On November 29th the Consumer Financial Protection Bureau (CFPB) published a notice and request for information about streamlining the inherited regulations. The “inherited regulations” include 14 existing consumer regulations, including, among others, Regulation Z (Truth in Lending) and Regulation X (RESPA), that the CFPB inherited from other regulatory agencies on July 21, 2011. The inherited regulations are published in Chapter X of Title 12 of the Code of Federal Regulations. On December 16, 2011 the […]
Category: Lending Compliance
KNOW BEFORE YOU OWE
The Dodd-Frank Act requires the Consumer Financial Protection Bureau (CFPB) to combine Truth in Lending Act and the Real Estate Settlement Procedures Act disclosures. The CFPB began with the early disclosures (the combined early TIL and GFE). Now they are working on the closing disclosures (the combined TIL/HUD-1). Early disclosures – For most lenders the early TIL and GFE disclosures currently include four to six pages. The proposed combined form consists of two pages. The […]
ANOTHER MATURNITY CASE
On November 3, 2011 HUD announced (HUD No. 11-261) that it reached an agreement with Luxury Mortgage Corporation (LMC), a mortgage lender based in Stamford, Connecticut, settling accusations that the lender discriminated against a woman by denying her mortgage loan because she was on maternity leave. Under the settlement, LMC agrees to pay the woman who was denied the mortgage $12,000. The settlement is the result of a complaint that was filed by a couple […]
STUDENT LOAN – KNOW BEFORE YOU OWE
The CFPB is assisting the Department of Education with creating a “financial aid shopping sheet” that colleges could use to improve information for students and their families. The draft shopping sheet is posted on the CFPB website, where comments from students, families, and other stakeholders are sought. It includes estimated monthly payments after leaving school and helpful school-related information such as graduation rates. And, importantly, it allows students to compare an offer from one school […]
SAFE ACT ANNUAL RENEWAL
The Secure and Fair Enforcement for Mortgage Licensing Act (SAFE Act) mandates the registration of mortgage loan originators (MLOs). Section .103(b)(1)(i) of the SAFE Act regulations requires MLOs to renew their registration each year during the annual renewal period. The annual renewal period extends from November 1st to December 31st. The annual registration requirement does not apply to a registered MLO who completed his or her initial registration with the Registry less than 6 months […]