Home Ownership Equity Protection Act

News & Analysis as of

CFPB Report on Manufactured Housing Signals Areas of Future Concern

On Tuesday, the Consumer Financial Protection Bureau (“CFPB” or the "Bureau") released a white paper summarizing their research on the manufactured housing industry. The Bureau relied upon information compiled by various...more

Fannie Mae Issues Lender Letter On Mortgage Loan Requirements

On August 25, Fannie Mae issued Lender Letter LL-2014-04, which reminds lenders that when a mortgage loan is selected by Fannie Mae for an anti-predatory and HOEPA compliance review, the lender must provide requested loan...more

CFPB Adjusts CARD Act, HOEPA, And Ability To Repay Thresholds

On August 14, the CFPB issued a final rule to re-calculate certain threshold amounts under Regulation Z. With respect to certain amounts under the CARD Act, effective January 1, 2015, the minimum interest charge disclosure...more

CFPB publishes annual CARD Act, HOEPA and QM adjustments

The CFPB has published a final rule regarding various annual adjustments it is required to make under provisions of Regulation Z (TILA) that implement the CARD Act, HOEPA, and the ability to repay/qualified mortgage...more

House Passes Points And Fees Bill; Financial Services Committee Approves Additional CFPB Bills

On June 9, the House passed by voice vote H.R. 3211, the Mortgage Choice Act of 2013. The bill would amend TILA’s definition of “points and fees” for purposes of the CFPB’s Ability to Repay and HOEPA rules to exclude from the...more

House Financial Services Committee Approves Several Mortgage Bills

On May 22, the House Financial Services Committee resumed activity on a series of bills—several of which are mortgage-related—that it considered earlier this month but for which it had postponed recorded votes. The committee...more

House Financial Services Committee Approves Points-And-Fees Bill, To Vote Soon On Other Measures

On May 7, the House Financial Services Committee passed by voice vote H.R. 3211, which would remove additional items from TILA’s definition of “points and fees” for purposes of the CFPB’s “Ability to Repay” and HOEPA rules....more

Federal Banking Agencies Issue Interagency Examination Procedures for Mortgage Rules

Federal banking regulators issued updates to its interagency examination procedures to reflect the new mortgage rules (i.e., ability-to-repay, loan originator compensation, and amendments to HOEPA) that became effective in...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

CFPB To Hold Field Hearing on New Mortgage Rules

The CFPB will hold a field hearing on the new mortgage rules in Phoenix, Arizona on January 10, 2014. The field hearing coincides with the effective date of the ability-to-repay and qualified mortgage rule, the mortgage...more

CFPB Adjusts CARD Act, HOEPA Thresholds

On December 16, the CFPB published a final rule to review and adjust provisions of Regulation Z that implement amendments to TILA under the CARD Act and HOEPA. Specifically, the CFPB is required to adjust, as appropriate...more

CFPB issues annual CARD Act and HOEPA adjustments

The CFPB has issued a final rule regarding annual adjustments it is required to make under provisions of Regulation Z (TILA) that implement the CARD Act and HOEPA. The adjustments made by the final rule are effective January...more

CFPB Issues Interpretative Rule and A Guidance Bulletin on HOEPA Homeownership Counseling Lists

The CFPB issued an interpretive rule describing the data instructions for lenders to use in complying with HOEPA. The HOEPA rules require, among other things, that lenders provide applicants with a list of HUD-approved...more

CFPB issues guidance regarding counseling requirements for mortgages

Last week the CFPB issued an interpretive rule, bulletin, and press release instructing lenders on how to comply with the counseling requirements set forth in the new mortgage rules, which go into effect in January. ...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

CFPB files lawsuit challenging loan officer bonuses

It appears the CFPB wants to send a warning through the lawsuit it filed yesterday in a Utah federal court against a mortgage company and two of its officers for allegedly paying illegal bonuses to loan officers that were...more

CFPB issues final 2014 list of rural or underserved counties

The CFPB has released a final list of “rural” or “underserved” counties for use in 2014. The CFPB has indicated that creditors may rely on this list as a safe harbor to determine whether a county is “rural” or “underserved”...more

CFPB Launches New Regulatory Implementation Page to Ensure Industry Is Ready to Comply With New Mortgage Rules

The Consumer Financial Protection Bureau (“CFPB”) recently announced that it has launched a Regulatory Implementation page that consolidates all of the new 2013 mortgage rules and related implementation materials....more

CFPB Releases Plain Language Video Guides for New Mortgage Rules

In January 2013, the Consumer Financial Protection Bureau (CFPB) issued a series of new rules affecting the mortgage industry. These rules touch upon a wide variety of areas, including originations, appraisals, and servicing....more

CFPB Publishes Additional Mortgage Rule Compliance Guides

On May 2, the CFPB published three additional guides to assist companies seeking to comply with its HOEPA rule, ECOA valuations rule, and TILA high-priced mortgage appraisal rule....more

CFPB issues more small entity compliance guides for mortgage-related rules

The CFPB has issued several more Small Entity Compliance Guides on its mortgage-related rules. In addition to its guide on the ability-to-repay and qualified mortgage rule, the CFPB has now issued Small Entity Compliance...more

InfoBytes Special Alert: Detailed Analysis Of CFPB's Final Escrow Rule

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

Financial Services Bulletin: CFPB Issue New Final Rules

On Thursday, January 10, 2013, the Consumer Financial Protection Bureau (the "CFPB") issued a final rule that amends Regulation Z to implement certain amendments to the Truth in Lending Act ("TILA") made by Sections 1461 and...more

Dodd-Frank News: January 2013: Dodd-Frank Wall Street Reform And Consumer Protection Act Monthly Update

In This Issue: - RECENT CASES . Dodd-Frank Challenges Under the Administrative Procedure Act and Commodity Exchange Act . Preemption . Whistleblower Protection Under the Dodd-Frank Act . Arbitration...more

InfoBytes Special Alert: Detailed Analysis Of CFPB's High-Cost Mortgage Rule - January 25, 2013

On January 10, 2013, the Consumer Financial Protection Bureau (the “Bureau”) issued a final rule (the “Rule”) that amends Regulation Z (Truth in Lending) to implement changes to the Home Ownership and Equity Protection Act...more

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