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 […]
Tag: Truth in Lending
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 […]
CFPB PUBLISHES FINAL RULES FOR HIGH-COST MORTGAGES AND HOMEOWNERSHIP COUNSELING
Today the Consumer Financial Protection Bureau (CFPB) published a 431-page final rule to strengthen consumer protections for high-cost mortgages and to provide consumers with information about homeownership counseling. The rule is effective on January 10, 2014. The final rule amends: Regulation Z (Truth in Lending) by expanding the types of mortgage loans that are subject to the protections of the Home Ownership and Equity Protections Act of 1994 (HOEPA), revising and expanding the tests for […]
ABILITY TO REPAY RULES TO BE PUBLISHED TODAY
The Consumer Financial Protection Bureau (CFPB) will publish the long-anticipated amendments to Regulation Z to implement the ability to repay rules today. The rule will be effective next year. CFPB Director Richard Cordray will officially announce the new rule in an event scheduled for later today in Baltimore. The is the first of several final rules scheduled to be published by the end of next week. The rule imposes a range of obligations and restrictions […]