The Uniform Residential Loan Application can be complicated for both the borrower and the lender, especially when it comes to staying up-to-date on the new changes to the application and what they mean. In this blog post, we’ll explore what the Uniform Residential Loan Application is, the recent updates to the application, and what these […]
On March 31, 2021, the CFPB announced that it will rescind seven separate policy statements issued last year, each meant to provide temporary flexibility to financial institutions, as they do business during the COVID-19 pandemic.
On March 3, 2021, the CFPB issued a notice of proposed rulemaking (NPRM) to delay the mandatory compliance date for the revised General Qualified Mortgage Rule from applications received on or after July 1, 2021 to applications received on or after October 1, 2022
On January 26, 2021, President Biden issued a memorandum (the “Memorandum”) to the Secretary of Housing and Urban Development (HUD).
On December 28th, 2020, the FHFA, the conservator for Fannie Mae and Freddie Mac, issued a request for input on appraisal-related policies, practices and processes for loans to be deliverable to the GSEs.
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.
The CFPB published an assessment of the TRID Integrated Disclosures Rule. 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 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 CFPB announced plans to issue an advance notice of proposed rulemaking later this year implementing a section of the 2010 Dodd-Frank Act 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).
