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Category Archives: Mortgages

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CFPB revises methodology statement for calculating average prime offer rates

Posted in Mortgages

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 covered financial institutions to report, for certain transactions, the difference between a loan’s annual percentage rate (APR) and the APOR for… More >

CFPB proposes changes to higher-priced mortgage loan exemption threshold

Posted in CFPB General, CFPB Rulemaking, Mortgages

On August 4, 2016, the CFPB published for comment proposed substantive and organizational changes to the Regulation Z Commentary regarding the calculation of the annual exemption threshold  amount for the special appraisal requirements for higher-priced mortgage loans under section 129H of the Truth in Lending Act (TILA).  Both the Office of Comptroller of Currency and… More >

CFPB outlines future principles for loss mitigation

Posted in Mortgages

Looking forward to a post-financial crisis and post-HAMP mortgage marketplace, the CFPB has issued a document outlining principles intended to “provide a framework for discussion about the future of loss mitigation.”  The four principles discussed are Accessibility, Affordability, Sustainability, and Transparency.  This release by the CFPB echoes the principles discussed in the recent white paper… More >

CFPB Releases Amendments to TRID Rule

Posted in CFPB General, CFPB Rulemaking, Mortgages

The CFPB has issued a proposed rule with request for public comment containing both substantive amendments and technical corrections (collectively, Proposed Amendments) to the final TILA-RESPA Integrated Disclosure (TRID) rule that became effective on October 3, 2015.  In a press release the CFPB advised that the Proposed Amendments are “intended to formalize guidance in the… More >

CFPB Updates Webinar Question Index

Posted in CFPB General, Mortgages, TILA / RESPA

The CFPB has posted on its website an updated index to include the various questions regarding the TILA/RESPA Integrated Disclosure (TRID) rule that were addressed during the March 1, 2016 and April 12, 2016 webinars on the rule conducted by CFPB staff. The updated index identifies the questions addressed in all seven of the TRID… More >

CFPB Highlights Mortgage Servicing Examination Findings and Technology Issues

Posted in CFPB General, Mortgages

In an unmistakable warning shot to mortgage servicers, the CFPB recently issued a “Mortgage Servicing Special Edition” of its Supervisory Highlights. The CFPB also updated portions of its Mortgage Servicing Examination Procedures. In the Bureau’s accompanying press release, and throughout the Supervisory Highlights, there is a particular focus on perceived technological failures. In the words… More >

High Court’s Encino Decision Means No Deference for CFPB View on RESPA, PHH Argues

Posted in CFPB Enforcement, CFPB General, Hot Issues, Mortgages, TILA / RESPA

On June 23, PHH filed a letter in the D.C. Circuit supplementing its appeal briefing in PHH Corp v. CFPB, No. 15-1177. For those of you who may have missed our prior posts on this, PHH is appealing a decision made by CFPB Director Richard Cordray while sitting as the CFPB’s administrative appellate judge. In that capacity,… More >

CFPB publishes annual CARD Act, HOEPA and QM adjustments, corrects 2016 error

Posted in Credit Cards, Mortgages

The CFPB has published a final rule regarding various annual adjustments it is required to make under provisions of Regulation Z (TILA) that implement the CARD Act, HOEPA, and the ability to repay/qualified mortgage provisions of Dodd-Frank.  The adjustments reflect changes in the Consumer Price Index in effect on June 1, 2016 and will take… More >

CFPB releases Spring 2016 rulemaking agenda

Posted in Arbitration, Mortgages, Overdrafts, Payday Lending, Prepaid Cards, Small Business

The CFPB has released its Spring 2016 rulemaking agenda.  The agenda sets the following timetables for key rulemaking initiatives:  Arbitration.  The Spring 2016 agenda does not reflect the CFPB’s release of its proposed arbitration rule on May 5, 2016, stating only that the CFPB “is preparing to issue a Notice of Proposed Rulemaking this spring.” … More >

CFPB Publishes New Annotated Loan Disclosures

Posted in CFPB General, CFPB Rulemaking, Mortgages, TILA / RESPA

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 Lending Act (TILA). The CFPB sent an original email on May 12, and then an updated email on May… More >

CFPB To Reopen TRID Rulemaking

Posted in CFPB General, Mortgages, TILA / RESPA

In a letter dated April 28, 2016, addressed to Industry Trades and their Members and signed by Director Cordray, the CFPB announced its intention to reopen the rulemaking for the TILA/RESPA Integrated Disclosure (TRID) rule. The Bureau announced the Notice of Proposed Rulemaking (NPRM) would likely be issued in late July. In a change of… More >

CFPB April 2016 complaint report highlights mortgage complaints, complaints from California consumers

Posted in Mortgages

The CFPB has issued its April 2016 complaint report which highlights complaints about mortgages and complaints from consumers in California.  The CFPB began taking complaints about mortgages in December 2011. General findings include the following: As of April 1, 2016, the CFPB handled approximately 859,900 complaints nationally, including approximately 26,500 complaints in March 2016.  As… More >

