The Consumer Financial Protection Bureau (CFPB) published final rules to implement the new integrated disclosures on November 20, 2013. The rules complete the Dodd-Frank mandate to combine the disclosures required by the Truth-in-Lending (TILA) and Real Estate Settlement Procedure Acts (RESPA). The regulations, the Official Interpretations and instructions for completing the forms are massive, covering 1,888 pages. Have you begun the implementation process yet? You have until August 1, 2015 to complete the task,
On April 30 the Consumer Financial Protection Bureau (CFPB) proposed changes to Regulation Z rules related to the small servicer exemption and to the qualified mortgage rules. The proposal is on a fast track, with a 30-day comment period. Small Servicer The proposed changes to the small servicer rules are nice. The CFPB proposes an alternative small servicer definition for nonprofit entities that meet certain requirements, and amend the existing exemption from the ability-to-repay rule
RESCISSION CASE HEADED TO SUPREME COURT
Category: Lending Compliance, Regulation Z, Truth in Lending
As we reported on March 21 (click here for article) the federal appeals courts are divided on whether a borrower timely exercises the right of rescission by sending the creditor a rescission notice within three years of consummation or whether the borrower must also file a lawsuit within three years. The U. S. Supreme Court has granted review in one of the rescission cases we reported. The case (Jesinoski v. Countrywide Home Loans) will be
On March 23 Congress passed the Homeowner Flood Insurance Affordability Act. The Affordability Act revises certain sections of Biggert-Waters, eliminates or delays other sections and creates new rules. Section 13 of the Affordability Act is causing some controversy. It adds: The following exclusion to Subsection (c) of section 102 of the Flood Disaster Protection Act of 1973: (3) DETACHED STRUCTURES.—Notwithstanding any other provision of this section, flood insurance shall not be required, in the case
WHAT IS MISMO?
Category: HMDA, Lending Compliance, Regulation C
The Mortgage Industry Standards Maintenance Organization, (MISMO) is a not-for-profit subsidiary of the Mortgage Bankers Association (MBA). It is a developer of technology standards for both residential and commercial property transactions. By promoting improved data consistency, MISMO aims to reduce costs and increase transparency while promoting confidence in mortgages as an asset class for investors. MISMO develops and maintains a comprehensive set of standards and data points for all stages of the mortgage loan life
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The ever-changing laws, regulations, proposals, deadlines, and guidance are a lot for anyone to manage and keep up with so let us do the work for you. Our blog is designed to help compliance professionals by releasing updates as soon as the news breaks. Our Compliance Resource team is researching, following, and monitoring government agencies and regulators to give you all the latest and greatest compliance news. Our goal is to work harder so you don’t have to.