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 that the CFPB inherited from other regulatory agencies on July 21, 2011, including, among others, Regulation Z (Truth in Lending) and Regulation X (RESPA). The inherited regulations are published in Chapter X of Title 12 of the Code of Federal Regulations. Following is the schedule of […]
Category: RESPA
CFPB – THE INHERITED REGULATIONS
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 […]
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 […]
HUD ISSUES ITS FINAL RESPA RULE
On July 11, just ten days before its rule-writing authority transfers to the new Consumer Financial Protection Bureau, HUD published revisions to Regulation X. The revisions generally address issues already covered in the Frequently Asked Questions and the RESPA Roundup. HUD did not touch any of the really screwed up issues that continue to plague lenders around the nation. The major revisions are summarized: The lender is not permitted to charge, as a condition for […]
MOST RECENT RESPA ROUNDUP
The Department of Housing and Urban Development (HUD) recently published an issue of its periodic newsletter – RESPA ROUNDUP. This issue provides guidance on several issues related to the Good Faith Estimate (GFE) and the Uniform Settlement Statement (HUD-1). The articles include: * HUD-1 Line 803 Tolerance Violation; * Credit Report Charges; * Loan Originator Fails to Issue GFE; and * 4506-T 9Tax Transcript Fees. We must be totally crazy to write and read about […]