INTERAGENCY APPRAISAL RULES FOR HIGHER-PRICED MORTGAGE LOANS
Category: CFPB, Dodd-Frank Act, FDIC, Financial Reform, Lending Compliance, Regulation Z, Truth in Lending
On January 16, 2013 the FDIC published an interagency rule to amend Regulation Z, as required by the Dodd-Frank Act. The new rule established appraisal requirements for “higher-priced mortgages.” The other federal financial institution regulatory agencies are expected to join the effort on January 18th. The 305-page final rule is effective on January 18, 2014. The new rule prohibits a creditor from extending credit in the form of a higher-priced mortgage loan to any consumer
ADDITIONAL NEWS REGARDING: CFPB ANNOUNCES NEW SERVICING RULES
Category: CFPB, Regulation X, Regulation Z, RESPA, Truth in Lending
Earlier today we posted a blog article where we added links to the CFPB’s regulatory text for both Regulation X and Regulation Z. We now have the full documents uploaded that include the preamble, regulatory text, and the official interpretations. Click here for the full Regulation X document. Click here for the full Regulation Z document.
CFPB ANNOUNCES NEW SERVICING RULES
Category: CFPB, Dodd-Frank Act, Regulation X, Regulation Z, RESPA, Truth in Lending
Today the Consumer Financial Protection Bureau (CFPB) is releasing final rules to implement laws to protect consumers from detrimental actions by mortgage servicers and to provide consumers with better tools and information when dealing with mortgage servicers. The rules impact those who service loans in their own portfolios and those who service loans owned by others.The rules will take effect on January 10, 2014. The servicing rules are set forth in two notices, one to
CFPB PUBLISHES THE ABILITY TO REPAY RULES
Category: CFPB, Dodd-Frank Act, Financial Reform, Regulation Z, Truth in Lending
Today the Consumer Financial Protection Bureau (CFPB) published the long-anticipated amendments to Regulation Z to implement the ability to repay rules today. The 804 page final rule will be effective on January 10, 2014. Ability to Repay – Under the Ability-to-Repay rule, all new mortgages must comply with basic requirements that protect consumers from taking on loans they don’t have the financial means to pay back. Among the features of the new rule: Financial information
CFPB PUBLISHES FINAL ESCROW RULES
Category: CFPB, Dodd-Frank Act, Financial Reform, Lending Compliance, Regulation Z, Truth in Lending
Today the Consumer Financial Protection Bureau (CFPB) issued a 116 page final rule that amends Regulation Z escrow requirements. The rule is effective on June 1, 2013. The final rule has three main elements: The rule amends existing regulations that require creditors to establish and maintain escrow accounts for at least one year after originating a “higher-priced mortgage loan” to require generally that the accounts be maintained for at least five years. The rule creates
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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.