Regulatory Updates

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...

The Federal Housing Finance Agency announced the process by which Fannie Mae and Freddie Mac (GSEs) plan to transition from the use of LIBOR (London Interbank Offered Rate) to SOFR (Secured Overnight Financing Rate) as the standard index rate for...

On January 7th, the FTC, acting in a complaint filed by the Department of Justice, alleged that a California mortgage broker violated federal law by posting its borrowers’ personal financial information on Yelp.

On November 22, the CFPB released its list of regulatory matters that it “reasonably anticipates having under consideration during the period from October 1, 2019 to September 30, 2020.”