On July 8, 2024, the United States District Court for the Eastern District of New York held that a mortgage loan from a private lender was within the scope of the Truth in Lending Act (TILA) and Home Ownership and Equity...more
The Consumer Financial Protection Bureau (CFPB) has issued a final rule adjusting the Truth in Lending Act (TILA) dollar amounts for certain provisions, including under the Home Ownership and Equity Protection Act of 1994...more
The Economic Growth, Regulatory Relief, and Consumer Protection Act of 2018 amended TILA to require the CFPB to issue rulemaking addressing Property Assessed Clean Energy (PACE) loans. Specifically, the Act required the CFPB...more
On December 21, the CFPB released a final rule revising the dollar amounts for provisions implementing TILA and its amendments that impact loans under the Home Ownership and Equity Protection Act of 1994 (HOEPA) and qualified...more
The CFPB has published its 2019 final lists of "rural" and "rural or underserved" counties on its website. The CFPB has previously posted lists of such counties for calendar years 2011-2018....more
The Consumer Financial Protection Bureau (CFPB) recently issued revised versions of the small entity compliance guides for the Loan Originator Rule and the Home Ownership and Equity Protection Act (HOEPA) Rule....more
The CFPB has published a final rule regarding various annual adjustments it is required to make under provisions of Regulation Z (TILA) that implement the CARD Act, HOEPA, and the ability to repay/qualified mortgage...more
The United States Court of Appeals for the Second Circuit recently affirmed a magistrate judge’s decision in the District Court for the Eastern District of New York to dismiss a complaint brought under the Truth in Lending...more
The Consumer Financial Protection Bureau (CFPB) recently released a final rule amending the dollar thresholds in Regulation Z, which implements the Truth in Lending Act (TILA). The CFPB’s final rule has two primary effects....more
Foreclosure: non-borrower owner of real property as tenants-in-common with borrower not required to sign mortgage for borrower to encumber only his interest in the property and non-borrower’s signature on mortgage reflected...more
Where do we go from here? As we mark another milestone in regulatory reform with the fourth anniversary of the enactment of the Dodd-Frank Act, it strikes us that although most studies required to be undertaken by the Act...more
CFPB has explained to industry participants what to expect in examinationss, both in terms of exam process and covered laws & regs. SUPERVISION AND EXAMINATION MANUAL – VERSION 2.0 First issued in 10/2011, revised &...more
In a recent amendment to Regulation Z, the CFPB offers a tonic to mortgage lenders and their assignees that have struggled with the “points and fees” calculation for Qualified Mortgages (QMs). The CFPB’s cure allows lenders...more
On Tuesday, the Consumer Financial Protection Bureau (“CFPB” or the "Bureau") released a white paper summarizing their research on the manufactured housing industry. The Bureau relied upon information compiled by various...more
The CFPB has issued a final rule regarding annual adjustments it is required to make under provisions of Regulation Z (TILA) that implement the CARD Act and HOEPA. The adjustments made by the final rule are effective January...more
The Consumer Financial Protection Bureau is gearing up for a busy January, when new regulations directed at the residential mortgage industry are due to be implemented. While lenders scramble to comply with stringent...more
The Consumer Financial Protection Bureau (“CFPB”) recently announced that it has launched a Regulatory Implementation page that consolidates all of the new 2013 mortgage rules and related implementation materials....more
In January 2013, the Consumer Financial Protection Bureau (CFPB) issued a series of new rules affecting the mortgage industry. These rules touch upon a wide variety of areas, including originations, appraisals, and servicing....more
The CFPB has issued several more Small Entity Compliance Guides on its mortgage-related rules. In addition to its guide on the ability-to-repay and qualified mortgage rule, the CFPB has now issued Small Entity Compliance...more
Last week was a busy one for the CFPB. In addition to the final ability to repay/qualified mortgage rule, the CFPB also issued final rules on mortgage escrow accounts and high-cost home loans....more
On January 10, 2013, the CFPB issued a final high-cost loan rule under Dodd-Frank that includes a modified version of a proposal that will temporarily avoid a crisis with FHA loans....more