As previously reported, in October 2019 the CFPB issued a final rule under the Home Mortgage Disclosure Act (HMDA) to...more
1/27/2020
/ Categorical Exemptions ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Final Rules ,
Financial Regulatory Reform ,
Financial Services Industry ,
HMDA ,
Mortgage Lenders ,
Mortgages ,
Open-Ended Lines of Credit ,
Real Estate Transactions ,
Regulation C ,
Regulatory Oversight ,
Regulatory Requirements ,
Reporting Requirements ,
Rulemaking Process ,
Small Entity Compliance Guide ,
Threshold Requirements
The CFPB recently issued in final form two elements of a May 2019 Home Mortgage Disclosure Act (HMDA) proposed rule. As previously reported, the May 2019 proposal would...more
10/11/2019
/ Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Final Rules ,
Financial Regulatory Reform ,
Financial Services Industry ,
HMDA ,
Mortgage Lenders ,
Mortgages ,
Open-Ended Lines of Credit ,
Proposed Rules ,
Real Estate Transactions ,
Regulatory Oversight ,
Regulatory Requirements ,
Reporting Requirements ,
Rulemaking Process ,
Threshold Requirements
The CFPB recently issued the 2020 Filing Instructions Guide for Home Mortgage Disclosure Act (HMDA) data. The Guide applies to HMDA data collected in calendar year 2020 that must be reported to the government in 2021....more
In its first No-Action Letter under the new revised policy, the CFPB addresses a long-standing issue under the Real Estate Settlement Procedures Act regarding certain payment arrangements between mortgage lenders and housing...more
9/19/2019
/ Compensation ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Financial Services Industry ,
Housing Counseling Agencies ,
HUD ,
Mortgage Lenders ,
Mortgages ,
No-Action Letters ,
Payment Terms ,
Policies and Procedures ,
RESPA
The CFPB recently updated two prior Home Mortgage Disclosure Act (HMDA) webinars to reflect amendments to HMDA made by the Economic Growth, Regulatory Relief, and Consumer Protection Act, and the interpretive and procedural...more
The CFPB recently updated the TRID rule FAQs to address questions about providing a Loan Estimate to consumers. The FAQs mostly confirm guidance previously provided by the CFPB in various forms. ...more
8/2/2019
/ Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Disclosure Requirements ,
Financial Services Industry ,
Loan Estimates ,
Mortgage Lenders ,
Mortgages ,
Regulatory Requirements ,
Rulemaking Process ,
TILA-RESPA Integrated Disclosure Rule (TRID) ,
Transparency
The CFPB recently announced that it is reopening the comment period for the May 2019 Home Mortgage Disclosure Act (HMDA) rule proposal. Comments on certain aspects of the proposal, addressed below, are due by October 15,...more
8/1/2019
/ Comment Period ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Financial Services Industry ,
HMDA ,
Mortgage Lenders ,
Mortgages ,
Proposed Rules ,
Real Estate Transactions ,
Regulatory Oversight ,
Reporting Requirements ,
Rulemaking Process
The CFPB recently issued an advance notice of proposed rulemaking (ANPR) requesting comments on how to revise the qualified mortgage (QM) provisions of the Regulation Z ability to repay rule in view of the impending...more
7/30/2019
/ Ability-to-Repay ,
Advanced Notice of Proposed Rulemaking (ANPRM) ,
Comment Period ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Federal Housing Administration (FHA) ,
GSE ,
Loans ,
Mortgages ,
Public Comment ,
Qualified Mortgage Rule ,
Regulation Z ,
Rulemaking Process
As previously reported, in May 2019 the CFPB issued both a proposal to modify the Home Mortgage Disclosure Act (HMDA) rule, and an advance notice of proposed rulemaking seeking comment on three specific aspects of the HMDA...more
As previously reported, in May 2019 the CFPB issued both a proposed rule to modify the existing Home Mortgage Disclosure Act (HMDA) rule and an advance notice of proposed rulemaking seeking comment on additional potential...more
6/11/2019
/ Comment Period ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Financial Services Industry ,
