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During a May 12 speech at the National Association of Realtors conference in Washington, D.C. CFPB Director Richard Cordray took the time to dismiss some misconceptions regarding the TRID Truth in Lending Act/Real Estate Settlement Procedures Act Integrated Disclosures and he created a few misconceptions in the process. Director Cordray said the requirement to provide the new Closing Disclosure three business days before closing “should not interfere with a successful closing, as some have claimed.

It is that season again. Every time we approach the effective date of a major regulatory change various financial institution associations make last-ditch efforts to delay the changes or the impact of the changes. The outcome is always the same – nothing changes. The Truth-in-Lending/RESPA Integrated Disclosures (TRID) changes are no exception. Recently the American Bankers Association (ABA) petitioned the Consumer Financial Protection Bureau (CFPB) to provide a grace period that would allow more time

Life on the road often brings surprises, last week more so than usual. On Wednesday evening I was travelling from a seminar in Tulsa to Oklahoma City. It was a race to see who or what would arrive first – our car or the storm. The car finished first That evening the Oklahoma City area was hit be more than a dozen tornadoes. I tried to keep up with the breaking weather news as I sat

Last month the Consumer Financial Protection Bureau (CFPB) released its 2014 Consumer Response Annual Report. Last year the CFPB received approximately 250,700 consumer complaints. The most significant categories of complaints were debt collection (35%), mortgage (20%), and credit reporting (18%). In the mortgage category the CFPB reported that it received approximately 51,200 complaints in 2014. The most common type of mortgage complaint (49% of total) involves problems consumers face when they are unable to make

On April 15 the Consumer Financial Protection Bureau (CFPB) approved an interpretative rule on Homeownership Counseling.  The rule addresses: How to provide mortgage applicants with a list of local homeownership counseling organizations; Restates guidance the CFPB issued in 2013, and provides further guidance for lenders who are building their own lists of housing counselors; and The qualifications for providing high-cost mortgage counseling and for lender participation in such counseling. Key points of clarification include: In