Administrative Law, Residential Real Estate, Consumer Protection

FinCEN: Accountant and Elder Abuse

by Jonathan Foxx on 5/17/2013

We have been keeping track of FinCEN's SAR Activity Review – Trends, Tips & Issues virtually from its inception. In its just issued May 2013 report, FinCEN provides new information regarding two areas of importance: 1)...more

GSEs: Ability-to-Repay and Qualified Mortgages

by Jonathan Foxx on 5/7/2013

Yesterday, the Federal Housing Finance Agency (FHFA) announced that it is directing Fannie Mae ("Fannie") and Freddie Mac ("Freddie") to limit their future mortgage acquisitions to loans that meet the requirements for a...more

Waiting for the CFPB

by Jonathan Foxx on 4/23/2013

My sources tell me that the Consumer Financial Protection Bureau (CFPB) will soon announce substantial monetary penalties and other administrative actions against a large nonbank. I guess it is inevitable that when such an...more

InfoBytes Special Alert: Detailed Analysis Of CFPB's Final Escrow Rule

by Jeremiah Buckley, Joseph Kolar, John Kromer, Jeffrey Naimon, Joseph Reilly, Clinton Rockwell | BuckleySandler LLP on 2/15/2013

On January 10, 2013, the Consumer Financial Protection Bureau issued its final rule on escrow account requirements for first-lien higher-priced mortgage loans. The rule amends existing escrow requirements and exemptions for...more

CFPB's Gang of Seven (Final Rules)

by Jonathan Foxx on 1/24/2013

This has been a busy month for the Consumer Financial Protection Bureau (CFPB). Since the advent of the New Year, the CFPB has issued seven Final Rules that impact residential mortgage loan originations. The finale was...more

CFPB Issues Final Rules Amending Regulation X and Regulation Z

by Jennifer N. Toussaint | Foley & Lardner LLP on 1/18/2013

Today, the CFPB issued final rules amending Regulation X (Real Estate Settlement Procedures Act (“RESPA”)) and Regulation Z (Truth in Lending Act (“TILA”)). The amendments focus on mortgage servicing requirements and servicer...more

CFPB Issues Final Mortgage Servicing Rules

by Richard J. Andreano, Jr., John D. Socknat, Michael S. Waldron | Ballard Spahr LLP on 1/18/2013

The CFPB today issued its final rules implementing provisions of the Dodd-Frank Act that relate to mortgage servicing, which will take effect on January 10, 2014....more

Financial Services Bulletin: Action At The CFPB

by Perkins Coie on 1/18/2013

On Thursday, January 10, 2013, the Consumer Financial Protection Bureau ("CFPB") issued a final rule amending Regulation Z pursuant to the Dodd-Frank Wall Street Reform and Consumer Protection Act (the "Dodd-Frank Act"). ...more

Time for a Consumer Financial Protection Compliance Tune-up

by Alexandra Megaris, Jonathan L. Pompan | Venable LLP on 1/16/2013

New Year’s is a good time for a Consumer Financial Protection Bureau (“CFPB”) compliance tune-up. Providers of consumer financial products and services (“providers”) operate in a dynamic environment influenced by challenges...more

U.S. Consumer Financial Protection Bureau Issues Rules on Qualified Mortgages and Ability to Repay

by Linda Ann Bartosch, Patrick D. Dolan, Robert H. Ledig, Ralph R. Mazzeo, Laurie Nelson, Thomas P. Vartanian | Dechert LLP on 1/16/2013

Congress in the Dodd-Frank Act responded to concerns about the quality of mortgage loans by establishing incentives for lenders to seek to ensure that borrowers had the ability to repay mortgage loans made to them. In...more

The Consumer Financial Protection Bureau Finalizes the Ability-To-Repay and Qualified Mortgage Rule

by Jennifer Dioguardi | Snell & Wilmer L.L.P. on 1/15/2013

The Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank) amended the Truth in Lending Act (TILA) to provide for an expanded ability-to-repay requirement for the mortgage lending industry. The Consumer...more

Final Rule Issued on Ability-to-Repay/Qualified Mortgages

by Jennifer M. Keas | Foley & Lardner LLP on 1/15/2013

The Consumer Financial Protection Bureau (CFPB) issued its final ability to repay rule (Rule) on January 10, 2013. The Rule implements ability-to-repay provisions of the Dodd-Frank Act, which imposed strict underwriting...more

