Dykema Gossett PLLC
Dykema Gossett PLLC

Consumer Financial Protection Bureau Law Blog

CFPB Law Blog

News and analysisi of the priorities, initiatives and regulatory actions and proceedings of the Consumer Financial Protection Bureau


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Showing 33 posts in Mortgages.

Eighteen Months after Bulletin 2013-01, CFPB Issues New Guidance on Mortgage Servicing Transfers

Mortgage servicers and subservicers should consider reviewing the August 19, 2014 bulletin from the Consumer Financial Protection Bureau (CFPB) on mortgage servicing transfers to ensure compliance with the most up-to-date guidance.  This bulletin replaces the February 2013 bulletin on the same topic, incorporating the January 10, 2014 revisions to Regulation X, which implements the Real Estate Settlement Procedures Act (RESPA).  For servicers who have fully implemented the CFPB’s February 2013 guidance and the new servicing rule, we do not expect the information in the new bulletin to require significant changes to policies and practices.  Rather, the bulletin may provide a useful set of benchmarks and reminders.  Read More ›

CFPB Presents Annual Fair Lending Report to Congress

On April 30, the Consumer Financial Protection Bureau (the CFPB) presented its annual Fair Lending Report to Congress.  The Fair Lending Report details the CFPB’s actions and initiatives during 2013. In particular, the Report reveals how the CFPB makes enforcement decisions and includes examples of several of the CFPB’s enforcement actions from past year.  Read More ›

CFPB Proposes Changes to QM Rules

The Consumer Financial Protection Bureau (CFPB) recently announced proposed amendments to Regulation Z. Significantly, one of the three proposed amendments affects qualified mortgages (QM), which are entitled to a presumption under the Dodd-Frank Act that the creditor making the loan has satisfied the ability-to-repay requirements.    Read More ›

CFPB Publishes Guide to the TILA-RESPA Loan Estimate and Closing Disclosure Forms

The Consumer Financial Protection Bureau (CFPB) on April 17, 2014 announced the release of a Guide to Completing TILA-RESPA Integrated Disclosure Forms (the Forms Guide). The CFPB states that the purpose of the Forms Guide is to provide instructions for completing the two new integrated TILA-RESPA disclosure forms, the Loan Estimate and Closing Disclosure, and to highlight common situations that may arise when completing the forms. Additionally, as the changes related to the TILA-RESPA Integrated Disclosure Rule may take time, resources, and planning to execute, the CFPB hopes the Forms Guide will help identify some of the necessary changes that may need to be implemented by organizations involved in the origination of closed-end residential mortgage loans. Settlement service providers, software providers, and other companies that serve as business partners to creditors may also find the Forms Guide helpful  Read More ›

CFPB Releases Small Entity Compliance Guide for TILA-RESPA Integrated Disclosure Rule

In late March, the Consumer Financial Protection Bureau (CFPB) issued a  Small Entity Compliance Guide (Guide) for the TILA-RESPA Integrated Disclosure Rule (TILA-RESPA Rule). In compliance with Section 212 of the Small Business Regulatory Enforcement Fairness Act of 1996, the CFPB has issued the guide to help small businesses comply with the TILA-RESPA Rule, which is effective August 1, 2015. Read More ›

CFPB Deputy Director Remarks Warn of Harsher Enforcement

Mortgage servicers expecting temperate enforcement of the new mortgage servicing rules received a wake-up call from Consumer Financial Protection Bureau (CFPB) Deputy Director Steven Antonakes during his February 19, 2014 remarks to the Mortgage Bankers Association. Read More ›

CFPB Announces Potential Changes in Home Mortgage Disclosure Act Data Collection

On February 7, 2014, the Consumer Financial Protection Bureau (CFPB) announced that it will consider changes to improve data collection under the Home Mortgage Disclosure Act (HMDA), which was enacted in 1975 to gather information on whether financial institutions were serving the housing needs of their communities and providing access to residential mortgage credit. Read More ›

New CFPB Guidance on Higher-Priced Mortgage Loan Appraisal Rules under the Truth in Lending Act

On December 12, 2013, six federal financial regulatory agencies (the Federal Reserve, CFPB, FDIC, FHFA, NCUA, and OCC) issued a final rule amending the Dodd-Frank Act appraisal requirements for “higher-risk” mortgages to create exemptions from appraisal requirements for manufactured homes; loans of $25,000 or less (indexed each year for inflation); and certain “streamlined” refinancing transactions.  These exemptions are just in time, as the Higher-Priced Mortgage Loan (or HPML) Appraisal Rules under the Truth in Lending Act take effect on January 18, 2014.    Read More ›

CFPB Closes Door on Captive Mortgage Reinsurance Arrangements

On November 15, 2013, the CFPB filed a complaint and a proposed consent judgment against Republic Mortgage Insurance Corporation (RMIC).  The complaint alleges that RMIC violated section 8 of the Real Estate Settlement Procedures Act (RESPA) by obtaining illegal kickbacks from RMIC’s lenders.  The violation allegedly occurred when RMIC entered into captive mortgage reinsurance arrangements with its lenders.  The proposed consent judgment would require RMIC to pay $100,000 in penalties; to end its practice of entering into captive mortgage reinsurance arrangements; and to be subject to monitoring by the CFPB.  Read More ›

CFPB Publishes New Mortgage Disclosure Forms

On November 20, 2013, the Consumer Financial Protection Bureau (CFPB) issued a 1,887 page rule requiring mortgage lenders to use two new disclosures when making mortgage loans to consumers.  The new forms are a "Loan Estimate," which replaces the preliminary Truth-in-Lending Disclosure Statement and Good Faith Estimate, and a "Closing Disclosure," which replaces the final Truth-in-Lending Disclosure Statement and HUD-1 Settlement Statement.  Mortgage lenders must use the new forms by August 1, 2015. Read More ›