Real Estate Settlement Procedures Act

News & Analysis as of

The CFPB 2015 Forecast: Continued Cloudiness, Thunderstorms Likely

This will be a busy year at the Consumer Financial Protection Bureau (CFPB), and that certainly means it will be a busy year for financial institutions as well. In addition to exercising its supervisory and enforcement...more

CFPB Report Explores Consumers’ Mortgage Shopping Experience

In a report released on January 13, 2015, the Consumer Financial Protection Bureau announced that nearly half of consumers do not shop among multiple lenders before applying for a mortgage loan. Even fewer—about one of every...more

CFPB finalizes amendments to TILA/RESPA integrated disclosures rule and loan originator rule

On Tuesday, January 20, the CFPB promulgated its first final rule of 2015, a series of minor amendments to the TILA/RESPA integrated disclosures (TRID) rule. The substantive changes to the TRID rule are (1) an extension of...more

Special Alert: CFPB Finalizes Amendments to TILA-RESPA Integrated Mortgage Disclosures

On January 20, 2015, the CFPB finalized amendments to the TILA-RESPA Integrated Disclosure (“TRID”) rule that make a number of amendments, clarifications, and corrections, including...more

New CFPB Regulations Subject Mortgage Servicers to Private Lawsuits

The Consumer Financial Protection Bureau (CFPB) amendments to Regulation X, which implements the Real Estate Settlement Procedures Act (RESPA), place new and onerous requirements on mortgage servicers to correct errors and...more

Aggressive Regulators and the Plaintiffs’ Lawyers Who Follow Them

As soon as a putative class action complaint hits the clerk’s office alleging a new theory of liability, plaintiffs’ lawyers rush to sign up potential class representatives and file copycat suits in as many jurisdictions as...more

The Rule of Lenity: Should Courts Defer to Agency Interpretations of RESPA § 8?

On November 10, 2014, the U.S. Supreme Court denied a petition for a writ of certiorari in a case entitled Douglas F. Whitman v. United States. Whitman was seeking to have the Supreme Court review (and, hopefully, overturn)...more

CFPB Proposes Amendments to Mortgage Servicing Rules

The Consumer Financial Protection Bureau (“CFPB”) has proposed several amendments to the mortgage servicing rules under the Real Estate Settlement Procedures Act (“RESPA”) and the Truth in Lending Act (“TILA”) (collectively,...more

New Rules for Consumer Real Estate Loan Disclosure

Sections 1098 and 1100A of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) required the Consumer Financial Protection Bureau to publish rules and forms that combine certain disclosures that...more

CFPB Enforcement by the Numbers

A substantive and statistical analysis of the Consumer Financial Protection Bureau’s 62 publicly available enforcement actions to date reveals preliminary trends and patterns. Established in 2011 in the wake of the...more

Unofficial Transcript of CFPB’s November 18 Webinar on Completing the Closing Disclosure Form

On November 18, the CFPB presented Part 4 in its series of webinars (hosted by the Federal Reserve) addressing frequently asked questions regarding the TILA-RESPA Integrated Disclosure (“TRID”) rule. In this session, the CFPB...more

Responding to Frivolous Notices

I love the internet and the convenience of quickly searching through my friend, Google. You have probably done this too. You are out with friends and someone questions who won the World Series in 2001. It is fun to be able to...more

CFPB Proposes Amendments to Mortgage Servicing Rules

On November 20, the CFPB announced the issuance of a proposed rule to amend RESPA (Reg. X) and TILA (Reg.Z). The proposed rule changes primarily focus on clarifying, revising or amending (i) Regulation X’s servicing...more

CFPB Issues Proposal to Amend Mortgage Servicing Rules

Yesterday, the Consumer Financial Protection Bureau (CFPB) proposed additional amendments to Regulation X, which implements the Real Estate Settlement Procedures Act (RESPA), and Regulation Z, which implements the Truth in...more

CFPB gives guidance and answers FAQ on the new Closing Disclosure

On November 18, 2014, the CFPB staff and Federal Reserve Board co-hosted a webinar that addressed questions about the Final TILA-RESPA Integrated Disclosure Rule that will be effective for applications received by creditors...more

Changes to Mortgage Servicing Rules - Blog: Consumer Financial Protection Bureau

Armed with some background on what the Consumer Financial Protection Bureau (“CFPB”) is and does (from my 11-11-14 blog entry), let’s dive directly into the issue of rules. For starters, let’s look into the CFPB’s new rules...more

Beware of Civil Copycat Suits Following Agency Enforcement Actions

Why it matters - Over the years, companies and individuals that have been the subject of enforcement actions by the Federal Trade Commission, state attorneys general, or other agencies have often found themselves on...more

Jesinoski Case Raises TILA Questions

On November 4, the Supreme Court heard oral arguments in Jesinoski v. Countrywide Home Loans, Inc., No. 13-648, to resolve a circuit split on whether under TILA a borrower who has provided notice of rescission within three...more

Webinar Recap: Discussing “The New CFPB Mortgage Origination Rules Deskbook”

On October 28, 2014, BuckleySandler presented the webinar “Discussing The New CFPB Mortgage Origination Rules Deskbook.” Author Joe Reilly and contributors Joseph Kolar and Ben Olson discussed the need for the book and...more

Mississippi Regulatory Compliance Group Quarterly Report Vol. 25 No.4

In This Report: - You Need a Written Compliance Program - CFPB Amends 2014 Mortgage Rules - Proposed Changes to TILA-RESPA Integrated Disclosure - Integrated TILA-RESPA Disclosures-Compliance...more

TILA-RESPA Integrated Disclosure Rule Updates and Additional

On September 8, 2014, the CFPB issued an updated Small-Entity Compliance Guide to the new TILA-RESPA integrated disclosure rule. This updates the original guide issued in April 2014 to provide additional resources on the rule...more

CFPB QM cure and other mortgage rule amendments now effective; HUD nixes CFPB cure for FHA QM rule

The CFPB’s final rule amending certain provisions of the 2013 Title XIV final mortgage rules which includes a post-consummation points and fees cure mechanism for qualified mortgage loans, became effective on Monday, November...more

CFPB Targets Marketing Service Agreements

On September 25, 2014, the Bureau of Consumer Financial Protection (“CFPB”) entered into a Consent Order with Lighthouse Title, Inc., a title insurance company located in Holland, Michigan (“Lighthouse”), in which the CFPB...more

SPECIAL ALERT: CFPB Finalizes Points-And-Fees Cure And Other Mortgage Rule Amendments

Last week, the CFPB finalized an important amendment to its ATR / QM Rule that provides a mechanism for curing points-and-fees overages on qualified mortgage (“QM”) loans, as well as more minor amendments to its mortgage...more

Third Circuit Upholds Dismissal of Pay-to-Play Class Action

Recently, the U.S. Court of Appeals for the Third Circuit upheld a lower court’s decision to dismiss a class action lawsuit against a large financial institution for allegedly violating Section 8 of RESPA. Riddle v. Bank of...more

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