CFPB Director Cordray Responds to Senator Corker Letter

Posted in CFPB General, CFPB Rulemaking, Mortgages, TILA / RESPA

The CFPB responded to a letter from Senator Corker (R. Tenn.) requesting the Bureau to release official guidance on what constitutes a technical error under the TILA/RESPA Integrated Disclosure (TRID) rule and possible remediation methods for such errors. Senator Corker commented in his letter that “there appears to be an overarching concern that the rule’s… More >

CFPB Staff Presents Second TRID Rule Webinar for 2016

Posted in CFPB General, CFPB Rulemaking, Mortgages, TILA / RESPA

The CFPB staff presented an informational webinar on Tuesday, April 12, 2016, to address several issues with the TILA/RESPA Integrated Disclosure (TRID) rule.  The webinar, titled Know Before You Owe Mortgage Disclosure Rule: Post-Effective Date Questions & Guidance, focused on responding to specific industry raised questions.  Specific topics of discussion included: Determining what fees must… More >

CFPB issues second rule to implement the HELP Act, expanding Qualified Mortgage coverage for lenders lending in rural and underserved areas

Posted in CFPB General, CFPB Rulemaking, Mortgages, TILA / RESPA

As we have addressed, Congress passed the Helping Expand Lending Practices in Rural Communities Act of 2015 (HELP Act) on December 4, 2015, in efforts to expand the designation of additional areas as being “rural” under Regulation Z of TILA.   The HELP Act was passed after the CFPB issued a final rule to expand the… More >

CFPB Posts Latest TRID Webinar

Posted in CFPB General, Mortgages, TILA / RESPA

The CFPB updated its regulatory implementation materials to incorporate the recording of its March 1st presentation titled Know Before You Owe Mortgage Disclosure Rule – Construction Lending. The presentation focused on complying with the TILA/RESPA Integrated Disclosure (TRID) rule in connection with construction-to-permanent loans. The presentation, about which we had previously written, covered loans that… More >

CFPB Staff Will Present TRID Rule Webinar

Posted in CFPB Rulemaking, Mortgages, TILA / RESPA

The CFPB staff will present an informational webinar on Tuesday, April 12, 2016 to address issues with the TILA/RESPA Integrated Disclosure (TRID) rule in connection with questions that have been raised since the rule took effect on October 3, 2015. No further information has been provided with regard to the content of the webinar, titled… More >

Survey Says: TRID Extends Processing Times and Limits Products Offered

Posted in CFPB General, Mortgages, TILA / RESPA

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, which can be found here, tell the story of increased processing times, fewer products, and substantial closing delays. The survey of 548 banker… More >

CFPB Staff Presents TRID Rule Webinar

Posted in CFPB General, Mortgages, TILA / RESPA

The CFPB staff presented an informational webinar on Tuesday, March 1, 2016 to address several issues with the TILA/RESPA Integrated Disclosure (TRID) rule in connection with construction-to-permanent loans. These are loans that have a single closing and include a construction phase and a permanent phase. The presentation on construction lending follows a rather lackluster “fact… More >

TRID rule technical correction?

Posted in Mortgages

In today’s Federal Register the CFPB published a correction to the TILA/RESPA Integrated Disclosure (TRID) rule supplementary information as published on December 31, 2013 with regard to property taxes and certain similar charges.  The move apparently is intended to address an apparent oversight in the TRID rule regarding the treatment for tolerance purposes of property… More >

CFPB engaged in process to allow public input on privacy questions under new HMDA rule

Posted in Mortgages

On January 11, Elena Babinecz, a CFPB attorney, spoke as part of a panel relating to the revised HMDA rule at the Winter Meeting of the Consumer Financial Services Committee of the Business Law Section of the American Bar Association.  Ms. Babinecz confirmed that the CFPB is engaged in a follow-up policymaking process to allow the public to… More >

CFPB construction loan “fact sheet” falls far short of necessary guidance

Posted in Mortgages

The CFPB has issued what it calls a “fact sheet” regarding the disclosure of construction-to-permanent loans under the TILA/RESPA Integrated Disclosure (TRID) rule, which the CFPB refers to as the Know Before You Owe rule.  The fact sheet falls far short of the detailed guidance sought by the mortgage industry. A construction-to-permanent loan is a… More >

CFPB seeks input on HMDA resubmissions

Posted in Mortgages

The CFPB has issued a request for information (RFI) seeking information on what changes to the CFPB’s HMDA Resubmissions Guidelines may be appropriate.  The RFI responds to comments received by the CFPB in connection with its final HMDA rule issued in October 2015 that it consider changes to the Resubmission Guidelines to reflect the expanded… More >

CFPB responds to industry concerns about TRID rule liability

Posted in Mortgages

Reacting to reports of investors refusing to purchase loans based on various, often technical, violations of the TILA/RESPA Integrated Disclosure (TRID) rule, the Mortgage Bankers Association (MBA) sent a letter to the CFPB on December 21, 2015 seeking guidance to allay investor concerns.  (The version of the letter released by the MBA does not include the attachment… More >