News & Analysis as of

CFPB publishes guidance regarding RESPA-TILA integrated disclosure forms

The CFPB recently published guidance (the Guide) to assist mortgage originators and settlement service providers in completing the Loan Estimate and Closing Disclosure forms required under the RESPA-TILA Integrated Disclosure...more

CFPB and FTC Representatives Speak at Symposium on Fine Print

CFPB General Counsel Meredith Fuchs and CFPB Assistant General Counsel for Law and Policy Anne Zorc spoke last week at the Georgetown Consumer Law Society and Citizen Works’ symposium entitled “Making the Fine Print Fair.”...more

S.D. Fla. Court Holds TILA Assignee Liability Limited To Violations Apparent At Time Of Assignment

On March 10, the U.S. District Court for the Southern District of Florida held that a mortgage assignee “may only be held liable for violations that are apparent on the face of disclosure documents that exist at the time of...more

CFPB issues small entity compliance guide for RESPA/TILA integrated disclosure rule

The CFPB recently issued an 89-page small entity compliance guide for the TILA-RESPA Integrated Disclosure Rule (the “Guide”). As we reported previously, the CFPB issued the final rule in November 2013 to integrate the...more

Federal Court Refuses To Dismiss Plaintiffs’ Putative Class Action In Captive Reinsurance Case

On their third attempt to state a claim for mortgage services fraud pursuant to the Real Estate Services Settlement and Procedures Act (“RESPA”), Plaintiffs in a putative class action overcame defendants’ motion to dismiss on...more

Real Property, Financial Services & Title Insurance Case Law Update: Week Ending March 7, 2014

I. FLORIDA STATE CASES – SARA WITMEYER - - Foreclosure/Standing: testimony of employee of current loan servicer failed to establish necessary foundation for admitting records of prior loan servicer into evidence under...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

Venable CFPB Update: Getting Ready for August 2015: What Is a Mortgage Application?

On August 1, 2015, mortgage lenders will be required to provide applicants with a new, integrated disclosure, the Loan Estimate (which replaces the “Early” Truth in Lending disclosure), and the Good Faith Estimate. To...more

The CFPB Targets Mortgage Reinsurance Yet Again

The Consumer Financial Protection Bureau filed an administrative enforcement action against PHH Corporation, alleging a nearly 15-year “mortgage insurance kickback scheme” by its mortgage origination and reinsurance...more

Eleventh Circuit Holds Certain Improper Disclosures Do Not Trigger TILA Rescission

On January 14, the U.S. Court of Appeals for the Eleventh Circuit affirmed dismissal of a suit seeking rescission of a mortgage loan based on the lender’s alleged failure to disclose the “real lender” and improper disclosure...more

VA Issues Statement On ATR/QM Rule

On January 9, the Department of Veterans Affairs (VA) issued Circular 26-14-1, which clarifies lender requirements for home loans guaranteed by the VA under the TILA and the CFPB’s Ability to Repay and Qualified Mortgage...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

Lenity, Chevron Deference And Consumer Protection Laws

Several federal statutes, including the Real Estate Settlement Procedures Act (“RESPA”), the Truth in Lending Act (“TILA”) and the Servicemembers Civil Relief Act (“SCRA”) permit the government to seek either civil or...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

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 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

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

Sixth Circuit Holds Servicers Exempt From TILA Liability

On November 26, the U.S. Court of Appeals for the Sixth Circuit held that mortgage servicers are exempted from TILA liability, despite recent amendments to the statute. Marais v. Chase Home Fin. LLC, No. 12-4248, 2013 WL...more

Sixth Circuit Holds Servicer Not Liable For Violations of Truth in Lending Act

The United States Court of Appeals for the Sixth Circuit affirmed in part and reversed in part a district court’s dismissal of two claims—one under the Truth in Lending Act, the other under the Real Estate Settlement...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

CFPB Amends Examination Procedures to Incorporate Amendments to Mortgage Rules

The CFPB issued updates to its examination procedures for the Real Estate Settlement Procedures Act and the Truth in Lending Act to reflect recent amendments to Regulation X and Z, the implementing regulations. For example,...more

Mortgage Assignee Not a 'Creditor' for Purposes of TILA Obligations Existing over the Life of a Loan… at Least for Now

Under the Truth in Lending Act (TILA), the assignee of a mortgage note is not considered a "creditor" and is therefore not bound by TILA requirements imposed solely on creditors. One federal appellate court, however, has...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

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