Federal Mortgage Regulations
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CFPB Updates Mortgage Servicing Examination Procedures
CFPB Releases Special Edition of Supervision Highlights and Updates Mortgage Servicing Exam Procedures June 22, 2016 the Consumer Financial Protection Bureau (CFPB) released a special edition supervision report focused specifically on mortgage servicers. The report found that some mortgage servicers continue to use failed technology that has already harmed consumers, putting the company in violation […]
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CFPB Issues Final Rule Regarding Annual Threshold Adjustments for 2017 HOEPA and QM Loans
On June 17 2016, the Consumer Financial Protection Bureau (CFPB) announced its annual adjustments to the dollar amounts of various thresholds under the Truth in Lending Act regulations that will apply to certain consumer credit transactions in 2017. The adjustments are based on the percentage change in Consumer Price Index. The notice addresses the thresholds […]
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Massachusetts Adopts Provisions Regarding Unfair and Deceptive Acts and Practices in Consumer Transactions
Effective immediately, the Massachusetts Office of Consumer Affairs and Business Regulations has adopted revisions to 209 CMR 40.00 in order to bring Massachusetts regulations regarding Unfair and Deceptive Practices in Consumer Lending in line with their counterpart Federal regulations. The primary revisions affect High Cost Mortgage Disclosures, High Cost Mortgage Limitations, and Prohibited Practices in […]
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Connecticut Amends Financial Institution Regulations
The Connecticut state legislature recently passed House Bill 5571: “An Act Concerning Banking and Consumer Protections.” The Act includes 93 Sections with varied effect dates amending and revising statutory provisions relating to financial institutions. The areas receiving the most attention under the Act include: Purchases and Sales of Securities The sections concerning securities outline the […]
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South Carolina Enacts Provisions Regarding Uniform Fiduciary Access to Digital Assets Act
The General Assembly of South Carolina has recently enacted the Uniform Fiduciary Access to Digital Assets Act, effective immediately. The purpose of this Act is to provide clarification regarding the accessing of digital assets in the event of death or incapacitation. Digital assets include, but are not limited to, email accounts and their contents, social […]
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U.S. House Passes Bill to Change SAFE Licensing Rules
By Anna DeSimone SAFE Transitional Licensing Act of 2015 moves to SenateMay 22, 2016, the United States House of Representatives passed a bill named the SAFE Transitional Licensing Act of 2015. The act will permit registered loan originators to move to another state to continue originating loans for as long as 120 days while applying […]
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FFIEC Seeks Comments on Proposed Revisions to Uniform Interagency Consumer Compliance Rating System
The Federal Financial Institutions Examination Council (FFIEC) released press release seeking public comment on its proposal to revise the existing Uniform Interagency Consumer Compliance Rating System to reflect regulatory, supervisory, technological, and market changes since the system was established. The press release is reproduced below. The Consumer Compliance Rating System is a supervisory policy for […]
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CFPB Releases 2015 Consumer Complaint Report
March 22, 2016, the Consumer Financial Protection Bureau (CFPB) released its annual Consumer Complaint Report. The breakdown of the number of complaints received for each category were as follows: Debt collection: 85,200 Credit reporting: 55,000 Mortgages: 50,800 Key points of the CFPB Report that pertain to residential mortgages are summarized below. The illustrations below show […]
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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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American Bankers Association Publishes TRID Study
The American Bankers Association has completed a survey regarding the TILA-RESPA Integrated Disclosure (TRID) Rule. The ABA survey had 548 banker participants composed a diverse group both in geography and asset size. The data was collected from February 1, 2016 to February 17, 2016. This timely survey shows that TRID rule compliance: is still a […]