Mortgage Lending, Servicing + Banking

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Earlier this month, the Department of Housing and Urban Development announced a revision to its definition for FHA-insured Qualified Mortgages (QMs) that applies to Section 501(c)(3) nonprofits that originate and service mortgages.  However, HUD decided it would not adopt the CFPB’s post-consummation QM limited cure mechanism, which we discussed here, for purposes of HUD’s…

In October, the CFPB issued a final rule amending the 2013 mortgage rules that took effect in January 2014, including a post-consummation points and fees cure mechanism for qualified mortgage loans, which became effective on November 3, when it was published in the Federal Register.

These new amendments to the mortgage rules include:

  • Qualified

…

An $8 million settlement announced November 19, 2014, between the Consumer Financial Protection Bureau (CFPB) and the nation’s largest “buy here pay here” auto dealer represents yet another warning coming out of Washington, D.C. that:

1. Compliance with the requirements of the Fair Credit Reporting Act (FCRA) when businesses furnish credit information to consumer reporting…

Last week, the U.S. Supreme Court heard argument in an appeal from the U.S. Court of Appeals for the Eighth Circuit that involves an interpretation of a provision under the Truth-in-Lending Act that has caused a split among the lower courts.  The Supreme Court has to determine whether a borrower exercises his right to rescind…

By this time next year, the CFPB’s new TILA-RESPA Integrated Disclosures rule will be in effect.  Is your company prepared to comply with the new rule?

On Tuesday, November 18, the CFPB and the Federal Reserve will host an hour-long webinar beginning at 2:00PM EST to address frequently asked questions on how to complete the…

On October 22, the CFPB published in the Federal Register the compliance bulletin and policy guidance regarding mortgage servicing transfers that it issued on August 19, 2014 (link to full text can be found here).  It states that “[t]his bulletin is effective October 23, 2014 and applicable beginning August 19, 2014.”  The bulletin…

On October 28, the Consumer Financial Protection Bureau issued the latest edition of its “Supervisory Highlights” report, covering illegalities it discovered in the debt collection, student loan servicing, and mortgage collection markets between March and June 2014.  Although the Bureau acknowledged increased efforts by covered entities to ensure regulatory compliance, the report nevertheless…

The United States District Court for the District of Columbia denied a motion to dismiss filed by the District of Columbia in a case filed by a homeowner that lost his home as a result of a tax sale.

The homeowner, Benjamin Coleman, filed the suit on behalf of all city residents who lost their…

Flagstar Bank FSB has agreed to pay $37.5 million to settle allegations that it prevented borrowers from accessing foreclosure relief and modifying their mortgage loans, according to the U.S. Consumer Financial Protection Bureau.

The CFPB claims that Flagstar delayed borrowers’ requests for foreclosure relief, denied loan modifications, and failed to tell borrowers when their applications…

On July 23, the Consumer Financial Protection Bureau published in the Federal Register a proposed policy statement that is expected to expand the type of data disclosed in its consumer complaint database to include unstructured consumer complaint narrative data.  The CFPB extended the comment period to September 22 to permit additional time for the submission…