News & Analysis as of

Dodd-Frank News - March 2014: Dodd-Frank Wall Street Reform And Consumer Protection Act Update

In This Issue: - Recent Cases January Through March 2014 ..Dodd-Frank Amendments to RESPA ..Dodd-Frank Prohibition on Arbitration Clauses ..Whistleblower Protection Under Dodd-Frank - News &...more

HUD Proposes To Eliminate Post-Payment Interest On FHA Loans

On March 13, HUD proposed a rule to prohibit mortgagees from charging post-payment interest under FHA’s single family mortgage insurance program. The proposal is responsive to the CFPB’s ATR/QM rule, under which post-payment...more

HUD Issues Proposal to Avoid FHA Loans From Being Prohibited Starting Next Year

On March 13, 2014, HUD published a proposal to eliminate the requirement that an FHA loan borrower be required to pay interest after the loan is prepaid. The move is needed because the requirement would effectively cause FHA...more

CFPB Publishes Source Code for HUD-Approved Housing Counselors

In November 2013, the CFPB published a tool to help consumers find local HUD-approved housing counselors. Now, the CFPB has published open source code to allow lenders to integrate the web-based tool into lender applications...more

CFPB settles RESPA referral fee charges against mortgage lender based on rent payments

The CFPB has announced that it has issued a Consent Order to settle charges that a mortgage lender and its principal violated RESPA Section 8 by paying illegal kickbacks to a bank in exchange for mortgage loan referrals....more

CFPB revises three mortgage publications

The CFPB has issued a notice announcing that it has made revisions to the following three mortgage-related consumer publications: “What You Should Know About Home Equity Lines of Credit,” “Consumer Handbook on...more

Editorial: Who’s The Fairest Lender Of Them All? As Government Scrutiny Intensifies, Don’t Get Snowed Under By Fair-Lending Laws

In the past few years, the federal government has devoted substantial resources to scrutinizing and litigating what it perceives to be unfair, deceptive or abusive mortgage-lending practices. Looking forward, all indications...more

Federal Regulators Amend Appraisal Requirements for Higher-Priced Mortgages

Collectively, the FDIC, the OCC, FRB, CFPB, NCUA, FHFA and HUD finalized the rule governing appraisal requirements for higher-priced mortgage loans. In August 2013, the federal regulators issued a proposal to amend Regulation...more

Infobytes Special Alert: HUD Adopts Its Own QM Rule

On December 11, 2013, the Department of Housing and Urban Development (“HUD”) issued a final rule defining what constitutes a “qualified mortgage” (“QM”) for purposes of loans insured by the Federal Housing Administration...more

The Wait is Over. The Anxiety Begins. The CFPB Issues its Final Rule to Combine RESPA and TILA Mortgage Disclosures

Well, the wait is over. After 16 months and much anticipation, the Consumer Financial Protection Bureau (the “CFPB” or “Bureau”) released a 1,888-page final rule on November 20, 2013 to combine mortgage disclosures required...more

CFPB Publishes Final Rules on Dodd-Frank Requirements for Homeownership Counseling

On November 14, the Bureau of Consumer Financial Protection (the “Bureau”) published final rules in the Federal Register interpreting the homeownership counseling amendments to its Regulation Z (Truth in Lending) and...more

Infobytes Special Alert: CFPB Finalizes Rule Combining TILA And RESPA Mortgage Disclosures

On November 20, 2013, the CFPB finalized its long-awaited rule combining the mortgage disclosures consumers receive under the Truth in Lending Act (“TILA”) and the Real Estate Settlement Procedures Act (“RESPA”). For more...more

CFPB Issues Interpretive Rule Regarding Homeownership Counseling Organizations Lists

On November 8, the CFPB issued an interpretive rule setting forth instructions for lenders on how to comply with the homeownership counseling list requirements set forth in the High-Cost Mortgage and Homeownership Counseling...more

Bill Would Exempt Condominiums from Certain ILSFDA Requirements

On September 26, 2013, the U.S. House of Representatives passed H.R. 2600, which would exempt the sale and lease of condominium units from certain requirements of the Interstate Land Sales Full Disclosure Act (ILSFDA). The...more

CFPB Issues Interpretative Rule and A Guidance Bulletin on HOEPA Homeownership Counseling Lists

The CFPB issued an interpretive rule describing the data instructions for lenders to use in complying with HOEPA. The HOEPA rules require, among other things, that lenders provide applicants with a list of HUD-approved...more

Tentative settlement reportedly reached in Mount Holly

It is looking like our prediction that Township of Mount Holly v. Mt. Holly Gardens Citizens in Action, Inc. would settle before the U.S. Supreme Court heard oral argument was accurate. Late yesterday, the Wall Street Journal...more

CFPB Files Complaint Alleging Violations of RESPA

Based on an investigation by HUD beginning more than two years ago, the CFPB filed a complaint in the United States District Court for the Western District of Kentucky against a law firm that provides settlement services...more

Special Alert: Agencies Issue Joint Statement On Fair Lending Compliance And The CFPB’s ATR/QM Rule

On October 22, the CFPB, the OCC, the FDIC, the Federal Reserve Board, and the NCUA (collectively, the Agencies) issued a joint statement (Interagency Statement) in response to inquiries from creditors concerning their...more

HUD Proposes Definition of Qualified Mortgage

Largely piggybacking off of the CFPB’s definition of qualified mortgage finalized in January 2013, HUD issued a proposed rule defining qualified mortgages. The rule requires a loan to have regular periodic payments (i.e., no...more

HUD Issues QM Proposal for Comment: There is a “There” There

This week, the United States Department of Housing and Urban Development (“HUD”) weighed in on its proposed version of a Federal Housing Administration (“FHA”) Qualified Mortgage (“QM”). Although the Consumer Financial...more

HUD issues proposed rule on qualified mortgage definition for HUD insured and guaranteed single family mortgages

As anticipated, HUD recently issued its proposed rule defining a qualified mortgage (QM) for HUD insured and guaranteed single family mortgages. Under the proposed rule, published in the Federal Register on Monday, Title II...more

Infobytes Special Alert: HUD Proposes Its Own QM Rule

On September 27, 2013, the Department of Housing and Urban Development (“HUD”) released a proposal defining what constitutes a “qualified mortgage” (“QM”) for purposes of loans insured by the Federal Housing Administration...more

Agencies propose changes to QRM exemption and additional exemptions

Federal regulators have issued their long-awaited revised qualified residential mortgage (QRM) proposal. The proposal, which implements Section 941 of the Dodd-Frank Act, was issued jointly by the FDIC, Fed, OCC, SEC and,...more

Financial Services Legislative and Regulatory Update -- August 5, 2013

In This Issue: Leading the Past Week; Legislative Branch; Executive Branch; and Upcoming Hearings. Except from Leading the Past Week - Congress usually tries to leave town for its month-long August...more

Infobytes - A Weekly In-depth review of news & developments in the financial services industry - July 19, 2013

In This Issue: - FEDERAL ISSUES - STATE ISSUES - COURTS - MISCELLANY - FIRM NEWS - FIRM PUBLICATIONS - MORTGAGES - BANKING - CONSUMER FINANCE - SECURITIES - PRIVACY/DATA SECURITY -...more

43 Results
|
View per page
Page: of 2