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New CFPB webinar available on 2015 HMDA final rule

On October 15, 2015, the CFPB released a final rule amending Regulation C, which implements the Home Mortgage Disclosure Act (HMDA), requiring certain data on mortgage applications and loans to be collected beginning in 2017...more

CFPB eClosing project update

On August 5, 2015, the CFPB issued a report on its study of the CFPB’s mortgage loan eClosing project and held a public forum addressing the study results. As we reported, the CFPB launched the eClosing project to determine...more

CFPB settles RESPA referral fee charges against mortgage lender based on rent payments

The CFPB has announced that it has issued a Consent Order to settle charges that a mortgage lender and its principal violated RESPA Section 8 by paying illegal kickbacks to a bank in exchange for mortgage loan referrals....more

CFPB’s fact vs. fiction guide: useful information for consumers or defense planning?

With the January 10 effective date imminent, the CFPB has issued what it labels a “fact vs. fiction guide” on its ability-to-repay/qualified mortgage rule. According to the CFPB, the guide is intended “to help dispel some of...more

Agencies propose changes to QRM exemption and additional exemptions

Federal regulators have issued their long-awaited revised qualified residential mortgage (QRM) proposal. The proposal, which implements Section 941 of the Dodd-Frank Act, was issued jointly by the FDIC, Fed, OCC, SEC and,...more

CFPB finalizes additional revisions to mortgage rules

On July 10, 2013, the CFPB issued a final version of modifications proposed in April 2013 to mortgage rules adopted in January 2013. Most of the modifications address the ability to repay/qualified mortgage rule, and...more

Borrower Can Sue After Three Years to Rescind Mortgage Loan, 3rd Circuit Rules

A borrower can bring a lawsuit seeking rescission more than three years after loan consummation as long as the borrower has sent a written notice of rescission within the three-year period, the U.S. Court of Appeals for the...more

CFPB Final Ability-To-Repay Rule Prompts Cautious Optimism from Industry

The CFPB has issued its long-awaited ability to repay/qualified mortgage rule, and at first glance, it appears to warrant cautious optimism for the mortgage industry....more

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