News & Analysis as of

Residential Real Estate Finance & Banking Consumer Protection

Read Residential Real Estate law updates, news, and legal analysis from leading lawyers and law firms:

Senate Banking Committee schedules Dec. 5 markup of regulatory reform bill

by Ballard Spahr LLP on

Last week, members of the Senate Banking Committee announced that they had reached bipartisan agreement on “legislative proposals to improve our nation’s financial regulatory framework and promote economic growth.” ...more

House Financial Services Committee approves “Madden fix” bill

by Ballard Spahr LLP on

A bill to provide a “Madden fix” and three other bills relevant to mortgage lenders were included among the more than 20 bills approved by the House Financial Services Committee on November 15, 2017. With the exception of...more

Texas Voters Relax Home Equity Lending Restrictions

Texas has long had some of the tightest consumer protections in the home equity lending space. After years of lobbying by the industry, a constitutional amendment was submitted to voters on November 7, 2017, aimed at relaxing...more

Electronic Mortgage Closings Improve Homebuying

The financial services industry — and the consumer financial services marketplace in particular — is experiencing significant innovation. Technology has facilitated the emergence of fintech as a major industry — fundamentally...more

CFPB/Fed/OCC increase exemption thresholds for appraisal requirement, Regs Z and M

by Ballard Spahr LLP on

The CFPB, Fed, and OCC have published notices in the Federal Register announcing that they are increasing three exemption thresholds that are subject to annual inflation adjustments. Effective January 1, 2018 through...more

11th Circuit Affirms FTC's $13.5 Million Judgment Against Mortgage Relief Fraudster

by Ballard Spahr LLP on

On November 2, 2017, the U.S. Court of Appeals for the 11th Circuit affirmed a $13.5 million judgment that the FTC obtained against a group of individuals, law firms, and related entities that engaged in a massive nationwide...more

CFPB Launches Beta Version of HMDA Platform

by Ballard Spahr LLP on

On Friday November 3, 2017 the Consumer Financial Protection Bureau (CFPB) announced the launch of the Internet-based platform that financial institutions will use to submit data under the Home Mortgage Disclosure Act (HMDA)....more

Real Property, Financial Services, & Title Insurance Update: Week Ending October 20, 2017

by Carlton Fields on

REAL PROPERTY UPDATE FINANCIAL SERVICES UPDATE  TITLE INSURANCE UPDATE - Foreclosure: witness may testify as to business records of another company so long as that witness can lay proper foundation of personal knowledge...more

Fall 2017 Consumer Financial Protection Bureau Update

by Burr & Forman on

The Consumer Financial Protection Bureau (“CFPB” or “Bureau”) is a U.S. government agency created by the Dodd-Frank Wall Street Reform and Consumer Protection Act. The CFPB is the first federal agency tasked solely with the...more

CFPB Issues Last-Minute Changes to Mortgage Servicing Rules

by Alston & Bird on

As we previously reported, on October 19, 2016, the Consumer Financial Protection Bureau (CFPB) published in the Federal Register final amendments to its Mortgage Servicing Rules (Final Rule). The Final Rule, weighing in at...more

Banking agencies identify key HMDA data fields

by Ballard Spahr LLP on

The federal banking agencies have issued guidance to financial institutions on the key data fields under the revised Home Mortgage Disclosure Act (HMDA) rules that will be used to test and validate the accuracy and...more

CFPB further updates HMDA Rule guidance materials

by Ballard Spahr LLP on

The CFPB recently posted on its website updated versions of guidance in connection with the revisions to the Home Mortgage Disclosure Act (HMDA) rules that become effective on January 1, 2018, and also posted a new guidance...more

CFPB provides update on HMDA platform

by Ballard Spahr LLP on

In August 2017, we reported that the CFPB had given the mortgage industry a first look at the Internet-based platform it is developing for industry members to use to submit data under the Home Mortgage Disclosure Act (HMDA)....more

Illinois Revises Residential Mortgage License Act Provisions

by Ballard Spahr LLP on

The Illinois Department of Financial and Professional Regulation adopted rules to repeal and amend parts of the Residential Mortgage License Act, including, but not limited to...more

CFPB Issues Update to HMDA Small Entity Compliance Guide

by Ballard Spahr LLP on

The Consumer Financial Protection Bureau has issued a second version of the Home Mortgage Disclosure Act (Regulation C) Small Entity Compliance Guide. The updated version incorporates various changes to the HMDA rule that...more

CFPB News: Recent Updates and Actions

It has been a particularly busy period for the Consumer Financial Protection Bureau (CFPB), which issued a proposed rule governing payday lending, received a mixed decision from a California federal court judge in a lawsuit...more

House Financial Services Committee Schedules Oct. 11 Mark-Up of "Madden fix" Bill

by Ballard Spahr LLP on

Among the more than 20 bills that the House Financial Services Committee was scheduled to mark up Wednesday, October 11, was a bill to provide a "Madden fix" as well as several others relevant to consumer financial services...more

CFPB Overreaches in Handling Alleged RESPA ABA Exemption Issues in Meridian

by Foley & Lardner LLP on

On September 27, 2017, the Consumer Financial Protection Bureau (CFPB) announced the settlement of its Real Estate Settlement Procedures Act (RESPA) enforcement action against Meridian Title Corp. (Meridian), an Indiana-based...more

CFPB updates TRID Rule small entity compliance guide

by Ballard Spahr LLP on

The CFPB recently released a revised version of the TILA-RESPA Integrated Disclosure Rule Small Entity Compliance Guide. The revised version incorporates the recent amendments to the rule that became effective on October...more

House Financial Services Committee schedules Oct. 11 mark-up of “Madden fix” bill

by Ballard Spahr LLP on

Among the more than 20 bills that the House Financial Services Committee is scheduled to mark-up this Wednesday, October 11, is a bill to provide a “Madden fix” as well as several others relevant to consumer financial...more

CFPB Makes Last-Minute Changes to 2016 Mortgage Servicing Final Rule

On October 4, 2017, the CFPB released an interim final rule and a proposed rule to amend certain provisions of its 2016 Mortgage Servicing Final Rule. While the changes will not drastically change the 2016 Mortgage Servicing...more

CFPB Finalizes Alignment of Regulations B and C on Consumer Ethnicity and Race Information

by Ballard Spahr LLP on

On September 21, the CFPB finalized its proposal to amend Regulation B requirements related to collection of consumer ethnicity and race information, in order to resolve the differences between Regulation B and revised...more

CFPB updates HMDA rule guidance materials

by Ballard Spahr LLP on

The Consumer Financial Protection Bureau (CFPB) recently posted on its website updated versions of guidance in connection with the revisions to the Home Mortgage Disclosure Act (HMDA) rules that become effective on January 1,...more

CFPB Enters Into RESPA Settlement With Title Agent

by Ballard Spahr LLP on

The Consumer Financial Protection Bureau (CFPB) recently entered into a consent order with Meridian Title Corporation (Meridian) under the Real Estate Settlement Procedures Act (RESPA). ...more

CFPB Walks the Data Privacy Tightrope on Public HMDA Disclosures

In the wake of the Equifax data breach, consumers, companies, and regulators alike are cognizant of the potential exposure of personal information, and many companies are looking at ways to decrease the risk of unauthorized...more

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