Karen Morgan

Ballard Spahr LLP

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CFPB releases additional resources for mortgage consumers

In advance of today’s effective date for most of its new mortgage rules, the CFPB has been releasing additional resources for consumers. As described in the CFPB’s January 7 press release, the most recent “resources” include...more

1/13/2014 - CFPB Mortgage Servicers Mortgages

CFPB Releases Final RESPA-TILA Integrated Disclosures Rule

On November 20, the Consumer Financial Protection Bureau released the nearly 1,900-page final RESPA-TILA Integrated Disclosures Rule. The rule will be effective for applications received on or after August 1, 2015. The...more

11/26/2013 - CFPB Mortgages RESPA TILA

More on the final RESPA-TILA integrated disclosures rule

As we previously reported, the Consumer Financial Protection Bureau released the nearly 1,900-page final RESPA-TILA Integrated Disclosures Rule on November 20. The rule will be effective for applications received on or after...more

11/26/2013 - CFPB Disclosure Requirements Mortgages RESPA TILA

CFPB issues guidance regarding counseling requirements for mortgages

Last week the CFPB issued an interpretive rule, bulletin, and press release instructing lenders on how to comply with the counseling requirements set forth in the new mortgage rules, which go into effect in January. ...more

11/12/2013 - CFPB HOEPA Mortgages RESPA

Director Cordray comments on mortgage rules at MBA convention

Director Cordray mostly repeated previous comments in his remarks this week at the Mortgage Bankers Association Annual Convention in Washington, DC. The first portion of Director Cordray’s remarks followed his usual...more

10/30/2013 - CFPB Dodd-Frank Mortgage Bankers Association Mortgages RESPA TILA

CFPB Files Suit under RESPA for Alleged Kickbacks to Affiliated Businesses

Last week, the Consumer Financial Protection Bureau announced that it filed suit against a Kentucky law firm, Borders & Borders, PLC, and its principals, alleging that the defendants violated Section 8 of the Real Estate...more

10/29/2013 - Affiliates CFPB Kickbacks RESPA

New York Department of Financial Services Issues Emergency Regulations Revising Subprime Calculation

On September 30, 2013, the New York Department of Financial Services (DFS) adopted emergency regulations revising the calculation for subprime loans and sent a letter to supervised institutions explaining the revisions. ...more

10/25/2013 - Fair Housing Act Financial Services Authority Loans Mortgages Subprime Mortgages

CFPB Proposes Final Interim Mortgage Servicing Rule

In keeping with its promise to provide further guidance to the industry on the mortgage loan rules that go into effect in January, the Consumer Financial Protection Bureau (CFPB) recently issued a press release, bulletin, and...more

10/17/2013 - CFPB FDCPA Mortgage Servicers Mortgages

CFPB ramps up enforcement of HMDA

The CFPB announced on October 9, 2013 that they entered into consent orders with two financial institutions that allegedly misreported HMDA data. The CFPB also issued Bulletin 2013-11, which provides guidance on compliance...more

10/14/2013 - CFPB HMDA Mortgage Loan Originators

Use of HMDA data may lead to increase in enforcement actions and litigation

The CFPB announced yesterday the release of both the 2012 Home Mortgage Disclosure Act (HMDA) data and a new web-based tool to access that data. In both Director Cordray’s remarks and the blog post, the CFPB appeared to...more


New York Department of Financial Services Issues Second Extension for Subprime Calculation

On August 30, 2013, the New York Department of Financial Services (DFS) issued a second order extending the time period for excluding revised mortgage insurance premiums from subprime loan calculations....more

9/6/2013 - FHA Financial Services Authority Mortgage Insurance Deduction Mortgages Subprime Mortgages

CFPB revises exam procedures to include summaries of new mortgage rules

Last week, the CFPB published a second update to its examination procedures to account for the new mortgage regulations going into effect in January 2014....more

8/20/2013 - Ability-to-Repay Appraisal CFPB Dual Tracking Restrictions Licenses Mortgage Servicing Rules Mortgages Qualified Mortgage Rule RESPA TILA

Texas Supreme Court: Discount Points are Subject to Fee Cap for Home Equity Loans and Lines of Credit

In a decision that likely will have a dampening effect on the home equity lending market in Texas, the Texas Supreme Court ruled on June 21, 2013, that lenders are prohibited from treating discount points and lender fees as...more

6/28/2013 - Fees Foreclosure Home Equity Home Equity Line of Credit Homestead Exemption Lenders

Trade groups seek guidance on qualified mortgage and disparate impact

On June 4, eight industry groups sent a letter addressed to HUD Secretary Shaun Donovan and CFPB Director Richard Cordray requesting much needed written guidance from HUD and the CFPB that makes clear that compliance with the...more

6/6/2013 - Ability-to-Repay CFPB Disparate Impact ECOA FHA HUD Qualified Mortgage Rule

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