Regulatory Updates

On July 24th, the Consumer Financial Protection Bureau (CFPB) announced plans to issue an advance notice of proposed rulemaking (ANPR) later this year implementing a section of the 2010 Dodd-Frank Act (Dodd-Frank) regarding consumer access to financial records held by, among others, residential mortgage lenders.

On July 15th, the Consumer Financial Protection Bureau (CFPB) filed suit against a non-bank lender based in Chicago, alleging violations of the Equal Credit Opportunity Act (ECOA); its implementing regulation, Regulation B; and the Consumer Financial Protection Act (CFPA).

On June 22nd, the Consumer Financial Protection Bureau (CFPB) announced two separate notices of proposed rulemaking (NPRM) to address the coming expiration of TILA qualified mortgage (QM) status for the ‘GSE Patch,’ meaning loans acceptable for sale to government-sponsored entities (GSEs).

The Consumer Financial Protection Bureau (CFPB) recently published two Factsheets, available below, outlining lender obligations under the Equal Credit Opportunity Act (ECOA) Valuations Rule.

On April 22nd, the Mortgage Industry Standards Maintenance Organization (MISMO) announced a certification program for remote online notarization (RON) providers, designed to increase adoption of RON-enabled digital mortgage closings.

Several months ago, we reported on the CFPB’s establishment of a taskforce that would make recommendations on how to harmonize, modernize and update federal consumer financial laws.

Texas Amends Conditional Approval and Conditional Pre-Qualification Letter The Texas Finance Commission has amended the loan status forms to be provided as written confirmation of conditional qualification (“Conditional Pre-Qualification Letter”) and of loan application approval on the basis of credit...

On Thursday, April 16, the CFPB announced an amendment to Regulation C raising the loan-volume coverage thresholds for financial institutions reporting data under the Home Mortgage Reporting Act (HMDA).

The Consumer Financial Protection Bureau (“CFPB”) issued a policy statement outlining the responsibility of credit reporting companies and furnishers in light of the recently enacted Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”). The CFPB indicated it will take...

Fannie Mae and Freddie Mac (the “GSE’s”) have issued additional guidance related to COVID-19 in an attempt to address lender’s concerns. The newest guidance from Fannie Mae in an update to Lender Letter 2020-3 provides additional information in the following...