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Better late than never! Yesterday the Consumer Financial Protection Bureau provided long-awaited guidance (CFPB Bulletin 2012-02) on the Regulation Z Loan Originator Compensation rules that were effective in April 2011. The Compensation Rules provide that no loan originator may receive (and no person may pay to a loan originator), directly or indirectly, compensation that is based on any terms or conditions of a mortgage transaction. The Commentary to the Regulation clarifies that compensation includes salaries,

On February 27, 2012 the Department of Housing and Urban Development (HUD) charged Bank of America (BOA) with discriminating against disabled homebuyers. The Fair Housing Act makes it illegal to discriminate in the terms and conditions of a loan to an individual based on a disability, including imposing different application or qualification criteria, and also makes it illegal to inquire about the nature or severity of a disability except in limited circumstances. “Holding homebuyers with

While the Consumer Financial Protection Bureau (CFPB) has been developing and testing the combined TIL/RESPA forms a number of issues have come to their attention. Following are a few items in their crosshairs: Many lenders and mortgage brokers provide consumers with preliminary estimates of loan terms and settlement costs that are not mandated by TILA or RESPA. The CFPB is considering whether to require that these preliminary estimates carry a disclaimer that tells the consumer

Recently the Consumer Financial Protection Bureau (CFPB) launched the Regulation Streamlining Feedback Web Tool. This tool allows you to give input on ways to streamline the regulations the CFPB inherited under the Dodd-Frank Wall Street Reform and Consumer Protection Act. The CFPB wants to know what parts of these regulations should receive the highest priority for updating, modifying, or eliminating. The Regulation Streamlining Feedback Web Tool enables you to submit comments and suggestions on one

The Consumer Financial Protection Bureau (CFPB) has published a Notice and Request for Information on overdraft programs. The Dodd-Frank Act grants regulatory authority to the CFPB for the Electronic Funds Transfer Act and the Truth in Savings Act, which taken together, in part, govern consumer transaction accounts. The CFPB is reviewing existing regulations and supervisory guidance issued by various regulators pertaining to the use of overdraft programs by financial institutions. To support this review, the