CFPB Amends Rules Governing Mortgages and Mortgage Servicers

more+
less-

The Consumer Financial Protection Bureau (CFPB) began the new year by continuing to refine Regulation Z, which implements the Truth in Lending Act, and Regulation X, which implements the Real Estate Settlement Procedures Act.

On January 10, 2013, the CFPB amended Regulation Z to implement laws requiring mortgage lenders to make a reasonable, good faith determination of a consumer’s ability to repay a credit transaction secured by a dwelling.

Please see full alert below for more information.

LOADING PDF: If there are any problems, click here to download the file.

Topics:  Ability-to-Repay, CFPB, Mortgages, Qualified Mortgage Rule, Regulation X, Regulation Z

Published In: General Business Updates, Consumer Protection Updates, Finance & Banking Updates, Residential Real Estate Updates

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© King & Spalding | Attorney Advertising

Don't miss a thing! Build a custom news brief:

Read fresh new writing on compliance, cybersecurity, Dodd-Frank, whistleblowers, social media, hiring & firing, patent reform, the NLRB, Obamacare, the SEC…

…or whatever matters the most to you. Follow authors, firms, and topics on JD Supra.

Create your news brief now - it's free and easy »