The CFPB announced that it is issuing warning letters to 44 mortgage lenders and mortgage brokers stating that it “has information that appears to show that your company may not be in compliance with certain provisions of the...more
10/28/2016
/ Banking Sector ,
Banks ,
Consumer Financial Protection Bureau (CFPB) ,
Data Collection ,
Disclosure Requirements ,
Dodd-Frank ,
Financial Institutions ,
HMDA ,
Mortgage Lenders ,
Mortgage Servicers ,
Mortgages ,
Regulation C ,
Reporting Requirements
The Federal Deposit Insurance Corporation (FDIC) has published multiple resources to help community bankers learn more about single-family housing products offered by federal agencies and government-sponsored enterprises. The...more
The CFPB has published a notice in the Federal Register announcing that it has revised its methodology statement for calculating the average prime offer rates (APORs) under Regulations C and Z.
Regulation C requires...more
As previously reported, the Consumer Financial Protection Bureau (CFPB) proposed substantive and technical revisions to the TILA/RESPA Integrated Disclosure (TRID) rule, which the CFPB refers to as the "Know Before You Owe"...more
8/4/2016
/ Banking Sector ,
Closing Documents ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Disclosure Requirements ,
Gramm-Leach-Blilely Act ,
Mortgage Lenders ,
Mortgages ,
Property Insurance ,
Property Tax ,
Regulation Z ,
Residential Real Estate Market ,
TILA-RESPA Integrated Disclosure Rule (TRID) ,
Title Insurance
As we have reported, the Consumer Financial Protection Bureau (CFPB) released a final rule amending Regulation C, which implements the Home Mortgage Disclosure Act (HMDA), requiring “Covered Institutions” to report certain...more
7/22/2016
/ Consumer Financial Protection Bureau (CFPB) ,
Disclosure Requirements ,
FFIEC ,
Filing Requirements ,
HMDA ,
HUD ,
Mortgage Lenders ,
Mortgages ,
Real Estate Market ,
Regulation C ,
Reporting Requirements
In emails sent to CFPB email subscription holders, the CFPB announced the publication of new annotated versions of the Loan Estimate and Closing Disclosure that include citations to sections in Chapter 2 of the Truth in...more
The American Bankers Association (ABA) has released findings from its recent 2016 ABA TRID Survey focusing on the TILA/RESPA Integrated Disclosure (TRID) rule’s effect on the residential mortgage lending market. The findings,...more
As we previously addressed, the CFPB issued a final rule to expand the definition of “rural areas” under Regulation Z with regard to the authority of small creditors to make certain qualified mortgage loans under the ability...more
The U.S. Department of Justice recently entered into a consent order with Evolve Bank & Trust to settle charges that the bank discriminated against mortgage loan applicants on the basis of disability and receipt of public...more
The CFPB’s Deputy Assistant Director for origination recently warned mortgage lenders of the four main examination priorities for 2016—loan originator compensation plans, the ability-to-repay rule, the TILA-RESPA Integrated...more
Since it is unusual for CFPB annual adjustments to result in reduced thresholds, we want to remind blog readers of the reduced HOEPA and QM points and fee limits that will be effective January 1, 2016. Effective January 1,...more
The U.S. Department of Justice (DOJ) has announced a proposed consent order with Sage Bank to settle charges that the bank violated the Fair Housing Act (FHA) and the Equal Credit Opportunity Act (ECOA) by discriminating on...more
As we previously reported, the CFPB has issued a final rule amending Regulation C, which implements the Home Mortgage Disclosure Act. The final rule makes many significant changes, including changes to the rule’s coverage and...more
The CFPB sent industry trade groups a letter on October 1, 2015 to address the approach of the Federal Financial Institutions Examination Council (FFIEC) member agencies during the initial months following the implementation...more
10/23/2015
/ Banking Sector ,
Banks ,
Compliance ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Fannie Mae ,
FFIEC ,
Financial Institutions ,
First Time Homebuyers ,
Freddie Mac ,
Good Faith ,
GSE ,
Guidance Update ,
Industry Examinations ,
Lenders ,
Mortgage Lenders ,
Mortgages ,
TILA-RESPA Integrated Disclosure Rule (TRID)
The Consumer Financial Protection Bureau (CFPB) has released a final rule amending Regulation C, which implements the Home Mortgage Disclosure Act (HMDA), requiring most lenders to report certain information about mortgage...more
10/22/2015
/ Banking Sector ,
Banks ,
Compliance ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Covered Entities ,
Financial Institutions ,
HMDA ,
Homeowners ,
Mortgage Lenders ,
Mortgage Servicers ,
Mortgages ,
Regulation C ,
Underwriting
In remarks yesterday at the Mortgage Bankers Association’s annual convention, CFPB Director Richard Cordray stated that the CFPB may need to look more closely at vendors of software and other tools used by lenders to comply...more
