Blog Archives

Fall 2016 Federal Highlights

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

Posted in Federal Highlights, Newsletters

Summer 2016 Federal Highlights

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

Posted in Federal Highlights, Newsletters

Spring 2016 Federal Highlights

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

Posted in Federal Highlights, Newsletters

Winter 2015-2016 Federal Highlights

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

Posted in Federal Highlights, Newsletters

Fall 2015 Federal Highlights

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

Posted in Federal Highlights, Newsletters

Summer 2015 Federal Highlights

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

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CFPB Responds to Congressional Request for Delayed Enforcement of TRID

Yesterday, the CFPB issued a statement regarding enforcement of the new TRID rule.  The statement is in response to a Congressional request for a grace period through the end of 2015.  In its letter, the CFPB stated that it has

Posted in Announcements, Federal Highlights, Hot Topics

Spring 2015 Federal Highlights

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

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New CFPB Consent Order with NewDay Financial

They’re at it again! This week the CFPB announced a Consent Order with NewDay Financial for alleged RESPA violations and deceptive practices due to NewDay’s marketing and lead buying activities. The CFPB found that NewDay entered into a marketing arrangement

Posted in Announcements, Federal Highlights, Hot Topics

Winter 2015 Federal Highlights

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

Posted in Federal Highlights, Newsletters

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