It is that season again. Every time we approach the effective date of a major regulatory change various financial institution associations make last-ditch efforts to delay the changes or the impact of the changes. The outcome is always the same – nothing changes. The Truth-in-Lending/RESPA Integrated Disclosures (TRID) changes are no exception. Recently the American Bankers Association (ABA) petitioned the Consumer Financial Protection Bureau (CFPB) to provide a grace period that would allow more time […]
Tag: Consumer Financial Protection Bureau
CFPB 2014 CONSUMER RESPONSE ANNUAL REPORT
Last month the Consumer Financial Protection Bureau (CFPB) released its 2014 Consumer Response Annual Report. Last year the CFPB received approximately 250,700 consumer complaints. The most significant categories of complaints were debt collection (35%), mortgage (20%), and credit reporting (18%). In the mortgage category the CFPB reported that it received approximately 51,200 complaints in 2014. The most common type of mortgage complaint (49% of total) involves problems consumers face when they are unable to make […]
CFPB INTERPRETATIVE RULE – HOMEOWNERSHIP COUNSELING
On April 15 the Consumer Financial Protection Bureau (CFPB) approved an interpretative rule on Homeownership Counseling. The rule addresses: How to provide mortgage applicants with a list of local homeownership counseling organizations; Restates guidance the CFPB issued in 2013, and provides further guidance for lenders who are building their own lists of housing counselors; and The qualifications for providing high-cost mortgage counseling and for lender participation in such counseling. Key points of clarification include: In […]
TILA COVERAGE FOR TRUSTS
Effective August 1, 2015 the Consumer Financial Protection Bureau (CFPB) has changed its position regarding providing Truth in Lending disclosures in transactions that involve trusts. The revisions clarify that the benefits of the regulation extend to any consumer involved in a transaction that in substance extends consumer credit, regardless of whether that consumer is the direct mortgage obligor or a beneficiary of a trust to which such credit has been extended. Regulation Z does not […]
MORTGAGE SHOPPING TOOLKIT REPLACES SCB
On March 31 the Consumer Financial Protection Bureau (CFPB) published a new toolkit, titled Your Home Loan Toolkit – A Step-by-Step Guide, that guides consumers through the process of shopping for a mortgage and buying a house. The toolkit is designed to help consumers take advantage of the new Loan Estimate and Closing Disclosure forms that lenders are required to begin providing in August. The toolkit provides a step-by-step guide to help consumers understand the […]