial Protection Act (CFPA) by paying bonuses and higher commissions to loan originators to incentivize them to steer consumers into costlier mortgages | $18 million in redress to consumers; $1 million civil penalty (RPM); Hirt to pay an additional $1 million civil penalty | April 2011 through December 2013 | Loan officer compensation / steering |
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