On April 27, 2021, the Consumer Financial Protection Bureau (CFPB) published a final rule extending the mandatory compliance date of the General Qualified Mortgage (QM) Final Rule from July 1, 2021 to October 1, 2022. Additionally, the April 2021 Final Rule affects the expiration of the Temporary GSE QM loan definition or “Patch.” Under the April 2021 Final Rule, the Temporary GSE QM loan definition will expire on October 1, 2022 or the date the […]
Category: CFPB
CFPB INTERIM FINAL RULE REGARDING EVICTION MORATORIUM
Nearly 9 million households are behind on their rental payments. Tens of thousands of renters are being evicted every week, often without being told of their rights under the CDC moratorium. As the CDC has found, tenants who are evicted may end up homeless or in crowded or shared living settings, increasing their vulnerability to COVID-19 and the risk of the disease spreading throughout communities. Such evictions can have long-term health, financial, and social consequences […]
CFPB SMALL ENTITY COMPLIANCE GUIDE FOR DEBT COLLECTION
The CFPB has updated its Small Entity Compliance Guide for the Debt Collection Rule (Regulation F) to add the vastly expanded requirements of the December 2020 Final Rules. The CFPB recently issued a proposed revision to Regulation F to delay the effective date from November 30, 2021 to January 29, 2022.
CFPB PROPOSES DELAY OF THE FDCPA RULES
On April 7, 2021, the Consumer Financial Protection Bureau (CFPB) proposed to extend the effective dates for two recent final rules amending Regulation F from November 30, 2021 until January 29, 2022. The comment period ends 30 days after the proposed rule is published in the Federal Register.
CFPB PROPOSES FORECLOSURE SURGE CHANGES TO RESPA
On April 5, 2021, the Consumer Financial Protection Bureau (CFPB) proposed changes to Regulation X to assist borrowers affected by the COVID-19 emergency. The CFPB is taking this action to: Help ensure that borrowers impacted by the COVID-19 pandemic have an opportunity to be evaluated for loss mitigation before the initiation of foreclosure. Establish a temporary COVID-19 emergency pre-foreclosure review period until December 31, 2021, for principal residences Temporarily permit mortgage servicers to offer certain […]