Recently the Consumer Financial Protection Bureau (CFPB) published its most recent semiannual rulemaking agenda. There were no big surprises in the agenda. This article reviews three issues of concern. Integrated Disclosures and Finance Charge Rules – The biggest rules yet to be finalized are the new integrated disclosures. The disclosures include the loan estimate (that combines the early TIL disclosure and the good faith estimate) and the closing disclosure (that combines the final TIL disclosures […]
Tag: Consumer Financial Protection Bureau
THE LATEST REMITTANCE RULE CHANGES
On August 7, 2013 the CFPB published final rule that amends a May 22, 2013 Final Rule which along with three other final rules implements the Electronic Fund Transfer Act’s provisions regarding remittance transfers. The August 7, 2013 Final Rule makes a clarificatory amendment and technical correction to the May 22, 2013 Final Rule. First, the rule makes a clarificatory amendment to § 1005.33(c)(2)(iii). That section sets forth the remedies for errors that occur because […]
PROPOSED REVISIONS TO HIGHER-PRICED MORTGAGE LOAN APPRAISAL RULES
Recently the Board of Governors of the Federal Reserve System; Bureau of Consumer Financial Protection; Federal Deposit Insurance Corporation; Federal Housing Finance Agency; National Credit Union Administration; and Office of the Comptroller of the Currency (collectively, the Agencies). proposed additional changes to the Higher-Priced Mortgage Loan appraisal rules that were published January 18, 2013. The comment period for the proposal ends on September 9, 2013. The January Rule requires creditors to obtain an appraisal or […]
NETTING AN ESCROW BALANCE AGAINST THE PAYOFF AMOUNT
Can a servicer offset the balance in an escrow account against the payoff balance quoted to the borrower? The answer depends on whether the transaction occurs today or after January 10, 2014. Today – If the transaction occurs today, Section 1024.17 (i)(4)(iii) states, “If a borrower pays off a mortgage loan during the escrow account computation year, the servicer shall submit a short year statement to the borrower within 60 days after receiving the pay-off funds. […]
CFPB PROPOSES CHANGES TO REGULATIONS B, X, AND Z
On June 24, 2013 the Consumer Financial Protection Bureau published proposed changes to several final rules originally published in January 2013. The proposal would: Provide procedures for obtaining follow-up information on loss-mitigation applications; Make it easier for servicers to offer short-term forbearance plans; Revise the definitions of “rural” and “underserved” and provide interim rules until the revised definitions are complete; Provide clarification about financing credit insurance; Clarify the definition of “loan originator;” Clarify the definition […]