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Tag Archives: mortgage

CFPB updated mortgage servicing transfer guidance published in Federal Register

Posted in Mortgages

In yesterday’s Federal Register, the CFPB published the compliance bulletin and policy guidance (Bulletin 2014-01) regarding mortgage servicing transfers that it previously issued on August 19, 2014 (New Guidance).  The New Guidance updates and replaces earlier guidance regarding mortgage servicing transfers set forth in Bulletin 2013-01.  We summarized the New Guidance in a prior blog… More >

CFPB finalizes amendments to mortgage rules

Posted in CFPB Rulemaking, Mortgages

The CFPB has issued a final rule amending certain provisions of the 2013 Title XIV final mortgage rules.  While in its press release the CFPB describes the amendments as “minor adjustments to its mortgage rules,” the final rule contains several major changes from the CFPB’s proposal. QM Points and Fees Cure.  Generally, to be considered a… More >

Industry trade groups provide recommendations to CFPB on TILA-RESPA implementation

Posted in CFPB General, CFPB Rulemaking

Sixteen industry trade groups, including the American Bankers Association, the Mortgage Bankers Association, and Financial Services Roundtable, have sent a letter to Director Cordray in which they requested that the CFPB provide additional guidance to help the mortgage industry implement the new TILA-RESPA Integrated Disclosures Rule that will become effective on August 1, 2015. In… More >

CFPB announces eClosing pilot program participants

Posted in Mortgages

The CFPB has announced the participants for its mortgage eClosing pilot program, a three-month pilot set to begin later this year.  The CFPB’s plans to conduct the pilot were unveiled at a forum on the mortgage closing process held in April 2014, together with the CFPB’s release of a report on the “major pain points associated with the closing… More >

CFPB announces settlement with mortgage lender and its owner charged with “bait-and-switch” scheme

Posted in CFPB Enforcement, Mortgages

On August 12, the CFPB announced that it has issued a Consent Order under which Atlanta-based Amerisave Mortgage Corporation, its affiliate appraisal management company, Nova Appraisal Management Company, and a principal and indirect owner of both companies, Patrick Markert, agreed to pay nearly $21 million for deceiving and overcharging consumers in a bait-and-switch mortgage-lending scheme. … More >

ABA seeks CFPB clarification of mortgage servicing rules

Posted in Mortgages

The American Bankers Association has sent a letter to the CFPB requesting several clarifications to the mortgage servicing rules.  The ABA asks the CFPB to make the clarifications part of “regulatory guidance (or regulatory amendment where necessary) that is readily accessible to all servicers, their vendors and advisors, as well as examiners from other regulatory… More >

CFPB issues Snapshot of older consumers and mortgage debt

Posted in CFPB General

The CFPB’s Office for Older Americans released a report this month reviewing mortgage debt held by older consumers—individuals age 65 and older. The report found that older consumers are carrying more mortgage debt into retirement, and fewer older homeowners own their home outright than in the past two decades. In addition to mortgage debt, the report… More >

CFPB to hold mortgage closing forum on April 23

Posted in Mortgages

The CFPB has announced that it will be holding a forum on the mortgage closing process in Washington, D.C. on April 23, 2014.  The announcement states that the event will feature remarks from Director Cordray, and a discussion with consumer groups, industry representatives, and members of the public. The CFPB has indicated that the next phase… More >

CFPB issues small entity compliance guide for RESPA/TILA integrated disclosure rule

Posted in Mortgages

The CFPB recently issued an 89-page small entity compliance guide for the TILA-RESPA Integrated Disclosure Rule (the “Guide”).  As we reported previously, the CFPB issued the final rule in November 2013 to integrate the initial and final mortgage loan disclosures under the Truth in Lending Act and RESPA.  The final rule appeared in the December… More >

CFPB settles self-reported RESPA violations

Posted in CFPB Enforcement, Mortgages

The CFPB announced today that it has issued a Consent Order under which a Connecticut mortgage lender that self-reported potential RESPA Section 8 violations agreed to pay an $83,000 civil money penalty for such violations.  According to the CFPB’s press release, in addition to reporting its own potential violations, the lender provided information “related to the… More >

CFPB supervisory report highlights exam report changes, non-public supervisory actions and mortgage servicing deficiencies

