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.
Category: Regulation X
CFPB ANNOUNCES NEW SERVICING RULES
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 FINAL RULES FOR HIGH-COST MORTGAGES AND HOMEOWNERSHIP COUNSELING
Today the Consumer Financial Protection Bureau (CFPB) published a 431-page final rule to strengthen consumer protections for high-cost mortgages and to provide consumers with information about homeownership counseling. The rule is effective on January 10, 2014. The final rule amends: Regulation Z (Truth in Lending) by expanding the types of mortgage loans that are subject to the protections of the Home Ownership and Equity Protections Act of 1994 (HOEPA), revising and expanding the tests for […]
EXTENDED DATE FOR NEW MORTGAGE DISCLOSURES
On November 16, 2012 the Consumer Financial Protection Bureau (CFPB) announced that it will give creditors extra time to provide certain new disclosures required under the Dodd-Frank Wall Street Reform and Consumer Protection Act in order to allow a more seamless integration with other mortgage disclosures that have been proposed by the Bureau. The Dodd-Frank Act: Requires the CFPB to integrate certain disclosures from the Truth in Lending Act (TILA) and the Real Estate Settlement […]
MORE ON TESTING INTEGRATED MORTGAGE LOAN DISCLOSURES
Following our recent article about testing the integrated mortgage disclosure forms we received several inquiries requesting more information about the process, particularly about submitting a comment. This article responds to those requests. The Issue – The volume of changes from the Dodd-Frank Act that are currently unfolding is daunting. Over 2,400 pages of proposed regulations have been published in just the past two months alone. A huge bank can assign a team to the task of […]