The CFPB has been extremely busy, recently issuing the following proposed rules relating to the mortgage business. In January, we expect to see much of what is in store! The proposed rules noted below can be read in their entirety on the CFPB’s website at: http://www.consumerfinance.gov/notice-and-comment/
Integrated Mortgage Disclosures under the Real Estate Settlement Procedures Act (Regulation X) and the Truth In Lending Act (Regulation Z) Comment period closed November 6, 2012 (Certain portions closed September 7, 2012.)
Truth in Lending Act (Regulation Z); Loan Originator Compensation
Comment period closed October 16, 2012.
Equal Credit Opportunity Act (Regulation B) – Appraisals
Comment period closed October 15, 2012.
Appraisals for Higher Risk Mortgage Loans
Comment period closed October 15, 2012.
2012 Truth In Lending Act (Regulation Z) Mortgage Servicing Proposal
Comment period closed October 9, 2012.
2012 Real Estate Settlement Procedures Act (Regulation X) Mortgage Servicing Proposal
Comment period closed October 9, 2012.
High-Cost Mortgage and Homeownership Counseling Amendments to the Truth in Lending Act (Regulation Z) and Homeownership Counseling Amendments to the Real Estate Settlement Procedures Act (Regulation X)
Comment period closed September 7, 2012 (Paperwork Reduction Act comment period closed October 15, 2012.)
Information Regarding Consumer Use of Reverse Mortgages
Comment period closed August 31, 2012.
Several of the proposed rules must be issued in final form by January 1, 2013, including:
- High-cost mortgage rules under Regulation Z and Regulation X.
- Loan Originator Compensation and Origination Standards.
- Property Appraisal requirements for higher-risk mortgage loans.
- Mortgage Servicing requirements under Regulation Z and Regulation X.
- Copies of Appraisals or other valuations under Regulation B.
- Ability to Repay requirements under Regulation Z.
HUD has issued a final rule which prohibits FHA-approved lenders from basing eligibility determinations for FHA-insured loans on actual or perceived sexual orientation or gender identity.