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Category Archives: Mortgages

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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 >

CFPB issues TRID rule corrections

Posted in Mortgages

The CFPB has issued a final rule containing “technical corrections” to the final TILA-RESPA Integrated Disclosure (TRID) rule that became effective on October 3, 2015.  The corrections are effective December 24, 2015, the date of their publication in the Federal Register. According to the supplementary information accompanying the corrections, the publication of the TRID rule… More >

CFPB outlines exam priorities for 2016

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

The CFPB’s Deputy Assistant Director for origination recently warned mortgage lenders of the four main examination priorities for 2016—loan originator compensation plans, the ability-to-repay rule, the TILA-RESPA Integrated Disclosures (TRID) rule, and marketing service agreements. Speaking at the California MBA Legal Issues Conference, Calvin Hagins indicated that CFPB examiners will spend a substantial amount of… More >

Reduced HOEPA/QM points and fees limits; revisions to Reg Z small creditor/rural area definitions and asset test effective January 1

Posted in Mortgages

Since it is unusual for CFPB annual adjustments to result in reduced thresholds, we want to remind blog readers of the reduced HOEPA and QM points and fee limits that will be effective January 1, 2016. Effective January 1, the lower limits will be: The total loan amount thresholds that determine whether a transaction is… More >

CFPB releases HMDA Rule Compliance Guide

Posted in CFPB Rulemaking, Fair Lending, Mortgages, Uncategorized

The CFPB released the Home Mortgage Disclosure (Regulation C) Small Entity Compliance Guide  on December 1, 2015.  According to the CFPB, the purpose of the Compliance Guide is to provide an accessible summary of Regulation C, in light of the final rule amending the Home Mortgage Disclosure Act (HMDA) which we summarized here.  In addition,… More >

House passes bill to curb QM requirements

Posted in CFPB General, Mortgages

On November 18, 2015, the U.S. House of Representatives passed a bill that would provide a safe harbor exception for depository institutions from certain provisions of the Truth in Lending Act and Regulation Z, and for mortgage originators from the steering prohibition of the loan originator compensation requirements under Regulation Z (LO Comp Rule). By… More >

Final HMDA rule makes significant changes

Posted in CFPB Rulemaking, Mortgages

As we previously reported, the CFPB has issued a final rule amending Regulation C, which implements the Home Mortgage Disclosure Act.  The final rule makes many significant changes, including changes to the rule’s coverage and the data that covered institutions must collect and report.  For a detailed discussion of the final rule, see our legal alert.

CFPB issues final HMDA rule

Posted in CFPB Rulemaking, Mortgages

The CFPB has issued a final rule amending Regulation C, its Home Mortgage Disclosure Act regulation.  The changes, which, in part, implement the Dodd-Frank Act’s amendments to HMDA, expand the scope of data required to be collected and reported, change the scope of HMDA’s coverage of both institutions and transactions, and adopt new processes for… More >

Transitional period and initial supervisory practice over TRID

Posted in CFPB Enforcement, CFPB Rulemaking, Federal Agencies, Hot Issues, Mortgages, TILA / RESPA

The CFPB sent industry trade groups a letter on October 1, 2015 to address the approach of the FFIEC member agencies during the initial months following the implementation of the TILA-RESPA Integrated Disclosure (TRID) rule on October 3, 2015. In the letter, the CFPB noted that it and the other FFIEC member agencies recognized the… More >

House Passes Bill to Delay TRID

Posted in Mortgages

On October 7, 2015, the U.S. House of Representatives passed a bill that would provide a safe harbor from the new TILA/RESPA Integrated Disclosure (TRID) rule for a period of five months. By a vote of 303 to 121 the House passed the “Homebuyers Assistance Act” (H.R. 3192), which would provide a hold harmless period… More >

Director Corday testifies before House Committee on Financial Services

Posted in Arbitration, Auto Finance, CFPB General, Mortgages, Payday Lending, TILA / RESPA

On Wednesday, September 29, CFPB Director Richard Cordray appeared before the House Committee on Financial Services to answer questions regarding the Bureau’s activities since March. Director Cordray used his introductory remarks to highlight the expansion of the marketplace for consumer credit over the last year. He specifically noted increases in home mortgage lending, auto loan origination… More >

CFPB and DOJ announce redlining settlement

Posted in CFPB Enforcement, Fair Lending, Mortgages

Consistent with recent indications from CFPB and Department of Justice officials that more redlining cases would soon be coming, the CFPB and DOJ have announced a proposed consent order with Hudson City Savings Bank to settle allegations that the bank had engaged in a pattern or practice of redlining predominantly Black and Hispanic neighborhoods in its… More >

CFPB issues final rule expanding definition of “small creditor” and “rural areas” under TILA

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

The CFPB has issued a final rule that revises the definitions of “small creditor” and “rural areas” under Regulation Z of the Truth in Lending Act (TILA). The final rule is effective January 1, 2016. We previously reported on the CFPB proposal to adopt these amendments. The CFPB believes that small creditors play an important… More >

CFPB highlight mortgage complaints in third monthly complaint report

Posted in CFPB General, Mortgages

The CFPB has issued its September 2015 complaint report, the third in its new series of monthly complaint reports.  The new report spotlights mortgage complaints and complaints from consumers in the Denver, Colorado metro area. General findings include the following: As of September 1, 2015 the CFPB has handled 702,900 complaints nationally, including 25,732 complaints… More >

CFPB highlights mortgage complaints in third monthly complaint report

Posted in CFPB General, Mortgages

The CFPB has issued its September 2015 complaint report, the third in its new series of monthly complaint reports.  The new report highlights mortgage complaints and complaints from consumers in the Denver, Colorado metro area. General findings include the following: As of September 1, 2015 the CFPB has handled 702,900 complaints nationally, including 25,732 complaints… More >

No deference for CFPB amicus brief from Ninth Circuit

Posted in Mortgages

Many readers probably remember Edwards v. First American Financial Corp. for its ill-fated journey to the U.S. Supreme Court.  The Supreme Court had granted certiorari to decide the issue of whether a plaintiff who brings a RESPA claim has Article III standing to recover statutory damages in the absence of any actual damages caused by the… More >