Archive

Today the Consumer Financial Protection Bureau (CFPB) updated us on the extensive process used to develop the new combined TIL/RESPA forms. There is no question about it, the CFPB did exhaustive work designing the new combined forms. I expect the forms will be clearer and much easier to use. But there is one simple fact that Congress and the regulators refuse to grasp – borrowers do not read disclosures and they do not shop for […]

Today the Consumer Financial Protection Bureau (CFPB) published the first part of a series of articles leading up to the publication of the combined Truth in Lending/RESPA disclosures. The first article looks at the origins of the Know Before You Owe project for simplifying mortgage disclosures. Tomorrow, the CFPB looks back at how the project unfolded. And then very soon, the CFPB will explain the long-awaited new proposed rule to make mortgage disclosures more effective […]

Over the next six months Regulation Z will undergo the most extensive revisions in its 43 year history. The rules will primarily impact mortgage loan rules, for both open-end and closed-end credit. For mortgage loan disclosures, it will be the end of the world as we know it and the beginning of a brave new world of Regulation Z. Following is a summary of each piece of the revision process. Ability to Repay– A final […]

During 2011 HUD settle cases with two lenders involving familial status discrimination. In both cases women on paid maternity leave were told to wait until they returned to their full-time positions credit could be approved. The first case, in August 2011, cost the lender more than $750,000. The first victim received $15,000, later victims were to $7,500 each. In the November case the victim received $12,000. The lender was required tocreate a fund to compensate […]

Orlando, FL The American Bankers Association (ABA) really knows how to throw a party. The 2012 American Bankers Association Regulatory Compliance Conference (RCC) is in Orlando. This is the 26th year the ABA has presented the conference Orlando is hot and humid this time of year, but when you sit in sessions from early morning until well into the evening the chill from the air conditioning is the bigger concern A beautiful hotel – The […]