News & Analysis as of September 21, 2024

Mortgage Loan Originators

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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 +

CFPB Expands “Small Creditor” and “Rural Area” Definitions for Qualified Mortgages

BakerHostetler on 9/24/2015

On September 21, the Consumer Financial Protection Bureau (“CFPB”) released final and revised versions of mortgage rules regarding small creditors. These changes should ease lenders’ ability to originate qualified mortgages...more

House Financial Services Committee passes CFPB-related bills including bill creating TRID Rule hold harmless period

Ballard Spahr LLP on 7/31/2015

Wednesday, the following four CFPB-related bills were passed by the House Financial Services Committee: H.R. 3192, the “Homebuyers Assistance Act”: The bill would provide a hold harmless period for the TILA/RESPA Integrated...more

HUD Finalizes Definition of “Qualified Mortgage” for FHA Loans

Goodwin on 12/26/2013

The Department of Housing and Urban Development issued a final rule defining a “qualified mortgage” for single family residential loans that it insures, guarantees or administers. The rule retains the definition of “qualified...more

Federal Banking Agencies Issue Interagency Statement on Supervisory Approach to Qualified Mortgage Loans

Goodwin on 12/26/2013

The FDIC, OCC, NCUA and FRB issued an interagency statement on the supervisory approach to originating qualified mortgages under the CFPB’s ability-to-repay and qualified mortgage rule finalized in January 2013 and...more

CFPB Launches New Regulatory Implementation Page to Ensure Industry Is Ready to Comply With New Mortgage Rules

Foley & Lardner LLP on 6/27/2013

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

CFPB Ability to Repay Rules Issued

Morrison & Foerster LLP on 1/29/2013

On January 10, 2013, the Consumer Financial Protection Bureau issued much-anticipated revisions to Regulation Z to implement provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act that require lenders to...more

CFPB Proposes Amendments to New Final Ability-to-Repay Rule, Solicits Comment on Calculating Loan Originator Compensation

Foley & Lardner LLP on 1/28/2013

On January 10, 2013, the CFPB issued its final ability-to-repay rule (Rule), which implements Dodd-Frank mortgage reforms requiring creditors to make a reasonable and good faith determination that a consumer will have a...more

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