Joseph D. Simon

Joseph D. Simon

Cullen and Dykman LLP

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CFPB Approves Revised Uniform Residential Loan Application

The Consumer Financial Protection Bureau (“CFPB”) has issued an official notice that the new Fannie Mae/Freddie Mac Uniform Residential Loan Application (“URLA”) has been approved as being in compliance with the Equal Credit...more

10/6/2016 - Banking Sector CFPB Data Collection ECOA Ethnicity Fannie Mae Financial Institutions Freddie Mac HMDA Mortgages Regulation B Regulation C Reporting Requirements

CFPB Is Urged to Change How Title Insurance Premiums Are Disclosed Under the TRID Rule

While lenders continue to struggle with various aspects of the TILA-RESPA Integrated Disclosure Rule (“TRID Rule”) that became effective last year, one of the more troublesome issues has been the disclosure of title insurance...more

6/17/2016 - CFPB Closing Documents Disclosure Requirements Insurance Industry Mortgage Lenders Mortgages NPRM Popular Premiums TILA-RESPA Integrated Disclosure Rule (TRID) Title Insurance

Federal Appeals Court Finds Mortgage Servicer Potentially Liable to Borrower Under New Mortgage Servicing Rules

A federal appeals court has issued one of the first opinions under new mortgage servicing rules that took effect in 2014, finding that a mortgage servicer may be liable for not properly responding to a borrower’s notice of...more

6/1/2016 - CFPB Dodd-Frank Mortgage Lenders Mortgage Servicers Mortgages Regulation X RESPA

Interagency Guidance Issued Regarding Deposit Reconciliation Practices

Federal banking agencies have advised financial institutions to adopt deposit reconciliation policies and practices for customer accounts, and to effectively manage the institution’s deposit reconciliation practices to comply...more

5/27/2016 - Banking Sector CFPB Depository Institutions Dodd-Frank Expedited Funds Availability Act (EFAA) FDIC Financial Institutions FTC Act OCC Reconciliation Section 1031 Section 5 Unfair or Deceptive Trade Practices

CFPB Expands the Eligibility Requirements for Small Creditors in Rural or Underserved Areas

The Consumer Financial Protection Bureau (“CFPB”) has issued an interim final rule (“Interim Rule”) to expand the eligibility of creditors to issue balloon-payment Qualified Mortgages (“QMs”) and high-cost mortgages with a...more

4/1/2016 - Banking Sector CFPB Interim Rule Mortgages Qualified Mortgage Rule Residential Real Estate Market Rural Areas Truth in Lending Act (TILA)

CFPB Issues Major Changes to HMDA Requirements

The Consumer Financial Protection Bureau (“CFPB”) has issued a final rule with major changes to Regulation C, which implements the Home Mortgage Disclosure Act (“HMDA”). Among other things, the new HMDA rule (“HMDA Rule” or...more

1/5/2016 - CFPB Disclosure Requirements Financial Institutions HMDA Popular Regulation C Reporting Requirements

CFPB Updates Regulation Z Thresholds

The Consumer Financial Protection Bureau (“CFPB”) has updated the inflation-adjusted loan amounts applicable to the points and fees calculations under the CFPB’s Ability-to-Repay/Qualified Mortgage rule (“ATR/QM Rule”) and...more

9/25/2015 - Ability-to-Repay Banking Sector Banks Bureau of Labor Statistics CFPB Consumer Financial Products Consumer Lenders Consumer Price Index Dodd-Frank Financial Institutions Mortgage Lenders Mortgage Servicers Mortgages Qualified Mortgage Rule Regulation Z

CFPB Updates Guidance on Housing Counselor Requirements

The Consumer Financial Protection Bureau (“CFPB”) has issued a final interpretive rule (“2015 Rule”) on the requirement to provide mortgage applicants with a list of local homeownership counseling organizations. The 2015 Rule...more

4/22/2015 - Banking Sector CFPB Interpretive Rule Mortgage Lenders Mortgages

CFPB Proposes Amendments to Mortgage Servicing Rules

The Consumer Financial Protection Bureau (“CFPB”) has proposed several amendments to the mortgage servicing rules under the Real Estate Settlement Procedures Act (“RESPA”) and the Truth in Lending Act (“TILA”) (collectively,...more

