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the latest ORIGINATION Or ig i nat ion Insurers Reveal Modification, Refinance Activity Tallying three years worth of data from its membership, MICA has released findings on the effects of HAMP and HARP. a na ly t ic s Deadline Extended on Mortgage Disclosure Requirement se c on da r y m a r k e t ortgage Insurance Companies of America (MICA), an association of private mortgage insurers, reported that since 2009, its members have insured $86.9 billion in mortgages modified or refinanced through the Home Affordable Modification Program (HAMP) and the Home Affordable Refinance Program (HARP) as well as in mortgages modified through other means. The $86.9 billion is distributed among 496,961 homes across the nation. MICA members insured 6,143 mortgages receiving HAMP modifications during the third quarter of last year. The total value of HAMP loans insured amounts to about $1.1 billion. Additionally, private insurers who are members of MICA have assisted another 7,234 homeowners in receiving loan modifications that are not part of the HAMP or HARP programs. In this category, the insurers backed about $1.4 billion in loans over third-quarter 2012. MICA members have also insured 46,440 homeowners who refinanced their loans through HARP during the third quarter. These loans totaled about $9.05 billion. MICA reported its thirdquarter numbers consisted of data from Genworth Mortgage Insurance Company, Mortgage Guaranty Insurance Corporation, and Radian Guaranty Inc. In total, the dollar volume of insurance written by these companies for loans qualifying for HAMP, HARP or other modifications during the third quarter of 2012 reached about $11.6 billion, up 62 percent from the third quarter of 2011. Loan volume was roughly 59,817 during the quarter. Since HAMP and HARP were initiated in 2009, MICA members have insured 127,516 HAMP loans; 217,109 HARP loans; and 152,336 other modified loans, amounting to nearly 500,000 modified and refinanced loans overall. s e r v ic i ng M Originally slated for implementation on January 21, rules targeting simplified and streamlined disclosures have been put on hold. T he Consumer Financial Protection Bureau (CFPB) announced it's granting more time for the industry to implement new mortgage disclosures required under the Dodd-Frank Act and the Consumer Protection Act. The extension was provided "in order to allow a more seamless integration with other mortgage disclosures that have been proposed by the bureau," the CFPB said in a statement. As mandated by Dodd-Frank, the CFPB proposed new and integrated mortgage disclosure forms to simplify and streamline requirements from the Truth in Lending Act (TILA) and Real Estate Settlement Procedures Act (RESPA). The proposal was made in July. In addition, the Dodd-Frank Act also establishes additional new mortgage disclosure requirements, including disclosures on cancellation of escrow accounts, a consumer's liability for debt payment after foreclosure, the creditor's policy for accepting partial payment, and a warning on negative amortization features. The requirements would have had to be implemented January 21 if no action was taken. When the CFPB sought comment on granting more time for the industry to provide the new disclosures, those who commented "overwhelmingly" supported the idea of allowing extra time so the "disclosures take effect together." "Without this extra time, the industry would have to implement these new disclosures twice—once on January 21 and once again when the bureau finalizes the integrated TILARESPA disclosure regime," the CFPB explained in a statement. Now the industry can implement the rules together after proposed mortgage disclosure rules are finalized. The CFPB expects final rules to be published sometime this year. The M Report | 41