Don’t forget, Daylight Saving Time (DST) ends on November 5, 2023 at 2:00 a.m.! What does DST have to do with TRID, you may ask? 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 areas that observe DST need […]
Tag: CFPB
RESPA Section 8 Enforcement Actions for Freedom Mortgage From the CFPB
2023 does not appear to be Freedom Mortgage Corporation’s year. Yesterday, they received another enforcement action from the CFPB alleging they provided false information to Federal Regulators. This follows the August penalty for illegal kickbacks. In August, the CFPB took action against Freedom for violating the most basic requirements of RESPA Section 8. They were found to be providing illegal incentives to real estate brokers and agents in exchange for mortgage loan referrals. Freedom provided […]
Additional FAQs Released by CFPB on Section 1071
Today, the CFPB released additional, more extensive Frequently Asked Questions on Section 1071, Small Business Data Collection and Reporting requirements. The expanded list of questions extends beyond the Institutional Coverage and Small Business/Credit transactions they released in June of this year, to include guidance on Firewall and Record Retention. In addition to the new sections, the CFPB also added additional questions and more details to the prior sections of the FAQ. It is important to […]
U.S. District Court Grants Stay on Section 1071 Compliance Dates
On July 31st, a U.S. District Court in Texas granted a stay on the compliance dates for members of the American Bankers Association (ABA) and Texas Bankers Association (TBA) with respect to the CFPB’s Section 1071 rule that was released earlier this year. The stay will remain in effect until the Supreme Court makes a final decision on the constitutionality of the CFPB’s funding structure. This review is scheduled for October of this year, but […]
CFPB Released FAQs for Small Business Data Collection and Reporting
On June 28, 2023, the CFPB released a set of Frequently Asked Questions to address for determining institutional coverage focused on areas like: Financial Institution Coverage Metropolitan Statistical Areas (MSA) Types of transactions Ag purpose credit Refinancings Temporary loans What to do if you did not collect Gross Annual Revenue for 2022 and 2023 Covered Credit Transactions and Small Businesses Covered credit transactions What is a small business Individuals and sole proprietorship The purpose of […]