On May 1, 2019, the Consumer Financial Protection Bureau (CFPB) published a Factsheet discussing whether Loan Estimates and Closing Disclosures are required for assumption transactions. The Factsheet is available on the CFPB’s website. The Factsheet address whether a...
Client & Friends Memo
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. HOEPA (High-cost...
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...
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...
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...
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...
CFPB Revises HELOC Brochure, CHARM Booklet, and Settlement Cost Booklet/Special Information Booklet
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...
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...
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...
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...