On February 27, 2012 the Department of Housing and Urban Development (HUD) charged Bank of America (BOA) with discriminating against disabled homebuyers. The Fair Housing Act makes it illegal to discriminate in the terms and conditions of a loan to an individual based on a disability, including imposing different application or qualification criteria, and also makes it illegal to inquire about the nature or severity of a disability except in limited circumstances. “Holding homebuyers with […]
Month: March 2012
TIL/RESPA POSSIBILITIES
While the Consumer Financial Protection Bureau (CFPB) has been developing and testing the combined TIL/RESPA forms a number of issues have come to their attention. Following are a few items in their crosshairs: Many lenders and mortgage brokers provide consumers with preliminary estimates of loan terms and settlement costs that are not mandated by TILA or RESPA. The CFPB is considering whether to require that these preliminary estimates carry a disclaimer that tells the consumer […]
CFPB REGULATION STREAMLINING FEEDBACK WEB TOOL
Recently the Consumer Financial Protection Bureau (CFPB) launched the Regulation Streamlining Feedback Web Tool. This tool allows you to give input on ways to streamline the regulations the CFPB inherited under the Dodd-Frank Wall Street Reform and Consumer Protection Act. The CFPB wants to know what parts of these regulations should receive the highest priority for updating, modifying, or eliminating. The Regulation Streamlining Feedback Web Tool enables you to submit comments and suggestions on one […]