CFPB
-
CFPB Monitors Mortgage Servicing Transfer Activity
by: Anna DeSimoneCFPB warns bank and nonbank servicers about legal protections for consumers when transferring loans The Consumer Financial Protection Bureau (CFPB) issued a bulletin in February 2013 advising mortgage companies about their legal obligations that protect consumers during loan transfers between mortgage servicers. The bureau advises, when handing over the processing of loans, mortgage […]
-
CFPB and Agencies Issue Final Rule on Appraisals for HPMLs
by: Anna DeSimoneSix federal financial regulatory agencies issued a final rule that establishes new appraisal requirements for “higher-priced mortgage loans.” The rule is being issued by the Board of Governors of the Federal Reserve System, the Consumer Financial Protection Bureau, the Federal Deposit Insurance Corporation, the Federal Housing Finance Agency, the National Credit Union Administration, […]
-
CFPB Announces Implementation Plan for New Mortgage Rules
by: Anna DeSimoneOn February 13, 2013 the Consumer Financial Protection Bureau (CFPB) announced an implementation plan regarding the new consumer protections that go into effect in January 2014. Under the Dodd-Frank Wall Street Reform and Consumer Protection Act, the CFPB was required to issue new mortgage rules by Jan. 21, 2013. The CFPB met that […]
-
Key Points to Loan Originator Compensation Requirements
by: Marissa Aquila Blundell, Esq.Last month the Consumer Financial Protection Bureau (CFPB) released final versions of several rules in accordance with Title XIV of Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank). Most of the new rules take effect in January of 2014, a short implementation period given the breadth and depth of the […]
-
CFPB Rules Prevent Originators from Steering Consumers into Risky Mortgages
by: Anna DeSimoneOn January 18, 2013 the Consumer Financial Protection Bureau (CFPB) issued issuing rules to prevent mortgage lenders from steering borrowers into risky mortgages and high-cost loans. The CFPB is finalizing the regulations governing how loan originators are compensated. The rules are summarized below: Prohibit steering incentives The rules prohibit compensation that varies with […]
-
CFPB Issues Final Rule Containing HOEPA Changes
by: Marissa Aquila Blundell, Esq. On January 10, 2013, the Consumer Financial Protection Bureau (CFPB) published the final version of a rule broadening and strengthening the Home Ownership and Equity Protections Act (HOEPA), as required by the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank). Specifically, one year from now on January 10, 2014, […]
-
CFPB Adopts Rules to Improve Consumer Access to Appraisal Reports
by: Lee Greenberg, Esq.On January 18, 2013, the Consumer Financial Protection Bureau (CFPB) adopted two rules with the intention of improving consumer access to appraisal reports. Both rules become effective on January, 18 2014. The first new rule adopted by the CFPB requires mortgage lenders to provide applicants with free copies of all appraisals and […]
-
CFPB Issues Proposed Rule Regarding Electronic Fund Transfer Act
by: Donna M. Saati, Esq.On December 31, 2012, the Bureau of Consumer Financial Protection (“CFPB” or the “Bureau”) proposed to amend subpart B of Regulation E, which implements the Electronic Fund Transfer Act (“EFTA”), and the official interpretation of the regulation. In its proposal, the CFPB seeks to refine three narrow aspects of a final […]
-
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 […]
-
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. […]