Federal Mortgage Regulations
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CFPB Releases Consumer Complaint Data
by: Anna DeSimone On March 28, 2013 the Consumer Financial Protection Bureau (CFPB) went live with the nation’s largest public database of federal consumer financial complaints, opening up to consumers across the country information on more than 90,000 individual complaints on financial products and services. The March 2013 launch expanded the CFPB’s Consumer Complaint Database […]
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OCC Proposes to Extend Consumer Privacy Information Collection
by: Anna DeSimoneThe Office of the Comptroller of the Currency (OCC) is soliciting comments concerning its information collection titled, Privacy of Consumer Financial Information (Regulation P). The OCC is also giving notice that it has sent the collection to OMB for review. Written comments should submitted by April 22, 2013. There have been no changes […]
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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 […]
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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, […]
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HUD Issues Standard for Disparate Impact Liability
by: Margaret Wright, Esq.Implementation of the Fair Housing Act’s Discriminatory Effects Standard The Department of Housing and Urban Development (HUD) has issued the Final Rule amending the Fair Housing Act to establish the method to be used when establishing liability under the discriminatory effects standard. The amendment formalizes the “burden-shifting test” of discriminatory effect and also […]
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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 […]
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Record Retention as Risk Management
by: Gregory R. Wilson, Esq.Proper record retention mitigates operational and compliance risk presented to any institution conducting business in this ever-changing regulatory environment. A well-established record retention program maintains records in an appropriate manner and for an appropriate duration thereby ensuring compliance, and providing for easier substantiation of compliance to auditors and examiners. In addition, […]
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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 […]
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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 […]
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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, […]