On January 18, 2013 the Consumer Financial Protection Bureau published a124-page final rule to amend Regulation B, which implements the Equal Credit Opportunity Act. The final rule revises rules for appraisals and other valuations that was enacted as part of the Dodd-Frank Act. The final rule is effective on January 18, 2014. For applications for credit secured by a first lien on a dwelling the new rule: Requires creditors to notify applicants within three business […]
Tag: Dodd-Frank Act
INTERAGENCY APPRAISAL RULES FOR HIGHER-PRICED MORTGAGE LOANS
On January 16, 2013 the FDIC published an interagency rule to amend Regulation Z, as required by the Dodd-Frank Act. The new rule established appraisal requirements for “higher-priced mortgages.” The other federal financial institution regulatory agencies are expected to join the effort on January 18th. The 305-page final rule is effective on January 18, 2014. The new rule prohibits a creditor from extending credit in the form of a higher-priced mortgage loan to any consumer […]
CFPB ANNOUNCES NEW SERVICING RULES
Today the Consumer Financial Protection Bureau (CFPB) is releasing final rules to implement laws to protect consumers from detrimental actions by mortgage servicers and to provide consumers with better tools and information when dealing with mortgage servicers. The rules impact those who service loans in their own portfolios and those who service loans owned by others.The rules will take effect on January 10, 2014. The servicing rules are set forth in two notices, one to […]
CFPB PUBLISHES THE ABILITY TO REPAY RULES
Today the Consumer Financial Protection Bureau (CFPB) published the long-anticipated amendments to Regulation Z to implement the ability to repay rules today. The 804 page final rule will be effective on January 10, 2014. Ability to Repay – Under the Ability-to-Repay rule, all new mortgages must comply with basic requirements that protect consumers from taking on loans they don’t have the financial means to pay back. Among the features of the new rule: Financial information […]
CFPB PUBLISHES FINAL ESCROW RULES
Today the Consumer Financial Protection Bureau (CFPB) issued a 116 page final rule that amends Regulation Z escrow requirements. The rule is effective on June 1, 2013. The final rule has three main elements: The rule amends existing regulations that require creditors to establish and maintain escrow accounts for at least one year after originating a “higher-priced mortgage loan” to require generally that the accounts be maintained for at least five years. The rule creates […]