The Consumer Financial Protection Bureau has added five new questions and answers related to Housing Assistance Loans to the TILA-RESPA Integrated Disclosure FAQs. The new questions, which are effective immediately, cover: Are housing assistance loans covered by the TRID rule? What are the criteria for the Regulation Z Partial exemption from the Loan Estimate and Closing Disclosure Requirements? What are the criteria for the BUILD Act Partial Exemption from the Loan Estimate and Closing Disclosure […]
Category: Truth in Lending
CFPB FINALIZES DELAY OF RECENT QM RULES
On April 27, 2021, the Consumer Financial Protection Bureau (CFPB) published a final rule extending the mandatory compliance date of the General Qualified Mortgage (QM) Final Rule from July 1, 2021 to October 1, 2022. Additionally, the April 2021 Final Rule affects the expiration of the Temporary GSE QM loan definition or “Patch.” Under the April 2021 Final Rule, the Temporary GSE QM loan definition will expire on October 1, 2022 or the date the […]
CFPB PROPOSES DELAY OF REVISED GENERAL QM RULE
On March 3, 2021 the Consumer Financial Protection Bureau (CFPB) announced a notice of proposed rulemaking (NPRM) that would delay the mandatory compliance date of the General Qualified Mortgage (QM) final rule from July 1, 2021 to October 1, 2022. If the NPRM is finalized as proposed, the old, DTI-based General QM definition; the new, price-based General QM definition; and the GSE QM would all remain available as long as the lender received the consumer’s […]
CFPB WAFFLING ON QUALIFIED MORTGAGE RULES
On February 23, 2021, Dave Uejio, acting director of the Consumer Financial Protection Bureau (CFPB), issued a statement that announced, “We expect to propose a rule to delay the General QM Final Rule’s July 1, 2021 mandatory compliance date. An extension of the compliance deadline would allow lenders more time in which they could make QM loans based on a debt-to-income ratio or whether the loans are eligible for sale to Fannie Mae or Freddie […]
TRID AND DAYLIGHT SAVING TIME
Daylight Saving Time (DT) begins on Sunday March 14, 2021 at 2:00 a.m. It ends on November 7, 2021 at 2:00 a.m. What does DT have to do with TRID? The TRID rules under Regulation Z require creditors to disclose the time zone applicable to its location when disclosing the date and time the interest rate lock and estimate of closing costs will expire on the loan estimate. As a result, financial institutions located in […]