Following a recent call for consumer input, the Consumer Financial Protection Bureau (CFPB) announced it will launch a formal public inquiry into so-called “junk fees” that the Bureau claims may be increasing mortgage closing...more
On April 27, 2021, the Consumer Financial Protection Bureau (CFPB or Bureau) issued a final rule formally delaying the mandatory compliance date for the rule defining a “qualified mortgage” (QM) (the General QM Final Rule)...more
4/29/2021
/ Ability-to-Repay ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Cooperative Compliance Regime ,
Financial Regulatory Reform ,
Financial Services Industry ,
Mortgage Lenders ,
Mortgages ,
Qualified Mortgage Rule ,
Real Estate Transactions ,
Statutory Deadlines
We previously reported on recent mortgage rulemakings that were finalized by the Consumer Financial Protection Bureau (CFPB or Bureau) late last year. Of the two final rules from the Bureau, one drastically simplifies the...more
We previously reported on recent mortgage rulemakings that were finalized by the Consumer Financial Protection Bureau (CFPB or Bureau) late last year. Of the two final rules from the Bureau, one drastically simplifies the...more
2/25/2021
/ Ability-to-Repay ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Fannie Mae ,
Financial Regulatory Reform ,
Financial Services Industry ,
Freddie Mac ,
GSE ,
Mortgage Lenders ,
Mortgages ,
Qualified Mortgage Rule
Shortly after the inauguration of President Joe Biden on January 20, former Consumer Financial Protection Bureau (CFPB or Bureau) Director Kathleen Kraninger submitted her resignation. Soon after that, the president announced...more
2/9/2021
/ Biden Administration ,
CARES Act ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Enforcement Guidance ,
Fair Lending ,
Financial Regulatory Reform ,
Financial Services Industry ,
Mortgages ,
Racial Bias ,
Regulatory Oversight
The Consumer Financial Protection Bureau (Bureau or CFPB) issued two final rules on December 10 with significant implications for the mortgage marketplace. Of the two final rules from the Bureau, one drastically simplifies...more
The Consumer Financial Protection Bureau (CFPB or Bureau) on October 20 issued a final rule to extend the government-sponsored enterprises patch (GSE Patch), i.e., the “temporary qualified mortgage” exemption within the...more
10/22/2020
/ Ability-to-Repay ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Dodd-Frank ,
Fannie Mae ,
Financial Regulatory Reform ,
Financial Services Industry ,
Freddie Mac ,
GSE ,
Mortgages ,
Qualified Mortgage Rule ,
Regulation Z
The Consumer Financial Protection Bureau (CFPB or Bureau) issued a proposed rule on August 18 to create a new category of seasoned qualified mortgages (Seasoned QMs) that, if finalized as written, would carry significant...more
8/21/2020
/ Ability-to-Repay ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Dodd-Frank ,
Financial Regulatory Reform ,
Financial Services Industry ,
GSE ,
Mortgage Lenders ,
Mortgages ,
Qualified Mortgage Rule ,
Truth in Lending Act (TILA)
The Consumer Financial Protection Bureau (CFPB or Bureau) issued an interim final rule (IFR) on June 23, 2020 that temporarily permits mortgage servicers to offer to borrowers impacted by the coronavirus (COVID-19) pandemic...more
The Consumer Financial Protection Bureau on June 22 issued two proposed rules with significant implications for the mortgage marketplace....more
6/30/2020
/ Ability-to-Repay ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Dodd-Frank ,
Fannie Mae ,
Financial Regulatory Reform ,
Financial Services Industry ,
Freddie Mac ,
GSE ,
Mortgage Lenders ,
Mortgages ,
Qualified Mortgage Rule ,
Truth in Lending Act (TILA)
The Federal Housing Finance Agency (FHFA) announced on May 14 that Fannie Mae and Freddie Mac (the GSEs) are extending their moratorium on foreclosures and evictions until at least June 30, 2020. ...more
Federal and state regulators and Congress continue to release new guidance and requirements to assist mortgage borrowers facing economic hardships resulting from the coronavirus (COVID-19) pandemic. ...more
5/13/2020
/ CARES Act ,
Coronavirus/COVID-19 ,
Fannie Mae ,
FHFA ,
Financial Distress ,
Forbearance Agreements ,
Freddie Mac ,
GSE ,
Housing Market ,
Mortgage Servicers ,
Mortgages ,
Relief Measures
The Federal Housing Finance Agency (FHFA) announced on April 21 that servicers’ obligation to advance scheduled monthly payments for Fannie Mae and Freddie Mac (the Enterprises) backed single-family mortgage loans in...more
In response to the coronavirus (COVID-19) pandemic, New Jersey Governor Phil Murphy has announced an initiative whereby participating financial institutions will provide mortgage forbearance and financial protections for New...more
In response to the coronavirus (COVID-19) crisis, New York Governor Andrew Cuomo has issued two executive orders that place temporary restraints on the ability of banks, residential mortgage servicers, and landlords to...more
The Federal Housing Finance Agency (FHFA) and the US Department of Housing and Urban Development (HUD) announced on March 18 that they have directed Fannie Mae and Freddie Mac, the government sponsored enterprises (GSEs), to...more
3/20/2020
/ Consumer Financial Protection Bureau (CFPB) ,
Coronavirus/COVID-19 ,
Eviction ,
Fannie Mae ,
FHFA ,
Financial Institutions ,
Foreclosure ,
Freddie Mac ,
HUD ,
Moratorium ,
Mortgages ,
Regulation X ,
Relief Measures