On January 18, 2013 the Consumer Financial Protection Bureau (CFPB) announced publication of a final rule amending Regulation Z. The new rules revise and clarify existing regulations and commentary on loan originator compensation. The rules also implement Dodd-Frank Act provisions that prohibit certain arbitration agreements and the financing of certain credit insurance in connection with a mortgage loan. The rules take effect in January 2014, except that the prohibition on mandatory arbitration and on the […]
Category: Regulation Z
INTERAGENCY APPRAISAL RULES FOR HIGHER-PRICED MORTGAGE LOANS
On January 16, 2013 the FDIC published an interagency rule to amend Regulation Z, as required by the Dodd-Frank Act. The new rule established appraisal requirements for “higher-priced mortgages.” The other federal financial institution regulatory agencies are expected to join the effort on January 18th. The 305-page final rule is effective on January 18, 2014. The new rule prohibits a creditor from extending credit in the form of a higher-priced mortgage loan to any consumer […]
ADDITIONAL NEWS REGARDING: CFPB ANNOUNCES NEW SERVICING RULES
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.
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 THE ABILITY TO REPAY RULES
Today the Consumer Financial Protection Bureau (CFPB) published the long-anticipated amendments to Regulation Z to implement the ability to repay rules today. The 804 page final rule will be effective on January 10, 2014. Ability to Repay – Under the Ability-to-Repay rule, all new mortgages must comply with basic requirements that protect consumers from taking on loans they don’t have the financial means to pay back. Among the features of the new rule: Financial information […]