A New World for Mortgage Banking – What You Need to Know About the CFPB’s Final Mortgage Servicing Rules
The Consumer Financial Protection Bureau (“CFPB”) has issued two final rules that impose significant new mortgage servicing requirements in connection with residential mortgages to consumers. The rules implement amendments...more
On January 10, 2013, the Consumer Financial Protection Bureau issued its final rule on escrow account requirements for first-lien higher-priced mortgage loans. The rule amends existing escrow requirements and exemptions for...more
The Consumer Financial Protection Bureau (CFPB) issued its final rules regarding mortgage servicing last week which will undoubtedly change mortgage servicing operations in the United States - and according to some...more
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
On January 17, 2013, the Consumer Financial Protection Bureau (CFPB) issued two final servicing rules that amend and add new provisions to the Truth in Lending Act and the Real Estate Settlement Procedures Act (Rules), as...more
On January 17, 2013, the Consumer Financial Protection Bureau (“Bureau”) took another major step in the restructuring of the U.S. residential mortgage sector by issuing final rules (collectively, the “Rule”) regarding...more
The CFPB issued two mortgage servicing rules aimed at homeowners facing foreclosure and providing borrowers with tools and information for dealing with mortgage servicers....more
Today, the CFPB issued final rules amending Regulation X (Real Estate Settlement Procedures Act (“RESPA”)) and Regulation Z (Truth in Lending Act (“TILA”)). The amendments focus on mortgage servicing requirements and servicer...more
In This Issue: - FEDERAL ISSUES - STATE ISSUES - COURTS - FIRM NEWS - FIRM PUBLICATIONS - MORTGAGES - BANKING - CONSUMER FINANCE - SECURITIES - E-COMMERCE - PRIVACY/DATA SECURITY - CRIMINAL...more
On November 16, the CFPB announced that it is providing a temporary exemption from the mortgage disclosure requirements in title XIV of the Dodd-Frank Act, including new disclosures regarding (i) cancellation of escrow...more
On August 10, 2012, the U.S. Bureau of Consumer Financial Protection (the “CFPB”) released two proposed rules (the “Proposed Rules”) intended to implement the mortgage servicing provisions of the Dodd-Frank Wall Street Reform...more
On August 10, 2012, the Consumer Financial Protection Bureau (“CFPB”) issued two notices containing rules intended to protect homeowners from errors and abuses by their mortgage servicers. The proposed rules would...more
The mortgage finance system in the United States is under radical reconstruction as a result of the events of 2007-2009. The Dodd-Frank Act (Dodd-Frank) impacts mortgage origination, servicing and securitization through a...more
On August 10, the CFPB proposed two sets of rules covering a number of residential mortgage servicing practices. The rules would amend Regulation Z (TILA) and Regulation X (RESPA) to implement certain mortgage servicing...more
The CFPB has released its proposed mortgage servicing rules. The proposals consist of a 250-page Real Estate Settlement Procedures Act (Regulation X) rule and a 178-page Truth in Lending Act (Regulation Z) rule. Comments on...more
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