CFPB Proposes Amendments To Mortgage Rules Under RESPA, TILA And ECOA

In January, the CFPB issued several new mortgage rules under the Dodd-Frank Act.  The CFPB has now issued a proposed rule amending and clarifying those rules with regard to certain questions that have arisen during the implementation process.

Among other things, the proposal amends and provides clarification on six major topics. These include:

  • Facilitating the ability of servicers to offer short-term forbearance plans;
  • Addressing the process for correcting errors or mistakes that may occur when servicers perform initial completeness evaluations of loss mitigation applications, but later discover the application was incomplete;
  • Clarifying the definition of a loan originator;
  • Facilitating lending by small creditors, including those in rural or underserved areas;
  • Clarifying application of the prohibition on creditors financing credit insurance premiums; and
  • Slightly adjusting effective dates of several provisions of the Loan Originator rule.

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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.

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