Mortgages Dodd-Frank Wall Street Reform and Consumer Protection Act Consumer Financial Protection Bureau

The term "mortgage" typically refers to a mortgage loan.  A mortgage loan is a financing instrument where an individual or business borrows money to purchase property (usually real property) and... more +
The term "mortgage" typically refers to a mortgage loan.  A mortgage loan is a financing instrument where an individual or business borrows money to purchase property (usually real property) and uses that property as collateral for the loan. less -
News & Analysis as of

Dodd-Frank News: November 2015: Dodd-Frank Wall Street Reform and Consumer Protection Act Update

The Dodd-Frank Wall Street Reform and Consumer Protection Act was enacted as a measure to promote financial stability and protection for consumers through increased regulation of nearly every aspect of the consumer finance...more

Reporting for Duty: HMDA Regs Finalized

Why it matters Reporting requirements for financial institutions under the Home Mortgage Disclosure Act (HMDA) regulations were finalized by the Consumer Financial Protection Bureau (CFPB), with most provisions of the...more

CFPB Issues Final Rule to Improve Information About Access to Credit in the Mortgage Market

On October 15, 2015, the Consumer Financial Protection Bureau (CFPB) issued a final rule to implement amendments to the Home Mortgage Disclosure Act (HMDA) made by the Dodd-Frank Wall Street Reform and Consumer Protection...more

Regulators Demand “Good Faith Efforts” for TRID Implementation

Why it matters - Federal regulators said they don’t expect perfection from banks trying to comply with the new mortgage disclosure requirements but will not turn a blind eye with regard to enforcement. In letters to...more

CFPB issues final HMDA rule

The CFPB has issued a final rule amending Regulation C, its Home Mortgage Disclosure Act regulation. The changes, which, in part, implement the Dodd-Frank Act’s amendments to HMDA, expand the scope of data required to be...more

Special Alert: CFPB Adopts Significant Expansion of HMDA Reporting Requirements

On October 15, the Consumer Financial Protection Bureau (the CFPB or Bureau) issued a final rule that will expand the scope of the Home Mortgage Disclosure Act (HMDA) data reporting requirements while seeking to streamline...more

Fair Lending Director Ficklin Discusses Small Business Lending, LGBT issues, LEP consumers and Inclusive Communities at ABA...

Last Thursday, I had the pleasure of teaching a class on payments and banking products to new lawyers at the American Bar Association’s Consumer Financial Services Institute. I arrived early for the class and got to hear a...more

CFPB Singles Out Class Action Waivers for Elimination from Consumer Financial Arbitration Agreements

The Consumer Financial Protection Bureau (“CFPB”) made clear this week that, in its view, class action waivers should be on the chopping block in the agency’s upcoming rulemaking aimed at regulating the use of arbitration...more

CFPB Proposes Banning Use of Pre-Dispute Arbitration Agreements in Consumer Class Actions

The Consumer Financial Protection Bureau (CFPB or Bureau) announced today that it is considering rules prohibiting application of pre-dispute arbitration agreements to class litigation involving certain consumer financial...more

D.C. Circuit Upholds Bank’s Standing to Challenge Constitutionality of CFPB

The D.C. Circuit Court of Appeals reversed a district court decision dismissing a bank’s challenge to the constitutionality of the CFPB based on lack of standing. The district court had previously concluded that compliance...more

CFPB Issues Rule on Mortgage Guidelines for Special Classes of Creditors

The Consumer Financial Protection Bureau (“CFPB”) this week issued a final rule making a series of changes to its mortgage guidelines for small creditors and creditors in rural and underserved communities....more

CFPB Updates Regulation Z Thresholds

The Consumer Financial Protection Bureau (“CFPB”) has updated the inflation-adjusted loan amounts applicable to the points and fees calculations under the CFPB’s Ability-to-Repay/Qualified Mortgage rule (“ATR/QM Rule”) and...more

CFPB Releases New Online Tools for Consumers Ahead of the Know Before You Owe Initiative

In November 2013, as mandated by the Dodd-Frank Wall Street Reform and Consumer Protection Act, the Consumer Financial Protection Bureau (“CFPB”) combined various federal mortgage disclosures that lenders are required to...more

Financial Services Report, Fall 2015

BELTWAY - Straight Out of the Seventh Circuit The Seventh Circuit recently affirmed a lower court’s ruling that the SEC cannot be sued in district court to stop it from bringing an administrative action. Bebo v. SEC, No....more

Counsel’s Corner: Does the CFPB Really Understand Non-Judicial Foreclosures?

What is the CFPB's stake in this issue? - The FDCPA is a very powerful statute. It touches a lot of areas of consumer protection. The CFPB is really just exploring it and flexing its muscles in that area. It's working on...more

TRID: New Mortgage Loan and Real Estate Closing Disclosure Requirements Already Causing Headaches

The long heralded TILA/RESPA Integrated Disclosures (TRID) are coming, and they are already causing some headaches in the real estate market. Congress provided for the new disclosures in the 2010 Dodd-Frank Wall Street Reform...more

Consumer Financial Protection Bureau Levies Repayment, Civil Fines for Deceptive Mortgage Practices

On Tuesday, July 28, the Consumer Financial Protection Bureau ordered Paymap Inc., a Colorado-based payment processing company and wholly owned subsidiary of Western Union Company, to repay consumers $33.4 million in fees and...more

PHH Wins Stay of $109M CFPB Enforcement Penalty

On August 5, 2015, PHH Corp. (“PHH”) won a stay of the $109M penalty handed down by Consumer Financial Protection Bureau (“CFPB”) director Rich Cordray. Cordray’s aggressive legal reasoning and the harsh penalties he imposed,...more

Recent Changes to the Law Governing Qualified Written Requests

Homeowners who are contemplating or actively engaged in litigation regarding a residential mortgage loan are increasingly taking advantage of a provision of the Real Estate Settlement Procedures Act (“RESPA”) whereby a...more

Coming Soon... New Closing (no, Consummation...) Rules!

What?! We can’t call it a closing anymore? Under new federal regulations regarding the Truth in Lending Act (“TILA”) and the Real Estate Settlement Procedures Act (“RESPA”), the terminology for a “closing” or “settlement” is...more

Consumer Financial Protection Bureau: The Consumer Financial Protection Bureau's new "Know Before You Owe" Mortgage Disclosure...

The Consumer Financial Protection Bureau (“CFPB”) recently issued or perhaps had to issue a proposed amendment to the “Know Before You Owe mortgage disclosure rule,” also known as the “TILA-RESPA Integrated Disclosure” rule,...more

Dodd-Frank News: June 2015: Dodd-Frank Wall Street Reform and Consumer Protection Act Update

The Dodd-Frank Wall Street Reform and Consumer Protection Act was enacted as a measure to promote financial stability and protection for consumers through increased regulation of nearly every aspect of the consumer finance...more

Locke Lord QuickStudy: CFPB Releases Spring 2015 Regulatory Agenda

On Friday, May 22, 2015, the CFPB released its Spring 2015 Rulemaking Agenda (Agenda), as mandated by the Regulatory Flexibility Act. These biannual agendas generally include details regarding rulemaking activity at the...more

Banking Committee Chairman Introduces the Financial Regulatory Improvement Act of 2015

For more than two decades, each and every Congress has considered and adopted wide-ranging financial services legislation that has significantly altered the legal and regulatory landscape governing financial institutions in...more

Gavel to Gavel: Creative Compliance

The Dodd-Frank Wall Street Reform and Consumer Protection Act, together with subsequent Consumer Financial Protection Bureau regulations, has established a responsibility for lenders to determine and document a borrower’s...more

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