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If a creditor fails to provide a borrower with a rescission notice or accurate material disclosures for certain residential mortgage loans, the rescission period is extended from three business days to three years. Two recent decisions from the Eighth Circuit conclude that borrowers must file a lawsuit to preserve the statute of limitations. Hartman v. Smith, 734 F.3d 752 (8th Cir. 2013) and Jesinoski v. Countrywide Home Loans, Inc., 729 F.3d 1092 (8th Cir. 2013). […]

Section 100204 of the Biggert-Waters Flood Insurance Reform Act of 2012 revised the maximum limits of building coverage available for non-condominium residential buildings designed for use for five or more families (Other Residential) to match the limits of commercial and other non-residential properties insured under the Standard Flood Insurance Policy (SFIP) General Property Form. This is an increase of available building coverage from $250,000 per building to $500,000. New Business and Renewals The new coverage limits […]

On March 13 the Senate joined the House of Representatives by passing a bill to reverse flood insurance reforms and curb flood insurance premium increases. The “Homeowner Flood Insurance Affordability Act of 2013,” (HFIAA) is on its way to the White House for signature. The White House has expressed concern about rolling back the Biggert-Waters reforms. Opponents of the bill argued that the Biggert-Waters reforms and the law’s scaling back of premium subsidies, changes intended […]

Section 1026.36(j) states, ” A depository institution must establish and maintain written policies and procedures reasonably designed to ensure and monitor the compliance of the depository institution, its employees, its subsidiaries, and its subsidiaries’ employees with the requirements of paragraphs (d), (e), (f), and (g) of this section. These written policies and procedures must be appropriate to the nature, size, complexity, and scope of the mortgage lending activities of the depository institution and its subsidiaries.” […]

The volume of change to the Truth-in-Lending Act and Regulation Z during the past year has been overwhelming. But in the midst of all the change Congress and the Consumer Financial Protection Bureau made an effort to lighten the load, a bit, for small creditors. So what breaks are available? And, who qualifies as a small creditor? Since the definition focuses, in part, on affiliates we are also concerned with who is an affiliate? Breaks […]