CFPB Issues Final Rule Amending Regulation B The Consumer Financial Protection Bureau issued a final rule to amend Regulation B (the Equal Credit Opportunity Act) which will provide additional flexibility for mortgage lenders in the collection of consumer ethnicity and…

CFPB Issues Final Rule Revising TRID The Consumer Financial Protection Bureau (CFPB) issued its final rule revising certain provisions of TRID. The rule was effective October 10, 2017. However, compliance with the final rule is not required on the effective…

CFPB Compliance Bulletin and Policy Guidance The CFPB revised its 2012 bulletin on oversight of third party service providers to make clear that supervised banks and non-banks may adopt a risk-based approach which is not “one size fits all.” The…

Big Win for PHH in Case Against CFPB The U.S. Court of Appeals for the DC Circuit has released its opinion in PHH’s case against the CFPB, and it’s a resounding win for PHH and the industry. In its 110-page…

The Department of Labor Revises Rules Governing Overtime Compensation The Department of Labor (“Department”) announced it will publish a Final Rule updating regulations related to overtime compensation and exemption provisions for executive, administrative and professional employees, as well as for…

FHA Clarifies Discrepancy In New Handbook Relating To Model Mortgages The Federal Housing Administration (“FHA”) announced a waiver of a provision in Single Family Housing Policy Handbook 4000.1 relating to the required content of security instruments. FHA Allows Two New…

CFPB Issues HMDA Rule The Consumer Financial Protection Bureau (“CFPB”) issued a final rule updating the reporting requirements of the Home Mortgage Disclosure Act (“HMDA”). Most parts of the rule are effective January 1, 2018. Therefore, the new data must…

CFPB Updates HOEPA Points and Fees and ATR-QM Thresholds The CFPB issued a final rule amending the high-cost mortgage thresholds and the qualified mortgage thresholds in Regulation Z. The amendments are effective January 1, 2016. Under Regulation Z, certain loans…

CFPB Issues Interpretive Rule on Homeownership Counseling Organizations Lists and High-Cost Mortgage Counseling The Consumer Financial Protection Bureau (“CFPB”) issued an interpretive rule addressing the requirements under the Real Estate Settlement Procedures Act (“RESPA”) and the Truth In Lending Act…