In July, the CFPB finalized amendments to the TILA/RESPA Integrated Disclosure (TRID) rule. Published in the Federal Register earlier this month, the amendments will become effective on October 10, 2017, with a mandatory...more
As we reported previously, on July 7, 2017 the Consumer Financial Protection Bureau (CFPB) posted on its website long awaited amendments to the TILA/RESPA Integrated Disclosure (TRID) rule, and a proposal to address the...more
As we reported previously, the Consumer Financial Protection Bureau (CFPB) recently issued long-awaited amendments to the Truth in Lending Act (TILA)/Real Estate Settlement Procedures Act (RESPA) Integrated Disclosure (TRID)...more
The CFPB finalized the long-awaited initial round of amendments to the TILA/RESPA Integrated Disclosure (TRID) rule, also known as the Know Before Your Owe rule. However, instead of addressing the so-called “black hole”...more
The CFPB recently issued final amendments to the TILA/RESPA Integrated Disclosure (TRID) rule and a proposal to further amend the TRID rule. The CFPB has also issued an Executive Summary of the amendments....more
In his remarks at the Mortgage Bankers Association’s annual meeting in Boston on October 25, Director Cordray signaled that mortgage servicing will continue to be a focus of CFPB supervisory and enforcement activity, with the...more
10/27/2016
/ Constitutional Challenges ,
Consumer Financial Protection Bureau (CFPB) ,
Financial Institutions ,
Mortgage Bankers Association ,
Mortgage Servicers ,
Mortgages ,
Petition For Rehearing ,
PHH Corp. v CFPB ,
Removal For-Cause ,
Residential Real Estate Market ,
Richard Cordray ,
Single Director ,
TILA-RESPA Integrated Disclosure Rule (TRID)
As previously reported, the Consumer Financial Protection Bureau (CFPB) proposed substantive and technical revisions to the TILA/RESPA Integrated Disclosure (TRID) rule, which the CFPB refers to as the "Know Before You Owe"...more
8/4/2016
/ Banking Sector ,
Closing Documents ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Disclosure Requirements ,
Gramm-Leach-Blilely Act ,
Mortgage Lenders ,
Mortgages ,
Property Insurance ,
Property Tax ,
Regulation Z ,
Residential Real Estate Market ,
TILA-RESPA Integrated Disclosure Rule (TRID) ,
Title Insurance
In emails sent to CFPB email subscription holders, the CFPB announced the publication of new annotated versions of the Loan Estimate and Closing Disclosure that include citations to sections in Chapter 2 of the Truth in...more
In emails sent to CFPB email subscription holders, the CFPB announced the publication of new annotated versions of the Loan Estimate and Closing Disclosure that include citations to sections in Chapter 2 of the Truth in...more
The Consumer Financial Protection Bureau (CFPB) staff presented an informational webinar on March 1, 2016, to address several issues with the TILA/RESPA Integrated Disclosure (TRID) rule in connection with...more
The American Bankers Association (ABA) has released findings from its recent 2016 ABA TRID Survey focusing on the TILA/RESPA Integrated Disclosure (TRID) rule’s effect on the residential mortgage lending market. The findings,...more
In the Federal Register the Consumer Financial Protection Bureau (CFPB) published a correction to the TILA/RESPA Integrated Disclosure (TRID) rule supplementary information as published on December 31, 2013, with regard to...more
In yesterday's Federal Register the CFPB published a correction to the TILA/RESPA Integrated Disclosure (TRID) rule supplementary information as published on December 31, 2013 with regard to property taxes and certain similar...more
The Consumer Financial Protection Bureau (CFPB) has issued a "fact sheet" regarding the disclosure of construction-to-permanent loans under the TILA/RESPA Integrated Disclosure (TRID) rule, which the CFPB refers to as the...more
The CFPB has issued what it calls a “fact sheet” regarding the disclosure of construction-to-permanent loans under the TILA/RESPA Integrated Disclosure (TRID) rule, which the CFPB refers to as the Know Before You Owe rule....more
