On May 1, 2019, the Consumer Financial Protection Bureau (CFPB) published a Factsheet discussing whether Loan Estimates and...
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Read articles below for analysis and discussion of recent trends by BM&G’s industry experts.
Regulation Z HOEPA and Qualified Mortgage Annual Threshold Adjustments
In the September 21, 2015, issue of the Federal Register (80 FR 56895), click here, the Consumer Financial Protection Bureau established the following 2016 thresholds for high-cost and qualified mortgages under §§1026.32 and 1026.43, respectively.
New RESPA Settlement Cost Booklet for TRID Transactions
In the April 1, 2015, issue of the Federal Register (80 FR 17414, click here) and in a March 31, 2015, press release (click here), the Consumer Financial Protection Bureau (CFPB) published a new RESPA-required settlement cost booklet titled “Your Home Loan Toolkit: A Step-by-Step Guide” (Booklet) for use with the new TILA and RESPA integrated disclosures (TRID) effective for applications received on or after August 1, 2015.
TILA-RESPA Integrated Disclosures Rule Amendments
In the February 19, 2015 Federal Register (80 FR 8767) the Consumer Financial Protection Bureau (CFPB) published a final rule (click here) making the following amendments to the TILA-RESPA Integrated Disclosures Rule: (1) an extension to the timing requirement for providing a revised Loan Estimate when the consumer locks a rate after the initial Loan Estimate is provided; and (2) an amendment to permit language related to new construction loans to be included on the Loan Estimate:
TILA-RESPA Integrated Disclosures Rule – Proposed Amendments
The Consumer Financial Protection Bureau (CFPB) has issued a proposed rule (click here) proposing two amendments to the TILA-RESPA Integrated Disclosures Rule: (1) an adjustment to the timing requirement for revised disclosures when the consumer locks a rate after the initial disclosures are provided; and (2) an amendment to permit language related to new construction loans to be included on the Loan Estimate:
RESPA and TILA Violations Result in Significant Civil Penalties Paid to CFPB and FTC
This memorandum advises you of a $500,000 civil penalty paid to the Consumer Financial Protection Bureau (CFPB) pursuant to the following described Consent Order and of a $225,000 civil penalty paid to the Federal Trade Commission (FTC) pursuant to the following described Stipulated Order:
CFPB Revises HELOC Brochure, CHARM Booklet, and Settlement Cost Booklet/Special Information Booklet
In the January 10, 2014, Federal Register (79 FR 1836), the Bureau of Consumer Financial Protection (CFPB) published a Notice of Availability of the following revised consumer publications related to mortgage loans and home equity lines of credit transactions that are required under the Real Estate Settlement Procedures Act (RESPA), Regulation X, the Truth in Lending Act (TILA), and Regulation Z:
CFPB Requires Lenders to Provide a List of Homeownership Counseling Organizations to Loan Applicants Effective January 10, 2014
In the January 31, 2013 issue of the Federal Register (78 FR 6856) the Bureau of Consumer Financial Protection (CFPB) published a final rule that adds Section 1024.20 to Regulation X to require lenders to provide a loan applicant for a federally related mortgage loan (with certain exceptions) with a written list of homeownership counseling organizations not later than three business days after the lender or mortgage broker receives an application or information sufficient to complete an application. The final rule is effective on January 10, 2014, and applies to transactions for which an application is received on or after that date. The text of the final rule is located on pages 6961-6962 of the above Federal Register and also is reprinted in the attached Exhibit A.
CFPB Proposed Amendments to the 2013 Mortgage Rules Under Regulation B, Regulation X, and Regulation Z
In the July 2, 2013 issue of the Federal Register (78 FR 39902) the Consumer Financial Protection Bureau (CFPB) published a proposed rule, click here, to clarify or revise regulatory provisions and official interpretations primarily relating to the 2013 Mortgage Servicing Final Rules (see, 78 FR 10695 (Reg. X) and 78 FR 10901 (Reg. Z), Feb. 14, 2013) and the 2013 Loan Originator Compensation Final Rule (see, 78 FR 11279, Feb. 15, 2013). The proposed rule also proposes modifications to the effective dates for provisions adopted by the 2013 Loan Originator Compensation Final Rule, and certain technical corrections and minor refinements to Regulations B, X, and Z. In the July 2, 2013 issue of the Federal Register (78 FR 39902) the Consumer Financial Protection Bureau (CFPB) published a proposed rule, click here, to clarify or revise regulatory provisions and official interpretations primarily relating to the 2013 Mortgage Servicing Final Rules (see, 78 FR 10695 (Reg. X) and 78 FR 10901 (Reg. Z), Feb. 14, 2013) and the 2013 Loan Originator Compensation Final Rule (see, 78 FR 11279, Feb. 15, 2013). The proposed rule also proposes modifications to the effective dates for provisions adopted by the 2013 Loan Originator Compensation Final Rule, and certain technical corrections and minor refinements to Regulations B, X, and Z.
CFPB Delays Implementation of Certain TILA and RESPA Mortgage Disclosures Required by Title XIV of the Dodd-Frank Act
In the November 23, 2012, issue of the Federal Register (77 FR 70105 – click here) the Consumer Financial Protection Bureau (CFPB) published a final rule amending §1026.1(c) of Regulation Z, and its official interpretations, to delay implementation of the following new mortgage disclosures required by Title XIV of the Dodd-Frank Act that would otherwise take effect on January 21, 2013: • Warning regarding negative amortization features. Dodd-Frank Act section 1414(a); TILA section 129C(f)(1). • Disclosure of State law anti-deficiency protections. Dodd-Frank Act section 1414(c); TILA section 129C(g)(2) and (3).