Residential Mortgage

Residential Mortgage

Compliance Monitor
  • CFPB Finalizes Mortgage Servicing Rules under RESPA and TILA

    by: Gregory R. Wilson, Esq.On January 17, the Consumer Finance Protection Bureau (“CFPB”) finalized rules governing how mortgage loan servicers communicate with consumers, offer loss mitigation and foreclosure avoidance options, and conduct the foreclosure processes. The rules, which are effective January 10, 2014, are promulgated under the Real Estate Settlement Procedures ACT and the Truth […]

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  • CFPB Issues Rule to Protect Consumers from Irresponsible Mortgage Lending

    by: Anna DeSimoneJanuary 10, 2013 the Consumer Financial Protection Bureau (CFPB) adopted a new rule that will protect consumers from irresponsible mortgage lending by requiring lenders to ensure prospective buyers have the ability to repay their mortgage. The rule also protects borrowers from risky lending practices such as “no doc” and “interest only” features.   […]

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  • Recent Changes to Ohio Mortgage Lending Laws

    by: Emily Ross, Esq., Associate CounselChanges to Ohio Law under House Bill 479 With Substitute House Bill 479 (“HB 479”) the Ohio Legislature amended and enacted large sections of the Ohio Code. Some important changes cover such varied topics as the recording of personal property transfers, the intersection of non recourse loans and post solvency […]

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  • Recent Changes to Michigan Lending Laws

    by: Nicole Legere, Esq., Senior Counsel MICHIGAN BILL 1283 and 1284:An Amendment to the Mortgage Loan Definition The state of Michigan recently passed Senate Bill 1283, which amended the Mortgage Brokers, Lenders, and Servicers Licensing Act. This act is responsible for regulating the licensure and/or registration of mortgage brokers, lenders and servicers. The new bill […]

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  • CFPB Revises Asset-Exemption Threshold for HMDA Data Collection in 2013

    by: Margaret Wright, Esq.The Consumer Financial Protection Bureau (CFPB) has issued a Final Rule which revises the Home Mortgage Disclosure Act (HMDA) regarding adjustment of the asset exemption threshold definition for HMDA data collection by depository institutions. Banks, saving associations and credit unions with assets that are less than or equal to $42 million as […]

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  • Consumer Financial Protection Bureau Issues Ability-to-Repay and Qualified Mortgage Final Rule

    by: Marissa Aquila Blundell, Esq.On January 10, 2013, the Consumer Financial Protection Bureau (CFPB) issued the final version of the hotly debated Ability- to-Repay rule set out in the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd Frank). The rule requires creditors to make a reasonable and good faith determination that borrowers have a […]

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  • Massachusetts Division of Banks Issues Loan Modification Guidance

    by: Anna DeSimone Guidance Relative to Residential Mortgage Loan Modifications for Non-Delinquent Borrowers and Troubled Debt Restructuring (TDR) December 27, 2012 the Massachusetts’ Division of Banks issued guidance in response to industry inquiries relative to the classification of the modification of a residential mortgage loan as a troubled debt restructuring (TDR) when the value of […]

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  • Consumer Financial Protection Bureau Releases Report on Credit Bureaus

    by: Anna DeSimone December 13, 2012, the Consumer Financial Protection Bureau (CFPB) released a report on the consumer experience with the three largest nationwide credit reporting companies: Equifax, Experian and TransUnion. The three bureaus collectively maintain over 200 million files on consumers.  In a typical month, they receive updates from approximately 10,000 information “furnishers,” which […]

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  • Justice Department and CFPB Form Mutual Fair Lending Agreement

    by: Marissa Aquila Blundell, Esq. On December 6, 2012, the United States Department of Justice (DOJ) and the Consumer Financial Protection Bureau (CFPB) executed a Memorandum of Understanding (MOU) Regarding Fair Lending Coordination. The Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank), authorized the CFPB to implement and enforce consumer financial law, including but not […]

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  • FTC Updates Red Flags Rules to Clarify Definition of Creditor

    by: Margaret Wright, Esq.The Federal Trade Commission (FTC) has issued an Interim Final Rule to amend 16 CFR Part 681 of their Red Flags Rules to revise the definition of creditor as defined in the Red Flag Program Clarification Act of 2010.  Prior to the Red Flag Program Clarification Act, the Fair Credit Reporting Act […]

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