President Obama Issues Temporary Extension of One Year Period of Protections for Servicemembers from Enforcement of Mortgages             President Obama signed the Foreclosure Relief and Extension for Servicemembers Act of 2014, which extends a previous modification of the Servicemembers Civil Relief…

CFPB Bulletin – Social Security Disability Income Verification  The CFPB issued a compliance bulletin regarding the obligations of creditors under the Equal Credit Opportunity Act and Regulation B (together, “ECOA”) regarding the consideration of public assistance income and relevant standards…

CFPB Revises Dollar Amount and Thresholds Under Federal High-Cost and Qualified Mortgage Provisions The CFPB has issued a final rule revising certain dollar amount thresholds under the federal high-cost and qualified mortgage provisions which are subject to revision each year.…

The Department of Veterans Affairs (VA) issued an interim final rule defining the types of VA loans that are “qualified mortgages” for purposes of the ability to repay requirements of TILA and Regulation Z.  The interim final rule is effective…

The CFPB issued a report regarding “pain points” for consumers in mortgage loan closings.  Among other things, the CFPB noted that consumers feel (1) there is not enough time to review documents in advance of or during closing; (2) the…

CFPB Rule – Homeownership Counseling Disclosure  The CFPB released a final rule and website regarding the homeownership counseling disclosure required under RESPA.  For applications received on or after January 10, 2014, a lender or mortgage broker must provide a loan…

HUD has issued a proposed rule defining an FHA qualified mortgage.  Under the proposed rule, most FHA products will be a qualified mortgage if FHA insurable and points and fees on the loan exceed 3%.  The CFPB continues to tweak…

CFPB Final Rule – Inclusion of Loan Originator Compensation in Points and Fees and Qualified Mortgage Exceptions for Small Creditors The Consumer Financial Protection Board issued final rules clarifying certain provisions relative to federal high-cost loans and the ability to…

HUD Issues Final Disparate Impact Rule The Department of Housing and Urban Development has issued the final disparate impact rule (“Disparate Impact Rule”) under the Fair Housing Act, authorizing so-called “disparate impact” or “effects test” claims under the Fair Housing…