Reacting to reports of investors refusing to purchase loans based on various, often technical, violations of the TILA/RESPA Integrated Disclosure (TRID) rule, the Mortgage Bankers Association (MBA) sent a letter to the CFPB...more
The CFPB has issued a final rule containing “technical corrections” to the final TILA-RESPA Integrated Disclosure (TRID) rule that became effective on October 3, 2015. The corrections are effective December 24, 2015, the date...more
The CFPB’s Deputy Assistant Director for origination recently warned mortgage lenders of the four main examination priorities for 2016—loan originator compensation plans, the ability-to-repay rule, the TILA-RESPA Integrated...more
The CFPB sent industry trade groups a letter on October 1, 2015 to address the approach of the Federal Financial Institutions Examination Council (FFIEC) member agencies during the initial months following the implementation...more
10/23/2015
/ Banking Sector ,
Banks ,
Compliance ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Fannie Mae ,
FFIEC ,
Financial Institutions ,
First Time Homebuyers ,
Freddie Mac ,
Good Faith ,
GSE ,
Guidance Update ,
Industry Examinations ,
Lenders ,
Mortgage Lenders ,
Mortgages ,
TILA-RESPA Integrated Disclosure Rule (TRID)
In remarks yesterday at the Mortgage Bankers Association’s annual convention, CFPB Director Richard Cordray stated that the CFPB may need to look more closely at vendors of software and other tools used by lenders to comply...more
10/21/2015
/ Banking Sector ,
Banks ,
Closing Documents ,
Compliance ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Disclosure Requirements ,
Financial Institutions ,
Financial Regulatory Reform ,
Homeowners ,
Mortgage Bankers Association ,
Mortgage Lenders ,
Mortgage Servicers ,
Mortgages ,
Residential Real Estate Market ,
Software ,
TILA-RESPA Integrated Disclosure Rule (TRID) ,
Vendors
The CFPB sent industry trade groups a letter on October 1, 2015 to address the approach of the FFIEC member agencies during the initial months following the implementation of the TILA-RESPA Integrated Disclosure (TRID) rule...more
10/13/2015
/ Banking Sector ,
Banks ,
Compliance ,
Consumer Financial Protection Bureau (CFPB) ,
Fannie Mae ,
FFIEC ,
Financial Institutions ,
Freddie Mac ,
GSE ,
Home Buyer ,
Homeowners ,
Industry Examinations ,
Mortgage Lenders ,
Mortgage Servicers ,
Mortgages ,
Residential Real Estate Market ,
TILA-RESPA Integrated Disclosure Rule (TRID)
On October 7, 2015, the U.S. House of Representatives passed a bill that would provide a safe harbor from the new TILA/RESPA Integrated Disclosure (TRID) rule for a period of five months. By a vote of 303 to 121 the House...more
10/12/2015
/ Banking Sector ,
Compliance ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Financial Institutions ,
Good Faith ,
Hold Harmless ,
Home Buyer ,
Mortgage Lenders ,
Mortgages ,
Safe Harbors ,
TILA-RESPA Integrated Disclosure Rule (TRID) ,
U.S. House
The CFPB has posted on its website an index to the various questions regarding the TILA/RESPA Integrated Disclosure (TRID) rule that were addressed during the five webinars on the rule conducted by CFPB staff. The index...more
On July 29, the following four CFPB-related bills were passed by the House Financial Services Committee: H.R. 3192, the “Homebuyers Assistance Act”: The bill would provide a hold harmless period for the TILA/RESPA Integrated...more
8/10/2015
/ Anti-Steering Rules ,
Banking Sector ,
Banks ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Department of Justice (DOJ) ,
Federal Trade Commission (FTC) ,
Financial Institutions ,
First Time Homebuyers ,
Lenders ,
Minority-Owned Businesses ,
Mortgage Lenders ,
Mortgages ,
Real Estate Market ,
Small Business ,
TILA-RESPA Integrated Disclosure Rule (TRID) ,
Women-Owned Businesses
The CFPB issued a report on its study of the CFPB’s mortgage loan eClosing project on August 5, 2015, and held a public forum addressing the study results. As we reported, the CFPB launched the eClosing project to determine...more
8/7/2015
/ Banking Sector ,
Banks ,
Closing Documents ,
Compliance ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Filing Requirements ,
Financial Institutions ,
Lenders ,
Mortgage Lenders ,
Mortgage Servicers ,
Mortgages ,
TILA-RESPA Integrated Disclosure Rule (TRID)