12/30/2014 - CFPB Mortgage Servicing Rules Proposed Amendments RESPA Truth in Lending Act (TILA)

CFPB Eases Some of the Requirements Under the Dodd-Frank Act Mortgage Rules

The Consumer Financial Protection Bureau (“CFPB”) has issued a final rule easing some of the requirements on creditors under the Dodd-Frank Act mortgage rules. The most significant change for most creditors is the addition of...more

11/4/2014 - Ability-to-Repay CFPB Creditors Dodd-Frank Mortgages Qualified Mortgage Rule

CFPB Amends Regulation P to Eliminate Mailing Requirement for Annual Privacy Notices in Certain Circumstances

The Consumer Financial Protection Bureau (“CFPB”) has issued a final rule that will allow a financial institution to post its annual privacy notice on its website in lieu of mailing it to customers if certain conditions are...more

10/22/2014 - CFPB Privacy Policy Regulation P Websites

CFPB Proposes Significant Changes to HMDA Reporting Requirements

The Consumer Financial Protection Bureau (“CFPB”) has issued proposed amendments to Regulation C, the regulation that implements the Home Mortgage Disclosure Act (“HMDA”). The proposed amendments would revise the tests for...more

7/30/2014 - CFPB HMDA Mortgages Regulation C Reporting Requirements

CFPB Announces Availability Of Revised Publications To Be Provided By Lenders To Mortgage Applicants

The Consumer Financial Protection Bureau (“CFPB”) has announced the availability of three revised consumer publications that mortgage lenders are required to provide to applicants for certain residential mortgage loans. The...more

1/10/2014 - CFPB Lenders Mortgages

CFPB Eases “Ability-to-Repay” Requirements For Small Creditors And Modifies Loan Officer Compensation Rules For Purposes Of...

The Consumer Financial Protection Bureau (“CFPB”) has issued a final rule modifying certain provisions of the “ability-to-repay” (“ATR”) mortgage requirements issued last January....more

6/4/2013 - Ability-to-Repay CFPB Creditors Loan Originator Compensation Rule Qualified Mortgage Rule Regulation Z

CFPB Modifies Foreign Remittance Rules And Sets New Effective Date

The Consumer Financial Protection Bureau (“CFPB”) has revised its previously issued rules on foreign remittance transfers to ease some of the disclosure concerns raised by financial institutions. The revised rules, which are...more

5/6/2013 - CFPB Disclosure Requirements Final Rules International Remittance Transfers Regulation E Remittance Transfer Rule

CFPB Issues New Mortgage Servicing Requirements

The Consumer Financial Protection Bureau (“CFPB”) has issued two final rules that impose significant new mortgage servicing requirements in connection with residential mortgages to consumers. The rules implement amendments...more

2/20/2013 - CFPB Delinquent Borrowers Dodd-Frank Force-Placed Insurance Interest Rates Loss Mitigation Mortgage Loan Servicing Standards RESPA Truth in Lending Act (TILA)

CFPB Issues “Ability-To-Repay” Mortgage Requirements

The Consumer Financial Protection Bureau (“CFPB”) has issued a final rule implementing the “ability to repay” mortgage requirements of the Dodd-Frank Act. The rule requires creditors to make a reasonable, good faith...more

2/11/2013 - Ability-to-Repay CFPB Dodd-Frank Mortgages Prepayment Penalties Qualified Mortgage Rule

CFPB Amends Requirements for Providing Appraisals to Home Loan Applicants

The Consumer Financial Protection Bureau (“CFPB”) has issued amendments to Regulation B requiring creditors to provide to applicants free copies of all appraisals and other written valuations developed in connection with an...more

1/30/2013 - Appraisal CFPB Liens Loans Mortgages Notice Requirements Regulation B Valuation

FFIEC Proposes Supervisory Guidance for Financial Institutions Using Social Media

The Federal Financial Institutions Examination Council (the “FFIEC”) has proposed supervisory guidance addressing the applicability of federal consumer protection and compliance laws, regulations, and policies to activities...more

1/25/2013 - CFPB Compliance Due Diligence FFIEC Risk Management Social Media

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