December, 2016
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New York defines “consummation of a mortgage loan” for purposes of TILA and RESPA
“The term ‘consummation of a mortgage loan’ means, for purposes of the act of congress entitled Truth in Lending Act and the regulations thereunder and the Real Estate Settlement Procedures Act of 1974, as amended, and the regulations thereunder, when the applicant for the mortgage loan executes the promissory note and mortgage.”
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Pennsylvania updates “base figure” definition under the Loan Interest and Protection Law
Pennsylvania has adjusted the definition of “base figure” under the Loan Interest and Protection Law.
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CFPB Publishes Small Entity Compliance Guide for New Servicing Rules
November 30, 2016 the Consumer Financial Protection Bureau (CFPB) published a Small Entity Compliance Guide on the final rules that were announced in August 2016, known as the 2016 Mortgage Servicing Rule.