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Tag Archives: mortgage

Senate Banking Committee to hold April 16 hearing on mortgage credit availability

Posted in Mortgages

On April 16, 2015, the Senate Committee on Banking, Housing and Urban Affairs will conduct a hearing entitled, “Regulatory Burdens to Obtaining Mortgage Credit.”  The witnesses scheduled to appear are: Tom Woods, President, Custom Woods Homes, and Chairman, National Association of Home Builders Chris Polychron, Executive Broker, First Choice Realty, and President, National Association of… More >

CFPB targets another mortgage lender for deceptive advertising

Posted in CFPB Enforcement, Mortgages

The CFPB has announced the settlement of an enforcement action against a California-based mortgage lender for alleged deceptive advertising practices, including the use of advertisements that the CFPB claimed falsely led consumers to believe that the company was affiliated with the U.S. government.  The consent order requires the lender to pay a civil penalty of… More >

CFPB increases appraisal requirement exemption threshold

Posted in Mortgages

The CFPB, Fed, and OCC have adjusted the threshold for smaller loans that are exempt from the appraisal requirement for “higher priced mortgage loans.”  The appraisal requirement became effective January 18, 2014, and the exemption, which is subject to annual adjustment for inflation, currently applies to credit extensions of $25,000 or less. Effective January 1,… More >

CFPB Fall 2014 rulemaking agenda indicates further delay in proposed debt collection and other rules

Posted in CFPB Rulemaking

Based on the CFPB’s Fall 2014 rulemaking agenda, proposed rules dealing with payday loans/deposit advance products, overdrafts, and debt collection are still months away. The CFPB’s timetables for “prerule activities” are February 2015 for payday loans/deposit advance products, July 2015 for overdrafts, and April 2015 for debt collection.  The CFPB’s Spring 2014 agenda had given… More >

CFPB issues bulletin on consideration of public assistance income in credit decisions

Posted in Fair Credit, Mortgages

The CFPB has issued a new bulletin (Bulletin 2014-03) that is intended “to remind creditors” of their ECOA/Regulation B obligations with respect to consideration of public assistance income and relevant standards and guidelines regarding verification of  Social Security Disability Insurance and Supplemental Security Income (together, Social Security disability income). Based on an accompanying CFPB blog… More >

CFPB settles second loan originator compensation case

Posted in CFPB Enforcement, Mortgages

The CFPB entered into a stipulated order and final judgment with Franklin Loan Corporation (Franklin) to settle allegations that Franklin paid its employee loan originators compensation based on the interest rates charged on mortgage loans in violation of the Regulation Z loan originator compensation rule.  Without admitting or denying the allegations, Franklin agreed to pay… More >

Leading industry trade groups comment on HMDA/Reg. C proposal

Posted in CFPB Rulemaking, Mortgages

Six leading industry trade groups have submitted a letter commenting on the CFPB’s proposed rule amending Regulation C to expand Home Mortgage Disclosure Act data reporting requirements.  The trade groups consist of the Consumer Bankers Association, Mortgage Bankers Association, American Bankers Association, Consumer Mortgage Coalition, Financial Services Roundtable and Housing Policy Council. In the letter,… More >

Mortgage company that entered into CFPB consent order moves to dismiss class action claims

Posted in CFPB Enforcement, Mortgages

Earlier this week, Castle & Cooke Mortgage, LLC, the mortgage company that entered into a consent order with the CFPB in November 2013 to settle charges that it violated the Regulation Z loan originator compensation rule (“LO Compensation Rule”), filed a motion to dismiss three counts of the class action complaint filed against it in July… More >

CFPB posts 2015 final lists of rural and rural or underserved counties

Posted in Mortgages

The CFPB has posted its 2015 final lists of Rural and Rural or Underserved Counties on its website.  The CFPB has previously posted lists of such counties for calendar years 2011-2014. The lists are relevant to exemptions in several CFPB mortgage rules, including the CFPB’s rule requiring creditors to establish escrow accounts for certain first-lien… More >

ABA renews request for CFPB clarification on rolling mortgage delinquencies

Posted in Mortgages

This past July, the American Bankers Association sent a letter to the CFPB requesting several clarifications to the mortgage servicing rules.  One of such clarifications concerned application of the “120-day rule,” meaning the rule that prohibits a servicer from sending the first notice or filing for foreclosure unless a borrower’s mortgage loan is more than… More >

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 >