HMDA ,
Mortgage Lenders ,
Mortgages ,
Proposed Rules ,
Real Estate Transactions ,
Regulatory Oversight ,
Reporting Requirements ,
Rulemaking Process
The CFPB recently updated the TILA/RESPA Integrated Disclosure (TRID) rule FAQs to address construction loans. The guidance falls well short of what the industry is seeking from the CFPB....more
6/3/2019
/ Closing Documents ,
Construction Industry ,
Construction Loans ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Economic Growth Regulatory Relief and Consumer Protection Act ,
Guidance Update ,
Real Estate Development ,
Real Estate Market ,
TILA-RESPA Integrated Disclosure Rule (TRID)
The CFPB recently released a redesigned version of its Home Mortgage Disclosure Act (HMDA) data and research page. The webpage provides access to various types of HMDA information and data, including HMDA data of individual...more
The CFPB recently issued both a proposed Home Mortgage Disclosure Act (HMDA) rule and an advance notice of proposed HMDA rulemaking. The CFPB also issued a summary that mainly focuses on the proposed rule, as well as an...more
The CFPB recently issued a factsheet addressing whether a Loan Estimate and Closing Disclosure are required in connection with the assumption of a residential mortgage loan....more
The CFPB recently posted on its website revised Home Mortgage Disclosure Act (HMDA) examination guidelines. ...more
The CFPB recently released modified Home Mortgage Disclosure Act (HMDA) loan application registers of approximately 5,400 financial institutions for calendar year 2018. ...more
The CFPB announced the release of the 2019 version of A Guide to HMDA Reporting: Getting it Right. The Guide addresses the collection of data under the Home Mortgage Disclosure Act (HMDA) during 2019 that must be reported in...more
The Consumer Financial Protection Bureau (CFPB) has opened the public comment phase on its proposed rules on regulation of Property Assessed Clean Energy (PACE) loans for upfront costs of eligible energy improvements....more
3/15/2019
/ Ability-to-Repay ,
Comment Period ,
Consumer Financial Protection Bureau (CFPB) ,
Economic Growth Regulatory Relief and Consumer Protection Act ,
Energy Projects ,
Financial Services Industry ,
NPRM ,
PACE ,
Proposed Rules ,
Rulemaking Process ,
Truth in Lending Act (TILA)
As we reported previously, the Economic Growth, Regulatory Relief and Consumer Protection Act (Act) subjects Property Assessed Clean Energy (PACE) financing to Truth in Lending Act (TILA) ability-to-repay (ATR) requirements...more
The CFPB recently issued A Regulatory and Reporting Overview Reference Chart for HMDA Data Collected in 2019. As previously reported, the Economic Growth, Regulatory Relief, and Consumer Protection Act created an exemption...more
On January 10, the CFPB published a report containing the results of its assessment of the Ability-to-Repay and Qualified Mortgage Rule (“ATR/QM Rule”) issued in 2013. ...more
As previously reported, in September 2017 the CFPB proposed policy guidance regarding what application-level Home Mortgage Disclosure Act (HMDA) data would be disclosed to the public based on the significant expansion to the...more
As previously reported, late in 2018 the CFPB announced the availability of a beta version of a Home Mortgage Disclosure Act (HMDA) data platform for companies to test the filing of 2018 data. ...more
The CFPB has made available a beta version of its 2018 HMDA data platform. The platform is for the reporting of data collected in 2018 that must be reported in 2019. ...more
The CFPB recently filed a complaint and a proposed stipulated final judgment and order to address claims that Village Capital & Investments LLC (Village) engaged in deceptive acts and practices in the solicitation of veterans...more
12/10/2018
/ Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Department of Veterans Affairs ,
Enforcement Actions ,
Financial Services Industry ,
Military Service Members ,
Mortgages ,
Refinancing ,
Settlement ,
Unfair or Deceptive Trade Practices ,
Veterans