Quarterly Report: Mississippi Regulatory Compliance Group - August 2012, Vol. 23, No. 3

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In This Issue:

CFPB Proposes New Mortgage Disclosures Forms; Making Sense Out of HOEPA; Six (6) Additional CFBP Rulemakings Pending; Lessons To Be Learned from Capitol One; NFIP Extension Makes Big Changes; Mississippi Mortgage Servicing Requirements; Mississippi Law Update; MRCG Quarterly Meeting to be Held on August 16, 2012; MRCG Compliance Calendar; and, Examples of Proposed Forms.

Excerpt from CFPB Proposes New Mortgage Disclosure Forms:

On July 9, 2012, the CFPB issued its proposed rule creating new mortgage loan disclosure forms. These forms, when finalized, will replace the current disclosure forms given to borrowers under the Truth in Lending Act ("T1LA") and the Real Estate Settlement Procedures Act ("RESPA"). The first of these forms, given shortly after a borrower submits an application, is called the "Loan Estimate." And the second disclosure form, given prior to the actual closing of a loan, is called the "Closing Disclosure." (Examples of these proposed forms appear at the end of this newsletter.)...

Please see full newsletter below for more information.

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Published In: Administrative Agency Updates, 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.

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