Effective August 1, 2015 the Consumer Financial Protection Bureau (CFPB) has changed its position regarding providing Truth in Lending disclosures in transactions that involve trusts. The revisions clarify that the benefits of the regulation extend to any consumer involved in a transaction that in substance extends consumer credit, regardless of whether that consumer is the direct mortgage obligor or a beneficiary of a trust to which such credit has been extended. Regulation Z does not
MORTGAGE SHOPPING TOOLKIT REPLACES SCB
Category: CFPB, Integrated Disclosures, Lending Compliance, Regulation Z, Truth in Lending
On March 31 the Consumer Financial Protection Bureau (CFPB) published a new toolkit, titled Your Home Loan Toolkit – A Step-by-Step Guide, that guides consumers through the process of shopping for a mortgage and buying a house. The toolkit is designed to help consumers take advantage of the new Loan Estimate and Closing Disclosure forms that lenders are required to begin providing in August. The toolkit provides a step-by-step guide to help consumers understand the
SUCCESS STORY
Category: Uncategorized
I got a call from one of my Compliance Master Group (CMG) members yesterday. I hear from her occasionally. She was confirming that she had reached the correct conclusion on an issue that she had researched. It hasn’t always worked that way. Years ago she called very frequently with basic questions; she didn’t have a clue where to find the answers. After we discussed her issue yesterday she shared with me that they had just
The Protecting Tenants at Foreclosure Act of 2009 (PTFA) was enacted on May 20, 2009. The major provision of the PTFA was to ensure protection from eviction for tenants living in foreclosed property. The PTFA was set to expire on December 31, 2012; however, the Dodd-Frank Act extended the protections through December 31, 2014. Congress did not act to extend the protections beyond 2014 and, as a result, the PTFA expired on December 31, 2014.
PENDING LENDING ISSUES
Category: CFPB, FDIC, Federal Reserve Board, Flood Insurance, Lending Compliance, OCC, Regulation Z
Can we see the light at the end of the tunnel? Maybe faintly. Truth-in-Lending/RESPA Integrated Disclosures (TRID) – The biggest pending issue is the TRID rules that are effective August 1, 2015. Some vendors have delivered updates to loan origination software for testing. Policies, procedures, and training need to be completed. But it is appears likely that most lending institutions will complete all required tasks by the deadline. Some, like the banker I talked to
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