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Category Archives: Mortgages

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CFPB previews 5-year review of mortgage rules

Posted in Mortgages

Dovetailing with President Trump’s recent Executive Order requiring a reduction in regulatory burden, on March 21, 2017, a CFPB official remarked at the American Bankers Association Government Relations Summit that the CFPB was planning to start its review of significant mortgage regulations, including the ability to repay/qualified mortgage rule. The Dodd-Frank Act requires the CFPB… More >

New CFPB webinar available on 2015 HMDA final rule

Posted in Mortgages

On October 15, 2015, the CFPB released a final rule amending Regulation C, which implements the Home Mortgage Disclosure Act (HMDA), requiring certain data on mortgage applications and loans to be collected beginning in 2017 by “covered institutions.” The CFPB has previously made various resources available for HMDA filers, including a recording of a webinar… More >

CFPB January 2017 complaint report highlights mortgage complaints, complaints from Tennessee consumers

Posted in Mortgages

The CFPB has issued its January 2017 complaint report that highlights mortgage complaints.  The report also highlights complaints from consumers in Tennessee and the Memphis and Nashville metro areas. General findings include the following: As of January 1, 2017, the CFPB handled approximately 1,080,700 complaints nationally, including approximately 22,900 complaints in December 2016. Debt collection… More >

PHH replies to CFPB’s opposition to PHH’s motion for leave to file supplemental response

Posted in CFPB Enforcement, Mortgages

PHH has filed a reply to the CFPB’s opposition to PHH’s motion for leave to file a supplemental response to the CFPB’s petition for rehearing en banc.  On December 22, PHH and the United States filed responses to the CFPB’s petition with the D.C. Circuit.  The D.C. Circuit had invited the Solicitor General to file… More >

CFPB opposes PHH’s motion for leave to file supplemental response to petition for rehearing en banc

Posted in CFPB Enforcement, Mortgages

The CFPB has opposed the motion filed by PHH for leave to file a supplemental response to the CFPB’s petition for rehearing en banc.  On December 22, PHH and the United States filed responses to the CFPB’s petition with the D.C. Circuit.  The D.C. Circuit had invited the Solicitor General to file a response expressing… More >

PHH and United States respond to CFPB’s petition for rehearing en banc; PHH seeks leave to file supplemental response

Posted in CFPB Enforcement, Mortgages

PHH and the United States have filed responses with the D.C. Circuit to the CFPB’s petition for rehearing en banc.  The D.C. Circuit invited the Solicitor General to file a response expressing the views of the United States and entered an order requiring both PHH and the SG to file their responses by December 22…. More >

CFPB announces annual adjustments to HMDA/TILA asset-size exemption thresholds

Posted in Mortgages

The CFPB has announced annual adjustments to two asset-size exemption thresholds.  First, the CFPB has made no change to the asset-size exemption threshold under HMDA/Regulation C which is currently set at $44 million.  Banks, savings associations, and credit unions with assets at or below $44 million as of December 31, 2016 will continue to be… More >

D.C. Circuit: Solicitor General and PHH can respond by Dec. 22 to CFPB’s petition for rehearing en banc

Posted in CFPB Enforcement, Mortgages

The D.C. Circuit has entered an order that provides the response of the United States to the CFPB’s petition for rehearing en banc is due by December 22, 2016.  The order also provides that PHH can file its response by December 22. In an order filed on November 23, 2016, the D.C. Circuit required PHH… More >

CFPB enters into consent orders with reverse mortgage companies to settle alleged advertising violations

Posted in CFPB Enforcement, Mortgages

The CFPB announced that it entered into consent orders with three reverse mortgage companies to settle the CFPB’s allegations that the companies engaged in deceptive advertising in violation of the Mortgage Acts and Practices-Advertising Rule (Regulation N) and the Consumer Financial Protection Act.  Each of the consent orders requires payment of a civil money penalty to… More >

Members of Congress, consumer advocates file amicus briefs supporting CFPB’s petition for rehearing en banc in PHH case

Posted in CFPB Enforcement, Mortgages

A group of 21 current and former members of Congress and a group of 10 consumer advocacy organizations have filed amicus briefs in support of the CFPB’s petition filed with the D.C. Circuit seeking a rehearing of its decision in CFPB v PHH Corporation. Under D.C. Circuit Rules, “[n]o amicus curiae brief in response to… More >

