Quarterly Report: Mid-South Regulatory Compliance Group - August 2012, Vol. 9, No. 3

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In This Issue:

- CFPB Proposes New Mortgage Disclosures Forms 1

- Making Sense Out of HOEPA 3

- Six (6) Additional CFBP Rulemakings Pending 6

- Lessons To Be Learned from Capitol One 7

- NFIP Extension Makes Big Changes 8

- Mississippi Mortgage Servicing Requirements 10

- Mississippi Law Update 13

- MSRCG Quarterly Meeting to be Held on August 28, 2012 14

- MSRCG Compliance Calendar 15

- Examples of Proposed Forms 16

Excerpt from Six (6) Additional CFBP Rulemakings Pending:

Bankers are often hard-pressed to come up with much sympathy for their regulators, and that seems particularly true in the case of the CFPB, a relatively new regulator and one with which we have not had much experience. But when it comes to the current task at hand, reforming the business and process of originating residential mortgage loans, we all need to hope that they do their job well and wisely. The task will be difficult.

In a related article (see page 1), we discuss a recent proposed rule issued by the CFPB in response to a mandate in the Dodd-Frank Act ("DF Act"). That proposed rule seeks to simplify and consolidate disclosures to be given to mortgage loan applicants shortly after they submit an application for a mortgage loan, and then later provide disclosures related to the costs associated with the approved mortgage loan shortly before closing.

Please see full newsletter below for more information.

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Published In: Administrative Agency Updates, Consumer Protection Updates, Finance & Banking Updates, Insurance 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.

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