News & Analysis as of

InfoBytes Special Alert: CFPB Guidance States That Successors Are Not Subject To The ATR/QM Rule

On July 8, 2014, the CFPB issued an interpretive rule stating that the addition of a successor as an obligor on a mortgage does not trigger the Ability-to-Repay/Qualified Mortgage Rule (“ATR/QM Rule”) requirements if the...more

CFPB Provides Guidance on Ability to Repay Rule Application to Assumptions of Residential Mortgage Loans

On July 8, 2014 the CFPB provided guidance on the application of the Regulation Z ability to repay rule (section 1026.43) to assumptions of residential mortgage loans for purposes of clarifying the application of the rule in...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

Illinois Federal Court Rejects Putative Class Challenge To Crediting Of Online Mortgage Payments

On May 27, the U.S. District Court for the Northern District of Illinois held that a mortgage servicer did not violate Regulation Z when it credited a payment two days after the borrower submitted the payment online....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

OCC Issues Update to Mortgage Banking Booklet

The OCC issued an update to its Mortgage Banking booklet of the Comptroller’s Handbook, which was last updated in March 1996. The Mortgage Banking booklet generally provides guidance for bank examiners and bankers regarding...more

Utah Federal Court Rules on “Clear and Conspicuous” Requirement under the Truth-in-Lending Act

The United States District Court for the District of Utah partially granted summary judgment for borrowers alleging that their mortgage lender violated the Truth in Lending Act, and its implementing regulation, Regulation Z. ...more

Banking Bulletin: New Year Brings New Mortgage Regulations

The Higher-Priced Mortgage Loans (HPML) Appraisal Rule, part of Regulation Z, goes into effect on January 18th of this year. At that time, many lenders will begin using the exemption relating to “certain streamlined...more

CFPB Amends Asset-Size Exemption under TILA and Home Mortgage Disclosure Act

The CFPB announced an increase to the asset-size exemption threshold for its rule requiring escrow accounts for higher-cost mortgage loans under Regulation Z, the implementing Regulation for the Truth in Lending Act. The...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 adjusts HMDA data collection and TILA mortgage escrow thresholds

In notices published in yesterday’s Federal Register, the CFPB adjusted the thresholds of the asset-size exemptions for collecting HMDA data and establishing an escrow account for certain mortgage loans under TILA. ...more

Agencies Finalize Exemptions To Higher-Priced Mortgage Loan Appraisal Requirements

On December 12, the Federal Reserve Board, the CFPB, the FDIC, the FHFA, the NCUA, and the OCC, issued a final rule supplementing their January 2013 interagency appraisal rule. As described in detail in our Special Alert, the...more

CFPB settles lawsuit challenging loan officer bonuses

For mortgage industry members wondering how serious the CFPB will be when enforcing the Regulation Z loan originator compensation rule (“LO Compensation Rule”) we now have an answer— $13 million dollars serious. ...more

CFPB Issues Final Rules Amending Regulations B, X and Z to Clarify and Amend Earlier Dodd-Frank Rules

On July 2, 2013, the Consumer Financial Protection Bureau (the “Bureau”) published proposed rules and a request for public comment in the Federal Register to amend certain of its final mortgage rules contained in Regulation X...more

CFPB Snapshot: Fast Approaching Deadlines for Compliance with New Regulations

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

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

CFPB Sues Mortgage Company Over Alleged Loan Officer Compensation Practices

This afternoon, the CFPB released a complaint it filed today against a Utah-based mortgage company and two of its officers for giving bonuses to loan officers who allegedly steered consumers into mortgages with higher...more

Infobytes - A Weekly In-depth review of news & developments in the financial services industry - July 12, 2013

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

FHA Commissioner Issues Statement On Insurance Premiums And HPMLs

On June 3, FHA Commissioner Carol Galante issued a statement in response to lenders’ concern that new monthly mortgage insurance premium requirements will increase the APR on FHA mortgages resulting in more mortgages...more

Financial Services Report - Quarterly News, Summer 2013

In This Issue: Arbitration Report; Bureau Report; Privacy Report; Mortgage Report; Operations Report; Preemption Report; and Beltway Report. Excerpt from Arbitration Report: Ninth Circuit Punts...more

CFPB delays effective date of Reg Z prohibition on financing credit insurance premiums

The CFPB has issued a final rule delaying the June 1, 2013 effective date of the Regulation Z prohibition on financing credit insurance premiums (Section 1026.36(i)). The final rule sets January 10, 2014 as the prohibition’s...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

More, More, More: The CFPB Wants More From Mortgage Servicers

The Consumer Financial Protection Bureau (CFPB) recently issued new rules amending Regulation Z, the Truth in Lending Act (TILA), and Regulation X, the Real Estate Settlement Procedures Act (RESPA), which revise mortgage...more

InfoBytes Special Alert: Detailed Analysis Of CFPB's Mortgage Servicing Rules

On January 17, the CFPB issued final rules amending Regulation Z (TILA) and Regulation X (RESPA) to implement certain mortgage servicing standards set forth by the Dodd-Frank Act and to address other issues identified by the...more

Special Alert: Analysis Of Final ECOA And HPML Appraisal Rules

On January 18, the federal banking agencies issued a final rule amending Regulation Z to implement certain requirements from the Dodd-Frank Wall Street Reform and Consumer Protection Act (the Dodd-Frank Act) that require...more

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