CFPB Finalizes Ability-to-Repay Rule for Mortgage Lenders, Defines “Qualified Mortgage” and Proposes Exemption to Ability-to-Repay...

by Patton Boggs LLP on 1/15/2013

On Thursday, January 10, 2013, the Consumer Financial Protection Bureau (CFPB) released its final rule on the ability-to-repay requirements, including the definition of “Qualified Mortgage,” that was mandated by the...more

CFPB Increases HMDA Asset Size Exemption Threshold

by BuckleySandler LLP on 1/14/2013

On December 31, the CFPB published a final rule to amend the official commentary that interprets the requirements of Regulation C, which implements the Home Mortgage Disclosure Act (HMDA), to increase the asset-size exemption...more

CFPB Rules on Ability-to-Repay and Qualified Mortgages

by Orrick - Structured Finance Group on 1/14/2013

On January 10, the CFPB issued a final rule, effective January 10, 2014, requiring mortgage lenders to consider consumers’ ability to repay mortgage loans and regarding the “qualified mortgage” (QM) definition....more

CFPB Issues Final Ability To Repay Rule And ‘Qualified Mortgage’ Standard

by Richard Eckman, Audrey Wisotsky | Pepper Hamilton LLP on 1/14/2013

On January 10, the Consumer Financial Protection Bureau (CFPB) issued a final rule, as mandated by provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act (DFA), which requires mortgage lenders to consider...more

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

by Richard J. Andreano, Jr., John D. Socknat, Michael S. Waldron | Ballard Spahr LLP on 1/14/2013

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

CFPB Adopts Mortgage Escrow Account Final Rule

by Richard J. Andreano, Jr., Stanley Mabbitt, John D. Socknat, Michael S. Waldron | Ballard Spahr LLP on 1/14/2013

Among other final rules published on January 10, 2013, the CFPB issued its final mortgage escrow account rule under a section of the Dodd-Frank Act relating to the establishment of mandatory escrow accounts on higher-priced...more

United States Aims To Limit Risky Mortgages

by Keir Wilmut | Heenan Blaikie LLP on 1/14/2013

Following on the heels of Canada’s tightening of the mortgage and lending landscape, the United States has announced a new rule aimed at preventing consumers from taking on high-risk loans....more

InfoBytes Special Alert: CFPB Issues Ability-To-Repay/Qualified Mortgage Rule

by BuckleySandler LLP on 1/14/2013

Yesterday, the Consumer Financial Protection Bureau (CFPB) issued its keenly awaited final "Ability-to-Repay" rule under Regulation Z that will require lenders to verify a consumer's ability to repay a mortgage loan as...more

Qualified Mortgage Rule

by Schecter Law on 1/12/2013

On January 10, 2013, the Consumer Financial Protection Bureau released the Qualified Mortgage (“QM”) rule. The QM rule provides standards a lender must use to minimize risky loans and help a borrower avoid an eventual...more

CFPB Issues Rules On Qualified Mortgages

by Stephen M. Quinlivan | Leonard, Street and Deinard - Dodd-Frank and... on 1/11/2013

The Consumer Financial Protection Bureau, or CFPB, has adopted a new rule that requires lenders to ensure prospective buyers have the ability to repay their mortgage....more

CFPB's Final Rule: Ability-to-Repay and Qualified Mortgages

by Jonathan Foxx on 1/10/2013

Yesterday, I provided an outline of the Consumer Financial Protection Bureau's (CFPB's) Regulatory Agenda for 2013. As if on cue, the CFPB has accommodated us today with the first of its forthcoming issuances. This pertains...more

HMDA's Regulation C Exemption Limits Increased by CFPB

by Jeffrey M. Werthan | Katten Muchin Rosenman LLP on 1/10/2013

The Consumer Financial Protection Bureau (CFPB) on December 28 issued a final rule adjusting the asset-size exemption threshold for banks, savings associations and credit unions under Regulation C, which implements the Home...more

CFPB Ability-to-Repay and Qualified Mortgage Standards under the Truth in Lending Act (Regulation Z) – Full Text Copy

by JD Supra Law News on 1/10/2013

Full text copy of the Consumer Financial Protection Bureau "Ability-to-Pay” rule and related Qualified Mortgage rule, as mandated by the Dodd-Frank Act. From the new rule: “The Bureau of Consumer Financial Protection...more

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Administrative Law › Residential Real Estate › Consumer Protection