CFPB Proposed Rule for the Mortgage Market

Orrick - Finance 20/20
Contact

On August 17, the CFPB proposed rules to bring greater accountability to the mortgage loan origination market. The proposal would: (i) require lenders to make a no-point, no-fee loan option available; (ii) require an interest-rate reduction when consumers elect to pay upfront points or fees; (iii) set qualification and screening standards; (iv) prohibit payment of steering incentives to mortgage loan originators; and (v) place restrictions on arbitration clauses and financing of credit insurance. Comments must be received by October 16. Final rules will be issued in January 2013. CFPB Release.

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. Attorney Advertising.

© Orrick - Finance 20/20

Written by:

Orrick - Finance 20/20
Contact
more
less

PUBLISH YOUR CONTENT ON JD SUPRA NOW

  • Increased visibility
  • Actionable analytics
  • Ongoing guidance

Orrick - Finance 20/20 on:

Reporters on Deadline

"My best business intelligence, in one easy email…"

Your first step to building a free, personalized, morning email brief covering pertinent authors and topics on JD Supra:
*By using the service, you signify your acceptance of JD Supra's Privacy Policy.
Custom Email Digest
- hide
- hide