Federal Mortgage Regulations
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Federal Register Publishes Final ATR and QM Standards under TILA
by: Anna DeSimoneJune 12, 2013 the Federal Register published the Final Rule by the Consumer Financial Protection Bureau, Ability-to-Repay and Qualified Mortgage Standards Under the Truth in Lending Act (Regulation Z)The Bureau of Consumer Financial Protection (Bureau) is amending Regulation Z, which implements the Truth in Lending Act (TILA). Regulation Z generally prohibits a creditor […]
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CFPB Releases Exam Procedures for New Mortgage Rules
by: Anna DeSimoneJune 4, 2013 the Consumer Financial Protection Bureau (CFPB) published the first update to its exam procedures for the new mortgage regulations it issued in January 2013. The exam procedures offer financial institutions and mortgage companies valuable guidance on what the CFPB will be looking for as the rules become effective. The new […]
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CFPB Amends Rule Regarding Electronic Fund Transfer Act
by: Donna M. Saati, Esq.On May 22, 2013, the Bureau of Consumer Financial Protection (“CFPB” or the “Bureau”) amended its regulation which implements the Electronic Fund Transfer Act (“EFTA”), and the official interpretation to the regulation (the “2013 Final Rule”). The 2013 Final Rule refines three (3) narrow aspects of prior final rules issued on […]
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NCUA Announces Technical Changes to Regulations
by: Anna DeSimone May 31, 2013 the Board of the National Credit Union Administration (NCUA) announced a number of technical amendments to NCUA’s regulations. The final rule was based on issues identified by staff and through NCUA’s rolling, three-year regulatory review process. In addition, the Board is making a number of nomenclature changes to NCUA’s […]
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CFPB Amends Ability-to-Repay Rule
by: Anna DeSimoneOn May 29, 2013 the Consumer Financial Protection Bureau (CFPB) finalized rules regarding the Ability-to-Repay rule. The CFPB created specific exemptions and modifications to the Ability-to-Repay rule for small creditors, community development lenders, and housing stabilization programs. The May 29th rule amends the CFPB’s Ability-to-Repay rule finalized on January 10, 2013. The amendments […]
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CFPB Issues Clarification of Escrows Rule
by: Marissa Aquila Blundell, Esq.On May 16, 2013, the Consumer Financial Protection Bureau (CFPB) published clarifying and technical amendments to its Escrow Requirements under the Truth in Lending Act (Escrows Rule) which takes effect on June 1, 2013. With this amendment, the CFPB addresses a problem inadvertently created when it removed language applying ability-to-repay requirements […]
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Fannie Mae & Freddie Mac Will Only Purchase Qualified Mortgages in 2014
by: Anna DeSimoneOn May 2, 2013, the Federal Housing Finance Agency (FHFA) directed Freddie Mac and Fannie Mae (“GSEs”) to limit future purchases to:Mortgages that are “qualified mortgages” under the final rule, including those meeting the special or temporary qualified mortgage requirements Mortgages that are exempt from the ability to repay requirements, such as investor […]
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CFPB Publishes TILA Escrow Compliance Guide for Small Entities
by: Marissa Aquila Blundell, Esq.On April 18, 2013, the Consumer Financial Protection Bureau (CFPB) published a TILA Escrow Compliance Guide for Small Entities, the latest in a series of implementation guides designed to help small creditors comply with new regulations issued in accordance with the Dodd-Frank Wall Street Reform and Consumer Financial Protection Act. […]
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CFPB Publishes Small Entity Guide for QM and ATR
by: Anna DeSimoneApril 10, 2013 the Consumer Financial Protection Bureau (CFPB) published a Small Entity Compliance Guide for the Ability-to-Repay and Qualified Mortgage Rule. The CFPB’s goal is to provide a comprehensive rule summary in a plain language and FAQ format. This guide will be followed by a series of additional guides for each of […]
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CFPB Publishes Compliance Guides on Ability-to-Repay and QM Rule
by: Anna DeSimone April 10, 2013 the Consumer Financial Protection Bureau (CFPB) published a Small Entity Compliance Guide for the Ability-to-Repay and Qualified Mortgage Rule. The CFPB’s goal is to provide a comprehensive rule summary in a plain language and FAQ format. This guide will be followed by a series of additional guides for each […]