10/21/2015
/ Banking Sector ,
Banks ,
Closing Documents ,
Compliance ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Disclosure Requirements ,
Financial Institutions ,
Financial Regulatory Reform ,
Homeowners ,
Mortgage Bankers Association ,
Mortgage Lenders ,
Mortgage Servicers ,
Mortgages ,
Residential Real Estate Market ,
Software ,
TILA-RESPA Integrated Disclosure Rule (TRID) ,
Vendors
The CFPB has issued a final rule amending Regulation C, its Home Mortgage Disclosure Act regulation. The changes, which, in part, implement the Dodd-Frank Act’s amendments to HMDA, expand the scope of data required to be...more
10/20/2015
/ Compliance ,
Consumer Financial Protection Bureau (CFPB) ,
Data Collection ,
Depository Institutions ,
Disclosure Requirements ,
Dodd-Frank ,
Financial Institutions ,
Financial Transactions ,
HMDA ,
Mortgage Lenders ,
Mortgages ,
Regulation C ,
Reporting Requirements ,
Threshold Requirements
The CFPB sent industry trade groups a letter on October 1, 2015 to address the approach of the FFIEC member agencies during the initial months following the implementation of the TILA-RESPA Integrated Disclosure (TRID) rule...more
10/13/2015
/ Banking Sector ,
Banks ,
Compliance ,
Consumer Financial Protection Bureau (CFPB) ,
Fannie Mae ,
FFIEC ,
Financial Institutions ,
Freddie Mac ,
GSE ,
Home Buyer ,
Homeowners ,
Industry Examinations ,
Mortgage Lenders ,
Mortgage Servicers ,
Mortgages ,
Residential Real Estate Market ,
TILA-RESPA Integrated Disclosure Rule (TRID)
On October 7, 2015, the U.S. House of Representatives passed a bill that would provide a safe harbor from the new TILA/RESPA Integrated Disclosure (TRID) rule for a period of five months. By a vote of 303 to 121 the House...more
10/12/2015
/ Banking Sector ,
Compliance ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Financial Institutions ,
Good Faith ,
Hold Harmless ,
Home Buyer ,
Mortgage Lenders ,
Mortgages ,
Safe Harbors ,
TILA-RESPA Integrated Disclosure Rule (TRID) ,
U.S. House
The residential mortgage settlement service industry has been asking the CFPB for guidance on the legality of marketing service agreements (MSAs) under RESPA. When questioned on the issue last week at a House Financial...more
10/9/2015
/ Banking Sector ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Service Agreements ,
Financial Institutions ,
Financial Services Committee ,
Kickbacks ,
Mortgage Lenders ,
Mortgage Servicers ,
Mortgages ,
National Mortgage Settlement ,
Referral Fees ,
RESPA ,
Whistleblowers
The CFPB has issued a final rule that revises the definitions of “small creditor” and “rural areas” under Regulation Z of the Truth in Lending Act (TILA). The final rule is effective January 1, 2016. We previously reported on...more
9/25/2015
/ Ability-to-Repay ,
Banking Sector ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Creditors ,
Final Rules ,
Financial Institutions ,
Loans ,
Mortgage Lenders ,
Mortgage Servicers ,
Mortgages ,
Regulation Z ,
Truth in Lending Act (TILA)
The CFPB has posted on its website an index to the various questions regarding the TILA/RESPA Integrated Disclosure (TRID) rule that were addressed during the five webinars on the rule conducted by CFPB staff. The index...more
On July 29, the following four CFPB-related bills were passed by the House Financial Services Committee: H.R. 3192, the “Homebuyers Assistance Act”: The bill would provide a hold harmless period for the TILA/RESPA Integrated...more
8/10/2015
/ Anti-Steering Rules ,
Banking Sector ,
Banks ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Department of Justice (DOJ) ,
Federal Trade Commission (FTC) ,
Financial Institutions ,
First Time Homebuyers ,
Lenders ,
Minority-Owned Businesses ,
Mortgage Lenders ,
Mortgages ,
Real Estate Market ,
Small Business ,
TILA-RESPA Integrated Disclosure Rule (TRID) ,
Women-Owned Businesses
The CFPB issued a report on its study of the CFPB’s mortgage loan eClosing project on August 5, 2015, and held a public forum addressing the study results. As we reported, the CFPB launched the eClosing project to determine...more
8/7/2015
/ Banking Sector ,
Banks ,
Closing Documents ,
Compliance ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Filing Requirements ,
Financial Institutions ,
Lenders ,
Mortgage Lenders ,
Mortgage Servicers ,
Mortgages ,
TILA-RESPA Integrated Disclosure Rule (TRID)
On August 5, 2015, the CFPB issued a report on its study of the CFPB’s mortgage loan eClosing project and held a public forum addressing the study results. As we reported, the CFPB launched the eClosing project to determine...more
8/7/2015
/ Banking Sector ,
Banks ,
Borrowers ,
Closing Documents ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Disclosure Requirements ,
Electronic Filing ,
Financial Institutions ,
Mortgage Lenders ,
Mortgages ,
Real Estate Market ,
Real Estate Transactions ,
TILA-RESPA Integrated Disclosure Rule (TRID)