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CFPB Finalizes Rule to Eliminate the “Black Hole” Issue

On Thursday, April 26, 2018, the Consumer Financial Protection Bureau (“CFPB”) announced its long-awaited final amendments to the TILA/RESPA Integrated Disclosure Rule (“TRID”) that aim to eliminate the “black hole” issue.[1] Currently, the “black hole” issue limits a creditor’s ability to reset fee tolerances with a revised Closing Disclosure more than four business days before [..]

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Amendments to Texas Home Equity Lending Interpretations

Effective March 29, 2018, the Finance Commission of Texas and the Texas Credit Union Commission (the “Commissions”) adopted amendments to their home equity lending interpretations (the “Amended Interpretations”).[1] As a reminder, Section 50(u) of the Texas Constitution authorizes the legislature to delegate authority to interpret its home equity lending provisions to state agencies, and provides [..]

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Mortgage Legal and Compliance Report—February 2018

The CFPB’s New Mission Statement: No More “Pushing the Envelope,” and Ending “Regulation by Enforcement,” says Mulvaney On January 23, 2018, the acting CFPB Director, Mick Mulvaney, sent an email to staff redirecting the agency’s mission and focus. In the email, Mulvaney emphasized that the law mandates the enforcement of consumer protection laws and that, [..]

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Mortgage Legal and Compliance Report: January 2018

New Year, New Disclosures Texas mortgage lenders have several new, noteworthy disclosures to provide borrowers in the new year. Effective January 7, 2018, the Texas Mortgage Company Disclosure is changing. The revised Texas Mortgage Company Disclosure replaces the current version found in section 80.200(a) of the Texas Administrative Code, and must be provided to loan [..]

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Proposition 2, Home Equity Lending Proposed Constitutional Amendments

The Significant Changes, Issues, and Why the Vote Matters Earlier this year, the Texas Legislature passed Senate Joint Resolution 60 (S.J.R. 60), proposing amendments to the provisions of the Texas Constitution that govern home equity lending (the “Amendments”).[1] On November 7, 2017, the voters must decide whether to approve these Amendments, which appear on the [..]

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Bills that Mortgage Bankers Should Follow This Session

The 85th Session of the Texas Legislature is well underway, and several bills have been filed with the potential to dramatically impact Texas mortgage bankers. Below is a synopsis of three noteworthy bills to follow.[1] Home Equity Lending Reform—HJR 99 and SJR 60 If passed, House Joint Resolution 99 and its senate companion, Senate Joint Resolution [..]

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The Future of the CFPB and its Rulemaking Authority in 2017

By Steven J. Kubik Last Friday, you may have seen some variation of the following headlines: “Trump to Take Steps Rolling Back Financial Regulations” or “Trump Moves to Undo Dodd-Frank Law.” Whether you are excited or terrified by these headlines, you likely have questions regarding the changes that this new year and new Presidential administration [..]

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