Regulatory Updates

On December 10th, the Consumer Financial Protection Bureau (CFPB) announced two final rules to complete its planned revisions to the TILA ability-to-repay (ATR) rule.

On October 1st, the Consumer Financial Protection Bureau (CFPB) published an assessment of the TRID Integrated Disclosures Rule (TRID). The Dodd-Frank Act requires the CFPB to assess each ‘significant rule’ created by the Dodd-Frank Act and to publish the results of the assessment within five years of the rule’s effective date.

On September 14th, the Consumer Financial Protection Bureau (CFPB) announced the eighth in a series of consent orders with mortgage lenders after investigations uncovered alleged deceptive advertising directed to military service-members and veterans.

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...