Category: CFPB

CFPB Issues Final Policy on HMDA Data Addressing Privacy Concerns

On December 21, 2018, the CFPB issued final policy guidance concerning data collected under the HMDA rule that will be made publicly available in 2019. For background purposes, the CFPB comprehensively revised HMDA data collection/reporting requirements in 2015. These new data collection requirements became effective in 2018, with a reporting deadline of March 2019. The CFPB issued [..]

Read More

MBA Members and Industry Groups Request Changes to Loan Originator Compensation Rule

Beginning the Conversation, but No Imminent Changes. On October 17, 2018, nearly 250 member companies of the Mortgage Banker’s Association (MBA) submitted a letter (the “Letter”)[1] to the Bureau of Consumer Financial Protection (the “Bureau”) urging “the Bureau. . . to make changes to its Loan Originator Compensation (LO Comp) rule necessary to help consumers [..]

Read More

CFPB Publishes Annual High Cost Mortgage and QM Adjustments

The CFPB recently published a final rule regarding several annual adjustments it is required to make pursuant to Regulation Z. In relevant part, the adjustments reflect changes to the high cost mortgage thresholds under HOEPA, and the Qualified Mortgage (“QM”) points and fees limits under the ability to repay/QM provisions of Dodd-Frank. These changes will [..]

Read More

Dodd-Frank Reform Highlights for Mortgage Bankers

Congress recently passed the Economic Growth, Regulatory Relief, and Consumer Protection Act (the “Act”), and on May 24, 2018, President Trump signed the Act into law. The Act is not a widespread repeal of Dodd-Frank, but it does provide some welcome regulatory relief to financial institutions and changes to federal law concerning consumer mortgages. Below [..]

Read More

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 [..]

Read More

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, [..]

Read More

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 [..]

Read More