Federal Mortgage Regulations
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CFPB Delays Effective Date for Dodd-Frank
by: Marissa Aquila Blundell, Esq.On Friday, November 16, 2012, the Consumer Financial Protection Bureau (CFPB) published a final rule which delays the effective date for compliance with the new mortgage disclosure rules included in Title XIV of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank). The CFPB’s rule provides an exemption from compliance with […]
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National Flood Insurance Update
by: Anna DeSimoneNFIP Authorizes Grace Period for Flood Insurance Premium PaymentsNovember 7, 2012, the U.S. Department of Homeland Security issued a Service Bulletin regarding the National Flood Insurance Program (NFIP). The memorandum outlines the provisions for homeowners to quality for an extension of the Grace Period for payment of National Flood Insurance renewal premiums. Below […]
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FTC Revises Rules of Practice for Investigations & Attorney Discipline
by Margaret Wright, Esq.The Federal Trade Commission (FTC) has issued the Final Rule regarding revisions to 16 CFR Parts 2 and 4 of the Rules of Practice governing investigation and attorney discipline procedures. The need for additional clarification of the FTC’s investigatory procedures has resulted from the increasing trend of using compulsory process to obtain […]
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CFPB Proposes New Rules for Property Appraisals
by Anna DeSimonePresidentMonday, October 15, 2012 marks the end of the sixty-day comment period of the proposed rules issued by the Consumer Financial Protection Bureau (CFPB) that would give consumers additional information rights regarding their property appraisals. The CFPB expects to implement the final rule in January 2013. The rule would require mortgage lenders to […]
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Update on CFPB Proposed LO Compensation Rule
by Marissa Aquila Blundell, Esq.Sr. VP & General CounselIndustry comments regarding the Consumer Financial Protection Bureau’s proposed rules governing loan originator compensation, implementing key provision of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank) must be submitted by October 16, 2012. Although the CFPB extended the comment period for a limited section of […]
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FFIEC Announces Availability of 2011 Mortgage Data
by Anna DeSimonePresident On September 18, 2012 the Federal Financial Institutions Examination Council (FFIEC) issued a joint release regarding the availability of data on mortgage lending transactions at 7,632 U.S. financial institutions covered by the Home Mortgage Disclosure Act (HMDA). The Council is a formal interagency body empowered to prescribe uniform principles, standards, and report forms […]
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CFPB Begins Supervision of Credit Bureaus
On September 20, 2012, the Consumer Financial Protection Bureau begins its supervision of consumer credit reporting agencies, also known as credit bureaus or credit reporting companies. It is the first time such companies will be supervised at the federal level. The Dodd-Frank Wall Street Reform and Consumer Protection Act authorizes the CFPB to supervise nonbanks […]
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CFPB Proposes Rules to Bring Accountability to Mortgage Market
by Anna DeSimonePresidentOn August 17, 2012 the Consumer Financial Protection Bureau (CFPB) proposed rules to bring greater accountability to the mortgage loan origination market. The rules are intended to help consumers understand mortgage costs and comparison shop. The CFPB is seeking public comment on a proposal that would: Require Lenders to offer loans with a […]
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Consumer Financial Protection Bureau Proposes Loan Servicing Rules
by Anna DeSimonePresident On August 9, 2012 the Consumer Financial Protection Bureau (CFPB) today proposed two notices containing rules concerning mortgage servicing. The Dodd-Frank Wall Street Reform and Consumer Protection Act addresses some of these problems and imposes certain requirements on servicers, which the CFPB is implementing and refining. The new rules will be finalized […]
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CFPB Issues its First Enforcement Action against Capital One Bank
by Donna M. Saati, Esq.Associate Counsel In its first public enforcement action since its inception, the Consumer Financial Protection Bureau (the “CFPB” or “Bureau”), has ordered Capital One Bank, (U.S.A) N.A. (“Capital One”) to refund consumers and pay civil money fines to settle charges of deceptive marketing tactics. The CFPB, established by the Dodd-Frank Act […]