Federal Mortgage Regulations
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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 […]
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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 […]
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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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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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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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CFPB and Fed Increase Reg Z Dollar Threshold
by: Marissa Aquila Blundell, Esq. On November 20, 2012, the Consumer Financial Protection Bureau (CFPB), jointly with the Federal Reserve Board (FRB) where applicable, issued three final rules which adjust certain monetary thresholds in the Truth-in-Lending Act’s (TILA) Regulation Z and Consumer Leasing Act’s (CLA) Regulation M. The Dodd-Frank Wall Street Reform and Consumer […]