Tag Archives: mortgage

More small entity compliance guides from the CFPB

By Barbara S. Mishkin on June 13th, 2013 Posted in Mortgages

The CFPB has issued two more Small Entity Compliance Guides on its mortgage-related rules. The latest guides cover the mortgage servicing rule and loan originator compensation rule finalized by the CFPB in January 2013. As did the CFPB’s previously-released guides, the new guides caution that they are not substitutes for the underlying rules.

CFPB delays effective date of Reg Z prohibition on financing credit insurance premiums

By Alan S. Kaplinsky on May 30th, 2013 Posted in Mortgages

The CFPB has issued a final rule delaying the June 1, 2013 effective date of the Regulation Z prohibition on financing credit insurance premiums (Section 1026.36(i)). The final rule sets January 10, 2014 as the prohibition’s new effective date, which is also the effective date for most of the mortgage-related rules issued by the CFPB… More >

CFPB finalizes mortgage escrow rule amendments and list of “rural” or “underserved counties” and issues videos on mortgage rules

By Richard J. Andreano, Jr., on May 21st, 2013 Posted in Mortgages

The CFPB has issued final “clarifying and technical” amendments to its final mortgage escrow account rule dealing with the establishment of mandatory escrow accounts on higher-priced mortgage loans (HPML). The final escrow rule contains exemptions for certain creditors operating primarily in “rural” or “underserved” areas. Such creditors are also the subject of (1) a provision… More >

Third Circuit TILA rescission decision adopts CFPB position

By Martin C. Bryce, Jr. on February 8th, 2013 Posted in Mortgages

The Third Circuit has now joined the Fourth Circuit in ruling that a lawsuit seeking rescission filed more than there years after loan consummation is timely as long as the borrower sent a written notice of rescission within the three-year period. In its decision issued on February 5 in Sherzer v. Homestar Mortgage Services, the… More >

Past CFPB actions may portend fate of mortgage rules

By Richard J. Andreano, Jr., on February 5th, 2013 Posted in CFPB Rulemaking, Mortgages

Following the invalidation of three presidential “recess” appointments to the NLRB by the D.C. Circuit Court of Appeals in Noel Canning v. NRLB, theories continue to swirl about the fate of Director Cordray. The Director was appointed based on the same recess authority and at the same time as the invalidated NRLB appointments. There also… More >

CFPB final ECOA appraisal rule issued

By Richard J. Andreano, Jr., on January 28th, 2013 Posted in Mortgages

Among the flurry of mortgage-related final rules issued by the CFPB this month was a final rule to implement a Dodd-Frank amendment to the Equal Credit Opportunity Act that requires creditors to provide to a first lien mortgage applicant a copy of all written appraisals and valuations developed in connection with the application. The final… More >

CFPB issues final mortgage escrow account and high-cost loan rules

By Richard J. Andreano, Jr., on January 15th, 2013 Posted in Mortgages

Last week was a busy one for the CFPB. In addition to the final ability to repay/qualified mortgage rule, the CFPB also issued final rules on mortgage escrow accounts and high-cost home loans. The final mortgage escrow account rule implements a section of the Dodd-Frank Act relating to the establishment of mandatory escrow accounts on… More >

FDIC to hold teleconferences on CFPB mortgage-related proposals

By Barbara S. Mishkin on September 20th, 2012 Posted in CFPB Rulemaking, Mortgages

The FDIC has announced that its Division of Depositor and Consumer Protection will be holding free teleconferences on the CFPB’s significant mortgage-related proposals. The teleconferences, which are scheduled for Thursday, September 27 and Wednesday, October 10 from 2:00 p.m. to 3:30 p.m. ET on each day, are open to officers and employees of all FDIC-insured… More >

CFPB participates on an interagency discussion on SCRA compliance and servicemember protection

By Emily Miller on September 13th, 2012 Posted in CFPB General, Mortgages

On Monday September 10, the CFPB participated in an interagency discussion hosted by the Federal Reserve on servicemember protections and SCRA compliance. Representatives from the prudential regulators and the Department of Justice also participated in the webinar. Holly Petraeus, Assistant Director of the CFPB’s Office of Servicemember Affairs, kicked off the substantive portion of the… More >

CFPB issues two mortgage appraisal proposals

By Richard J. Andreano, Jr., on August 17th, 2012 Posted in CFPB Rulemaking, Mortgages

The CFPB has issued two new proposals dealing with mortgage appraisals that implement provisions of the Dodd-Frank Act. One of the proposals would amend Regulation B (Equal Credit Opportunity Act) to require lenders to provide to a first lien mortgage applicant a copy of all written appraisals and valuations developed in connection the application. The lender… More >

Scheduled publication dates of CFPB mortgage proposals leave little time for comments

By Richard J. Andreano, Jr., on August 9th, 2012 Posted in CFPB Rulemaking, Mortgages

Although two major CFPB mortgage proposals were released on July 9, one of those proposals is not scheduled to be published in the Federal Register until August 15 and the other not until August 23. The proposal scheduled for publication on August 15 is the one that would broaden the scope of mortgages that would be… More >

Date’s remarks underscore Bureau’s focus on mortgage reform

By Michael S. Waldron on May 11th, 2012 Posted in Mortgages

On the heels of Director Cordray’s remarks about the CFPB’s focus on debt collection Deputy Director Raj Date spoke to mortgage industry members at MBA’s National Secondary Market Conference in New York City on May 7, 2012 and reminded the industry that “the place we’re spending most of our time is the mortgage market.” Mr…. More >

Cordray sets sights on mortgage originators and servicers, payday and student lenders

By Barbara S. Mishkin on January 5th, 2012 Posted in CFPB People, Hot Issues, Mortgages

Now that it has a director, the CFPB will waste no time in beginning to exercise its authority to regulate mortgage originators and servicers and payday and student lenders. That’s the message Richard Corday began delivering yesterday following his appointment as CFPB Director. The Dodd-Frank Act gave the CFPB the authority to make rules for… More >

Another round of mortgage settlement disclosures

By Richard J. Andreano, Jr., on December 16th, 2011 Posted in CFPB Rulemaking, Mortgages

Last month, as part of its “Know Before You Owe project,” the CFPB began taking comments on two prototypes (named Hornbeam and Ironwood) of a settlement disclosure that combines the final TILA disclosure and the RESPA HUD-1 Settlement Statement. The CFPB received over 3,000 comments on the prototypes. This week, based on those comments, the… More >

Simplified mortgage disclosures to come with new rules

By Barbara S. Mishkin on September 28th, 2011 Posted in CFPB Rulemaking, Mortgages

The CFPB is close to wrapping up its “Know Before You Owe” project to design a simplified mortgage loan disclosure combining the disclosures required by TILA and RESPA. In addition to completing its proposed design, the CFPB will be writing rules to accompany the new disclosure forms. That message was delivered by Pat McCoy, the… More >

Lessons we can draw from Raj Date’s September 15 “Lessons Learned” speech

By Christopher J. Willis on September 23rd, 2011 Posted in Credit Cards, Mortgages

On September 15, 2011, Raj Date delivered a speech in Philadelphia entitled “Lessons Learned From the Financial Crisis: the Need for the CFPB.” Although the speech was, in some part, an effort to validate the need for the CFPB in the first place, Mr. Date’s remarks present interesting clues about the CFPB’s early priorities with… More >