CFPB
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CFPB Broadens Qualified Mortgage Rule for Rural and Underserved Areas
March 22, 2016 the Consumer Financial Protection Bureau (CFPB) issued an interim final rule that broadens the availability of certain special provisions for small creditors that operate in rural or underserved areas. The new rule, which takes effect March 31, 2016, implements Congress’s recent legislation, the Helping Expand Lending Practices in Rural Communities (HELP) Act, that […]
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CFPB Publishes Construction Loan Fact Sheet for TRID
By Anna DeSimone January 10, 2016 the Consumer Financial Protection Bureau (CFPB) published a two-page Fact Sheet entitled Know Before You Owe Mortgage Disclosures and Construction Loans. The information provided is formatted for both consumers and professionals and reproduced below:Construction Loans Are Covered by the Know Before You Owe Mortgage DisclosuresMost construction loans that are […]
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CFPB Seeks Public Input on HMDA Resubmission Guidelines
On January 7, 2016, the Consumer Financial Protection Bureau (CFPB) announced it is seeking public feedback on the resubmission of mortgage lending data reported under the Home Mortgage Disclosure Act (HMDA). The CFPB press release is reproduced in this newsletter. Please refer to the Compliance Monitor article dated October 21, 2015 announcing the new HMDA […]
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CFPB Finalizes Rule to Improve Information About Access to Credit in the Mortgage Market
By Anna DeSimone Bureau Takes Steps to Simplify the Reporting Process for Financial Institutions October 15, 2015, the Consumer Financial Protection Bureau (CFPB) finalized a rule to improve information reported about the residential mortgage market. The rule will shed more light on consumers’ access to mortgage credit by updating the reporting requirements of the Home […]
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CFPB Provides Guidance on Marketing Services Agreements
By Anna DeSimoneOctober 8, 2015 the Consumer Financial Protection Bureau (CFPB) issued a bulletin providing guidance to the mortgage industry regarding marketing services agreements. The bulletin Highlights Risks of Agreements Violating Federal Prohibition on Mortgage Kickbacks. The press release is reproduced below:The bulletin offers an overview of the federal prohibition on mortgage kickbacks and referral […]
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CFPB Issues Final Rule Regarding Annual Threshold Adjustments for 2016 HOEPA and QM Loans
By Anna DeSimone September 22, 2015 the Consumer Financial Protection Bureau (CFPB) issued a final rule amending the regulatory text and official interpretations for Regulation Z, implemented under the Truth in Lending Act (TILA). The regulation requires annual updating of the dollar amounts of thresholds pertaining to the Home Equity Protection Act (HOEPA) loans and […]
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CFPB Finalizes Rule to Facilitate Access to Credit in Rural and Underserved Areas
Bureau Extends Provisions to Cover More Community Banks, Credit Unions, and Other CreditorsSeptember 22, 2015 the Consumer Financial Protection Bureau (CFPB) finalized several changes to its mortgage rules to facilitate responsible lending by small creditors, particularly in rural and underserved areas. The new rule, which was proposed in January, will increase the number of financial […]
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CFPB Updates Dodd-Frank Readiness Guide and RESPA-TILA Exam Procedures
By Anna DeSimone September 15, 2015, the Consumer Financial Protection Bureau (CFPB or Bureau) updated its Dodd-Frank Mortgage Rules Readiness Guide. The update was developed to help financial institutions come into and maintain compliance with the mortgage rules outlined in the Summary of the Rules in the Guide. The CFPB has designed this Guide for […]
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CFPB Issues Private Mortgage Insurance Cancellation & Termination Guidance
By Anna DeSimone August 4, 2015 the Consumer Financial Protection Bureau (CFPB) issued a bulletin providing guidance to mortgage servicers regarding the cancellation and termination of private mortgage insurance. The bulletin explains certain requirements of the Homeowners Protection Act and is intended to help servicers comply with the law. The CFPB has identified substantial industry […]
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CFPB Finalizes TRID Two Month Extension
By Anna DeSimone On July 21, 2015, the Consumer Financial Protection Bureau (CFPB) issued a final rule moving the effective date of the Know Before You Owe mortgage disclosure rule, also called the TILA-RESPA Integrated Disclosures rule, to October 3, 2015.The rule requires easier-to-use mortgage disclosure forms that clearly lay out the terms of a […]