Last month marked the one-year anniversary of the designated transfer date of authority to the Consumer Financial Protection Bureau (CFPB) that took place on Jan. 21, 2012, when President Barack Obama appointed Richard Cordray as director of the CFPB in a controversial recess appointment….
Who: Avon, Conn.-based Norcom Mortgage
What: Norcom turns manual, time-consuming disclosure process into an easily tracked system that frees the lender up to quickly respond to incoming volume and customers, thereby improving borrower satisfaction….
PrimeLending Works Closely with DocuTech to Ensure Disclosure Compliance
– Collaboration results in sFTP service –
Who: PrimeLending, a PlainsCapital Company, Dallas
Ken Mezger, Process Improvement Manager
When: Implemented ConformX in 2010
What: PrimeLending converted to DocuTech’s ConformX,…
Following the invalidation of three presidential “recess” appointments to the NLRB by the D.C. Circuit Court of Appeals in Noel Canning v….
On January 10, 2013, the Consumer Finance Protection Bureau (CFPB) issued three final rules implementing various sections of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank). These rules will be effective one year from the date of issuance,…
The CFPB has published a final procedural rule that addresses what constitutes official issuance of a CFPB final rule….
On November 6, President Barack Obama won his reelection bid over Governor Mitt Romney. While most economists point to the housing market as a key to the economic recovery, the presidential campaign was surprisingly quiet on how each candidate would address the industry’s challenges….
The CFPB’s amendments to Regulations X and Z will become effective on January 21, 2013. See Dodd-Frank section 1500(c)(3). The amendments include the integrated RESPA-TILA disclosures and Dodd-Frank Act Title XIV disclosures….
A special type of ownership in real property is created when it is conveyed to a married borrower. In most states, this type of ownership is known as a “tenancy by the entirety,” wherein both the borrower and the borrower’s spouse obtain a concurrent ownership in the property if the four unities of joint ownership (time,…
The Consumer Financial Protection Bureau (CFPB) has proposed amendments to 12 CFR § 1026.36, which governs the compensation loan originators can receive for certain closed-end mortgage transactions. Per the requirements of the Dodd-Frank Act,…
An important issue that has previously been confined to mortgage industry professionals hit the primetime when Governor Mitt Romney raised the “qualified mortgage” rulemaking in the first presidential debate on Wednesday night….
The Consumer Financial Protection Bureau (CFPB) is in the process of implementing new regulations and new or revised disclosures to implement certain amendments to the Truth-in-Lending Act (82 Stat….
by Mercedes Kelley Tunstall – Ballard Spahr LLP
The Consumer Financial Protection Bureau is moving to broaden the scope of mortgages that would be viewed as “high cost” and therefore subject to special disclosure requirements.
In a notice of proposed rulemaking issued on July 9,…
While a justifiable amount of attention is being paid by the mortgage industry to the new Loan Estimate and Closing Disclosure proposed under the Consumer Financial Protection Bureau’s (CFPB) mammoth dual set of proposed regulations,…
In a recent case decided before the United States Court of Appeals for the Tenth Circuit, the court ruled that a written notice alone is insufficient for a consumer to rescind a loan under the rescission provisions of the Truth-in-Lending Act….
By Timothy Raty, Regulatory Compliance Specialist – DocuTech Corporation
On May 31, 2012 the Consumer Financial Protection Bureau (CFPB) re-opened the comment period for the rules proposed by the Federal Reserve Board (FRB) in 76 FR 27390 on April 19,…
By Amber Cushman, Compliance Attorney – DocuTech Corporation
On May 24, 2012, the Supreme Court issued a unanimous decision on the interpretation of RESPA Section 8(b) (12 U.S.C. § 2607(b)), which reads: “No person shall give and no person shall accept any portion,…
On April 13, 2012 the Consumer Financial Protection Bureau (“CFPB”) released a bulletin announcing its policy on the use and supervision of service providers. The CFPB expects those it regulates to pay close attention to the service providers they utilize to ensure they comply with federal consumer protection laws to ensure consumer’s interests are protected and they are not harmed by misconduct….
On October 24, 2011 the Federal Housing Finance Agency, Fannie Mae and Freddie Mac announced they would make a series of changes to the Home Affordable Refinance Program to make more borrowers eligible for the program that allows them to refinance their underwater home mortgages….
Materials recently released by the Consumer Financial Protection Bureau provide significant insight into its stance on the rules that will govern integrated mortgage disclosure. Issued in the context of Small Business Regulatory Enforcement Fairness Act (SBREFA) requirements,…
