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Tag Archives: mortgage

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 >

CFPB and MBA to host webinars regarding new mortgage origination and servicing rules

Posted in CFPB General, CFPB Rulemaking, Mortgages

The CFPB and the Mortgage Bankers Association (MBA) will be hosting two webinars on October 16 and 17 from 2-3:30 PM ET to address outstanding questions under the new mortgage rules.  The October 16 session will address the servicing rules and the October 17 session will address the origination rules. Although the webinars were initially… More >

Director Cordray comments on timing of further mortgage rule changes and enforcement approach

Posted in Mortgages

While Director Cordray mostly recycled comments he has previously made about the CFPB’s mortgage rules in his remarks today to the American Mortgage Conference, he did offer some newsworthy information.   First, Director Cordray indicated that “any day now” the CFPB expects to finalize the additional changes to its servicing, ability to repay and loan originator compensation… More >

Director Cordray comments on effective date of mortgage rules, prepaid card rule and new Deputy Director

Posted in CFPB People, Mortgages, Prepaid Cards

CFPB Director Richard Cordray was among the federal financial regulators who attended a closed door meeting yesterday with President Obama.  Other regulators attending the meeting included the Chairs of the Fed, FDIC and SEC.  At the meeting, President Obama was expected to urge the regulators to complete Dodd-Frank rulemaking.  The Dodd-Frank rulemaking still on the… More >

ABA and MBA ask CFPB to reconsider coverage of business credit in ECOA appraisal rule

Posted in Mortgages

The American Bankers Association  and the Mortgage Bankers Association have sent a letter to the CFPB asking it to reconsider the applicability of the final Equal Credit Opportunity Act (ECOA) appraisal rule to business credit.  The rule applies to loan applications received on or after January 18, 2014.  It implements a Dodd-Frank amendment to the ECOA… More >

Eighth Circuit TILA rescission decision rejects CFPB position

Posted in Mortgages

The Eighth Circuit has now joined the Tenth Circuit in ruling that notice alone within the three-year period is insufficient to validly exercise a right to rescind.  In its decision issued on July 12, 2013 in Keiran v. Home Capital, Inc., the Eighth Circuit rejected the borrowers’ argument that they had validly rescinded their mortgage loan… More >

CFPB files lawsuit challenging loan officer bonuses

Posted in Mortgages

It appears the CFPB wants to send a warning through the lawsuit it filed yesterday in a Utah federal court against a mortgage company and two of its officers for allegedly paying illegal bonuses to loan officers that were tied to the borrowers’ interest rates.  The CFPB’s decision to go to court rather than proceed… More >

CFPB finalizes additional revisions to mortgage rules

Posted in Mortgages

On July 10, 2013, the CFPB issued a final version of modifications proposed in April 2013 to mortgage rules adopted in January 2013. Most of the modifications address the ability to repay/qualified mortgage rule, and include the following:  1. With regard to the temporary government qualified mortgage for loans that are eligible for purchase or guarantee… More >

CFPB proposes further changes to mortgage rules

Posted in Mortgages

Yesterday, the CFPB proposed additional changes to the mortgage rules adopted in January 2013.  Comments on the proposed changes are due by July 22, 2013. The CFPB proposes to:  •             Revise the definition of points and fees for purposes of the ability to repay and high-cost loan rules to provide that fees and charges (a) paid by… More >