A New World for Mortgage Banking – What You Need to Know About the CFPB’s Final Mortgage Servicing Rules
In this month's article, we share some of our top "bites" for the prior and current month covered during the July 2024 webinar....more
In Cantero vs. Bank of America, N.A., mortgage borrowers are asking the Supreme Court of the United States to reverse a Second Circuit ruling that federally-chartered banks need not comply with state laws that require the...more
Each month, we host a 30-minute webinar outlining the month's key announcements and takeaways from the CFPB to be considered by financial services providers. It was a particularly busy month at the CFPB, so as an extra...more
On July 11, 2019, I presented at the American Bankers Association webinar, entitled, “Mortgage Disclosure Cures and Corrections — Mitigating Liability.” Below is a summary of the points presented in the webinar and additional...more
Back in the summer of 2015, we published a popular post on “Qualified Written Requests,” or QWRs, which are written requests by borrowers under the Real Estate Settlement Procedures Act (“RESPA”) for information relating to...more
The Consumer Financial Protection Bureau (Bureau) Friday filed a petition in the closely-watched PHH case, seeking to undo a ruling by a panel of judges for the D.C. Circuit Court that was highly critical of the Bureau’s...more
A divided panel of the U.S. Court of Appeals for the District of Columbia Circuit ruled October 11, 2016, that the current structure of the Consumer Financial Protection Bureau (CFPB) is unconstitutional. The court concluded...more
In a landmark decision issued last week, the U.S. Court of Appeals for the D.C. Circuit held that the Consumer Financial Protection Bureau’s (CFPB) structure violated the Constitution’s separation-of-powers requirements. In...more
The Consumer Financial Protection Bureau’s (CFPB) reign as an unchecked power just suffered a significant check. On Oct. 11, 2016, the U.S. Court of Appeals for the District of Columbia found that the CFPB’s structure was...more
The courts are now reacting to what some view as regulatory overreach flowing from U.S. laws enacted in the wake of the financial crisis. The most recent example is the October 11, 2016 decision of the U.S. Court of Appeals...more
Yesterday, the Consumer Financial Protection Bureau (CFPB) announced the issuance of a consent decree with a former mortgage loan officer arising out of alleged violations of the Real Estate Settlement Procedures Act’s...more
According to a “Dodd-Frank Regulations Impacts on Community Banks, Credit Unions and Systematically Important Institutions” report recently released by the Government Accountability Office (GAO), community banks continue to...more
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
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
The TILA/RESPA integrated disclosures (TRID) rule issued by the Consumer Financial Protection Bureau (CFPB) under the Dodd-Frank Wall Street Reform and Consumer Protection Act takes effect on August 1, 2015. ...more