On September 14, 2020, the CFPB announced a consent order against ClearPath Lending, Inc. (ClearPath), which includes a civil money penalty of $625,000 and requirements to prevent future violations. The consent order...more
Since late July, the CFPB has issued seven consent orders against mortgage companies in which the CFPB asserts that the companies engaged in false and misleading advertising to service members and veterans. ...more
9/10/2020
/ Consent Order ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Dodd-Frank ,
Enforcement Actions ,
False Advertising ,
Financial Services Industry ,
Mortgages ,
Regulation Z ,
Title X ,
Unfair or Deceptive Trade Practices ,
Veterans Administration
On August 21, 2020, the CFPB announced the issuance of a consent order against Go Direct Lenders, Inc. (Go Direct). This follows consent orders discussed in a previous blog post, that were announced on July 24, 2020 against...more
8/28/2020
/ Advertising ,
Consent Order ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Dodd-Frank ,
IRS ,
MAP Rule ,
Misleading Statements ,
Mortgage Lenders ,
Regulation Z ,
Unfair or Deceptive Trade Practices
On July 24, 2020, the CFPB announced the issuance of consent orders against Sovereign Lending Group, Inc. (Sovereign) and Prime Choice Funding, Inc. (Prime Choice). The CFPB indicated in their announcement that these consent...more
8/13/2020
/ Advertising ,
Consent Order ,
Consumer Financial Products ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Dodd-Frank ,
MAP Rule ,
Misleading Statements ,
Misrepresentation ,
Mortgage Lenders ,
Regulation Z ,
Unfair or Deceptive Trade Practices
On July 1, 2020, the Mortgage Bankers Association (MBA) announced cooperation with the American Land Title Association (ALTA) and the National Association of Realtors (NAR) in the development of a model remote notarization...more
On June 23, 2020, the CFPB published a new interpretive rule (the “Interpretive Rule”) to update the Home Mortgage Disclosure Act (HMDA) data fields that are used to identify “underserved” areas. ...more
6/25/2020
/ Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Financial Services Industry ,
HMDA ,
Interpretive Rule ,
Low-Income Issues ,
Mortgages ,
Qualified Mortgage Rule ,
Real Estate Transactions ,
Regulation Z ,
Underserved Locations
On June 9, 2020, the CFPB published four new TRID FAQ’s and a TRID Factsheet (“Factsheet”). While the Factsheet is focused solely on the handling of title insurance disclosures under the rule, the FAQ’s cover various topics,...more
As noted in our alert on June 9, 2020, New York Senate Bill S8243C was delivered to the Governor on June 5, 2020. The same day, New York Senate Bill S8428 was also delivered to Governor Andrew Cuomo....more
On June 5, 2020, New York Senate Bill S8243C was delivered to Governor Andrew Cuomo and, if signed, will be effective immediately. The bill provides for expanded COVID-19 forbearance relief options dating back to March 7,...more
On Wednesday, March 25, 2020, California Governor Gavin Newsom and a long list of mortgage lenders and servicers—including major banks and nearly 200 state-chartered banks, credit unions, and servicers—reached an agreement to...more
As part of the ongoing response to the COVID-19 pandemic, Illinois Governor JB Pritzker issued a “stay home” or “shelter-in-place” order on March 20, 2020, via Executive Order 2020-10 (Order)....more
On March 20, 2020, Governor Andrew Cuomo of New York issued Executive Order 202.7 (Order). This Order makes an important directive, effective through April 18, 2020, pursuant to the Governor’s authority during a disaster or...more
As part of the ongoing response to the COVID-19 pandemic, Governor Gavin Newsom of California issued a “stay home” or “shelter-in-place” order on March 19, 2020, via Executive Order N-33-20 (Order)....more
The impact of the coronavirus (COVID-19) on real estate and mortgage closings is rapidly evolving. Several new policies and procedures have been established by title insurance underwriters related to the impact over the past...more
COVID-19 and social distancing protocols are presenting new challenges for us all. The real estate and mortgage industry is no exception. These challenges are impacting lenders, borrowers, and service providers, such as title...more
The CFPB recently published 10 new TRID FAQs related to lender credits.
Previously the CFPB staff provided informal verbal guidance regarding lender credits, and the 2017 amendments to the TRID rule, often referred to as...more
The CFPB recently published ten new TRID FAQs related to lender credits.
Previously the CFPB staff provided informal verbal guidance regarding lender credits, and the 2017 amendments to the TRID rule, often referred to as...more
2/28/2020
/ Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Disclosure Requirements ,
Financial Institutions ,
Financial Services Industry ,
Loan Estimates ,
Mortgage Lenders ,
Mortgages ,
Regulation Z ,
Regulatory Requirements ,
TILA-RESPA Integrated Disclosure Rule (TRID)
Although the 2017 amendments to the TRID rule, often referred to as TRID 2.0, added commentary to TRID provisions of Regulation Z and, particularly, Appendix D to Regulation Z, that addresses multiple advance construction...more
12/20/2019
/ Closing Documents ,
Construction Loans ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Financial Services Industry ,
Loan Estimates ,
Mortgages ,
New Guidance ,
Regulation Z ,
Regulatory Requirements ,
TILA-RESPA Integrated Disclosure Rule (TRID)