The Truth in Lending Act (TILA) ban on mandatory arbitration provisions in certain mortgage loans becomes effective on June 1, 2013. Lenders now using mortgage loan documentation containing such provisions should take steps...more
5/17/2013 - Dodd-Frank Mandatory Arbitration Clauses Mortgages Regulation Z TILA
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
2/7/2013 - Borrowers Loans Mortgages Rescission Statute of Limitations TILA Written Notice
The regulatory barrage continued last week with the CFPB issuing the last batch of mortgage-related rules it was required to finalize by the Dodd-Frank Act’s January 21 deadline....more
1/23/2013 - CFPB Compensation & Benefits Dodd-Frank Higher-Priced Mortgage Loans Mortgage Loan Originators Mortgages Regulation Z TILA
Today, the federal financial institution agencies (the FDIC, Fed, OCC, and NCUA), the CFPB, and the Federal Housing Finance Agency adopted a joint final rule to implement Dodd-Frank appraisal requirements for higher-priced...more
1/21/2013 - CFPB Dodd-Frank FDIC Federal Reserve Higher-Priced Mortgage Loans Mortgages NCUA OCC TILA
Last week was a busy one for the CFPB. In addition to the final ability to repay/qualified mortgage rule, the CFPB also issued final rules on mortgage escrow accounts and high-cost home loans....more
1/15/2013 - CFPB Dodd-Frank HOEPA Mortgage Escrow Account Mortgages TILA
On January 10, 2013, the CFPB issued a final high-cost loan rule under Dodd-Frank that includes a modified version of a proposal that will temporarily avoid a crisis with FHA loans....more
1/14/2013 - CFPB Dodd-Frank FHA HOEPA Mortgages TILA
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