CFPB Fall 2016 rulemaking agenda published

Posted in Arbitration, CFPB Supervision, Mortgages, Overdrafts, Payday Lending

The CFPB’s Fall 2016 rulemaking agenda has been published as part of the Fall 2016 Unified Agenda of Federal Regulatory and Deregulatory Actions.  The preamble indicates that the information in the agenda is current as of October 19, 2016.  Accordingly, given the results of the Presidential election, including its potential impact on the CFPB’s leadership,… More >

D.C. Circuit orders PHH to respond to CFPB’s petition for rehearing en banc; invites response from Solicitor General

Posted in CFPB Enforcement, Mortgages

The D.C. Circuit has entered an order directing PHH Corporation to file a response to the CFPB’s petition for rehearing en banc in CFPB v. PHH Corporation. The order, filed November 23, 2016, requires PHH to file its response within 15 days.  It also invites the Solicitor General to file a response to the petition… More >

CFPB posts 2017 final lists of rural and rural or underserved counties

Posted in Mortgages

The CFPB has posted its 2017 final lists of Rural and Rural or Underserved Counties on its website.  The CFPB has previously posted lists of such counties for calendar years 2011-2016. 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 >

CFPB issues report on servicemember complaints

Posted in Military Issues, Mortgages

A new CFPB report, “A snapshot of servicemember complaints,” focuses on issues related to VA mortgage refinancing. The report indicates that as of November 1, 2016, the CFPB had received over 12,500 mortgage complaints from servicemembers, veterans, and their dependents.  The CFPB determined based on a key word search of complaint narratives that approximately 18%… More >

CFPB issues Fall 2016 Supervisory Highlights; Ballard to hold Dec. 2 webinar

Posted in Auto Finance, CFPB Exams, Credit Reports, Debt Collection, Fair Lending, Mortgages

In its Fall 2016 Supervisory Highlights, which covers supervision work generally completed between May and August 2016, the CFPB highlights violations found by its examiners involving origination and servicing of auto financing, debt collection, mortgage origination and servicing, student loan servicing, and fair lending. On December 2, 2016, from 12 p.m. to 1 p.m ET,… More >

CFPB sending HMDA warning letters

Posted in Mortgages

The CFPB announced that it is issuing warning letters to 44 mortgage lenders and mortgage brokers stating that it “has information that appears to show that your company may not be in compliance with certain provisions of the Home Mortgage Disclosure Act (HMDA) and its implementing regulation, Regulation C.” According to the CFPB’s press release, the… More >

Cordray remarks to MBA signal continued CFPB focus on servicing, likely petition for rehearing in PHH case

Posted in Mortgages

In his remarks at the Mortgage Bankers Association’s annual meeting in Boston on October 25, Director Cordray signaled that mortgage servicing will continue to be a focus of CFPB supervisory and enforcement activity, with the CFPB taking a rigorous approach to compliance.   While noting that the CFPB has seen “some progress” in compliance with CFPB… More >

CFPB Publishes Updated Versions of Small Entity Compliance Guide and Guide To Forms

Posted in CFPB General, Mortgages, TILA / RESPA

The CFPB has posted on its TILA-RESPA implementation webpage updated versions of its Small Entity Compliance Guide and Guide to Loan Estimate and Closing Disclosure Forms.  The updates focus on various guidance provided in recent TILA/RESPA Integrated Disclosure (TRID) rule webinars provided by the Bureau.  We have previously addressed the content of the March 1,… More >

Breaking News: In PHH v. CFPB, D.C. Circuit Holds that CFPB Structure is Unconstitutional

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

The D.C. Circuit issued its long-awaited decision in PHH Corporation v. CFPB. In reversing the decision of Consumer Financial Protection Bureau (CFPB) Director Cordray to impose an enhanced penalty of $109 million on PHH for its use of a captive (wholly-owned) mortgage reinsurer, the court made several landmark rulings. First, it held that the CFPB’s… More >

CFPB approves FHLMC/FNMA revised uniform residential loan application; collection of HMDA ethnicity and race information in 2017

Posted in Mortgages

In a notice published in today’s Federal Register, the CFPB announced that it has given its “official approval” to a revised and redesigned Uniform Residential Loan Application (2016 URLA) and to the collection of expanded Home Mortgage Disclosure Act information on ethnicity and race in 2017. 2016 URLA.  The 2016 URLA approved by the CFPB… More >

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 >