Posted in CFPB Enforcement, CFPB Exams, Mortgages

Last month, the CFPB began using new templates for its examination reports and supervisory letters (collectively, “reports’).  The template changes were announced in the CFPB’s Winter 2013 Supervisory Report, which highlights supervision work completed between July and October 2013.  CFPB examiners (who numbered approximately 320 as of January 2, 2014) began using the new templates for… More >

CFPB settles RESPA referral fee charges against mortgage lender based on rent payments

Posted in CFPB Enforcement, Mortgages

The CFPB has announced that it has issued a Consent Order to settle charges that a mortgage lender and its principal violated RESPA Section 8 by paying illegal kickbacks to a bank in exchange for mortgage loan referrals.  According to the Consent Order, the lender had entered into an agreement with a bank in which the… More >

CFPB revises three mortgage publications

Posted in Mortgages

The CFPB has issued a notice announcing that it has made revisions to the following three mortgage-related consumer publications: “What You Should Know About Home Equity Lines of Credit,”  “Consumer Handbook on Adjustable-Rate Mortgages, and “Shopping for Your Home Loan, Settlement Cost Booklet.”   The notice indicates that the revisions consist of technical and conforming changes… More >

CFPB releases additional resources for mortgage consumers

Posted in Mortgages

In advance of today’s effective date for most of its new mortgage rules, the CFPB has been releasing additional resources for consumers. As described in the CFPB’s January 7 press release, the most recent “resources” include sample letters for consumers to send their servicers, tip sheets, fact sheets, lists of questions and answers, and a tool… More >

CFPB to hold mortgage servicing rule training event

Posted in Mortgages

The CFPB has announced that on January 10, 2014, the date on which most of its new mortgage rules take effect, it will host an event entitled “Protecting homeowners: New tools for empowering consumers and advocates.”  The event, which will take place in Phoenix and be viewable on the CFPB’s website, is described as “an… More >

CFPB adds list of rural and underserved counties for 2011

Posted in Mortgages

The CFPB has posted on its website a list of rural and underserved counties for calendar year 2011.  The CFPB had already posted lists of such counties for calendar years 2012 and 2013.  As initially adopted, the CFPB’s final rule requiring creditors to establish escrow accounts for certain first-lien higher-priced mortgage loans contained an exemption… More >

Will the CFPB’s mortgage education campaign encourage consumers to sue?

Posted in Mortgages

Last week, the CFPB announced that it has launched “a campaign to educate the public about the new protections provided by the Bureau’s mortgage rules.”   Consumers could, however, misinterpret the CFPB’s message as an encouragement to sue.  The CFPB’s campaign consists of various educational materials. Among these materials is a factsheet on the new rules. … More >

CFPB updates Mortgage Rules Readiness Guide

Posted in Mortgages

The CFPB has issued Version 2.0 of its “2013 CFPB Dodd-Frank Mortgage Rules Readiness Guide.”  The Guide, originally issued in July 2013, is intended “to help financial institutions come into and maintain compliance with” the CFPB’s mortgage rules finalized in January 2013 and that take effect next month.  According to the CFPB, it designed the Guide “for… More >

CFPB issues final consolidated mortgage disclosure rule

Posted in Mortgages

Today, the CFPB issued its long-awaited final rule consolidating the application and closing disclosures required by the Real Estate Settlement Procedures Act and Truth in Lending Act for mortgage loan transactions.  The new disclosure forms, which the CFPB have made the centerpiece of its “Know Before You Owe” efforts, consist of a three-page “Loan Estimate” and a… More >

CFPB issues guidance regarding counseling requirements for mortgages

Posted in CFPB Rulemaking, Mortgages

Last week the CFPB issued an interpretive rule, bulletin, and press release instructing lenders on how to comply with the counseling requirements set forth in the new mortgage rules, which go into effect in January.  Although included along with the 2013 HOEPA Final Rule, the counseling requirement is set forth in an amendment to Regulation… More >

CFPB to hold mortgage field hearing on November 20

Posted in Mortgages

The CFPB has announced that on November 20, 2013, it will hold a field hearing in Boston on “Know Before You Owe: Mortgages.” The event will feature remarks by Director Cordray and testimony from consumer groups, industry representatives, and members of the public.  Field hearings are typically used by the CFPB to announce new initiatives and… More >