Mortgages Dodd-Frank Wall Street Reform and Consumer Protection Act Truth in Lending Act

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 -
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CFPB Updates Dodd-Frank Mortgage Rules Readiness Guide

Recently, the CFPB published an updated mortgage rules Readiness Guide for financial institutions to assist them in complying with new mortgage lending requirements. The Guide contains: (i) a summary of the mortgage rules...more

Dodd-Frank News: October 2014: Dodd-Frank Wall Street Reform and Consumer Protection Act Update

In This Issue: - RECENT CASES .. Mortgage Servicing Rules .. Antiretaliation Provision ..Credit Default Swaps Antitrust Litigation ..CFPB Involvement in Litigation - IN THE...more

CFPB Updates Mortgage Rules Readiness Guide to Cover TILA-RESPA Integrated Mortgage Disclosure Rule

The CFPB has released Version 3.0 of its “2014 CFPB Dodd-Frank Mortgage Rules Readiness Guide.” The Guide, originally issued in July 2013, now contains changes to the final rules issued through August 1, 2014. The updated...more

CFPB Report on Manufactured Housing Signals Areas of Future Concern

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

Illinois Federal Court Rules on Dodd-Frank’s Truth in Lending Act Amendment

The United States District Court for the Northern District of Illinois granted summary judgment denying a putative class action suit against a mortgage servicer for alleged violations of the Truth in Lending Act concerning...more

Dodd-Frank News: May 2014: Dodd-Frank Wall Street Reform and Consumer Protection Act Update

In This Issue: - RECENT CASES ..Preemption ..CFPB Involvement in Litigation ..CFTC Regulation of Retail Commodity Transactions ..Durbin Amendment ..Appraiser Disclosure Requirements Under...more

Supreme Court to Rule on Controversial Right of Rescission Timeline for Mortgages

The Supreme Court agreed this month to resolve a stark divide in the United State Courts of Appeals regarding the time bar for residential mortgage borrowers to file suits related to mortgage loan rescissions under the Truth...more

Creating a Culture of Compliance

In this article, I outline the key questions that should be asked, the answers to which will determine the extent, depth, and integrity of a culture of compliance. I am going to take you through a set of questions that will...more

CFPB Issues RESPA-TILA Integrated Disclosures Final Rule

On November 20, 2013, the Consumer Financial Protection Bureau (the “CFPB”) issued the RESPA-TILA Integrated Disclosures Final Rule. The 1,888 page rule will become effective for applications taken on or after August 1, 2015,...more

Banking Agencies Publish Supplemental Final Rules on Dodd-Frank Requirements for Appraisals for Higher-Risk Mortgage Loans

On Thursday, December 26, 2013, the Office of the Comptroller of the Currency, Board of Governors of the Federal Reserve System, National Credit Union Administration, Bureau of Consumer Financial Protection (the “Bureau”),...more

CFPB Updates Mortgage Rules Readiness Guide

The Consumer Financial Protection Bureau (the “CFPB”) recently issued the 2013 CFPB Dodd-Frank Mortgage Rules Readiness Guide, Version 2.0. The guide updates the original version, published in July 2013, and summarizes the...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 Mortgage Disclosure Forms

The CFPB announced that it finalized a rule creating mortgage disclosure forms that integrate the requirements of the Real Estate Settlement Procedures Act and the Truth in Lending Act. The final rule creates two forms: the...more

Dodd-Frank News: November 2013: Dodd-Frank Wall Street Reform And Consumer Protection Act Update

In This Issue: - Recent Cases ..Dodd-Frank Prohibition on Arbitration ..Statutory Damages Under TILA ..Preemption ..Declaratory Relief ..HAMP Claims ..Constitutional Challenge to...more

Litigation Exposure Under The 2013 Dodd-Frank Mortgage Servicing Regulations

In This Issue: - Introduction - Potential Litigation Exposure Under the New Mortgage Servicing Regulations Governing Responses to Borrower Inquiries ..Which of the New Servicing Regulations Governing Responses...more

Director Cordray comments on mortgage rules at MBA convention

Director Cordray mostly repeated previous comments in his remarks this week at the Mortgage Bankers Association Annual Convention in Washington, DC. The first portion of Director Cordray’s remarks followed his usual...more

Dodd-Frank News: September 2013: Dodd-Frank Wall Street Reform And Consumer Protection Act Update

In This Issue: - Recent Cases ..CFPB Involvement in Litigation ..Say-On-Pay Voting ..Constitutional Challenges to Dodd-Frank ..TILA Rescission ..Dodd-Frank Amendment to the Securities and...more

Federal Regulators Issue Proposal to Revise Qualified Residential Mortgage Rule

Collectively, the FDIC, the OCC, FRB, SEC, FHFA, and HUD issued a second proposal Notice of Proposed Rulemaking to implement the risk retention requirements of the Dodd-Frank Act. Section 941 of the Dodd-Frank Act amended...more

Infobytes - A Weekly In-depth review of news & developments in the financial services industry - August 2, 2013

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

Dodd-Frank News: July 2013: Dodd-Frank Wall Street Reform And Consumer Protection Act Update

In This Issue: - Recent Cases ..Dodd-Frank Act Amendments to RESPA ..Amendments to Preemption Standards ..Whistleblower Protection ..SEC Final Rule Pursuant to Dodd-Frank Act Vacated ...more

CFPB Issues Dodd-Frank Mortgage Rules Readiness Guide

The Consumer Financial Protection Bureau has just released a new guide that attempts to summarize various new mortgage rules that were finalized by the CFPB earlier this year....more

CFPB Proposes Amendments To Mortgage Rules Under RESPA, TILA And ECOA

In January, the CFPB issued several new mortgage rules under the Dodd-Frank Act. ...more

TILA Ban on Mandatory Arbitration in Mortgage Loans Takes Effect June 1

The Truth in Lending Act (TILA) ban on mandatory arbitration provisions in certain mortgage loans becomes effective on June 1, 2013. Lenders now using mortgage loan documentation containing such provisions should take steps...more

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