Consumer Financial Protection Bureau

Late To The Party Again? CFPB Issues New “Ability To Repay” Mortgage Rule

by Rich Vetstein 01.10.2013 Consumer Financial Protection Bureau

New Rule Aims To Prevent Predatory Lending The new Consumer Financial Protection Bureau has just issued what it deems “one of its most important rules to date.” It’s called the Ability To Repay Rule. The rule will ensure that a borrower should be able to afford their mortgage payment. Sounds like common sense, right? Yes [...]

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Massachusetts Real Estate Law 2012 Year In Review (And Predictions For 2013)

by Rich Vetstein 12.23.2012 Consumer Financial Protection Bureau

I always look forward to recapping the year that was, and bringing out the crystal ball to predict the year ahead. This year, like years prior, was an active year for Massachusetts real estate law, with several important court rulings, legislative developments, and emerging legal trends. The year 2013 is expected to be just as [...]

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Lender/Settlement Agent Regulatory Alert: Nov. 6 Deadline to Prevent Proposed CFPB Disclosure Rule From Delaying Closings

by Rich Vetstein 11.04.2012 Closings

Mandatory 3 Business Day Waiting Period Will Delay Closings Action Needed: Comment On Proposed Rule While our attention has been diverted from more important issues such as Hurricane Sandy and the election, please be advised that November 6, 2012 is the last day for lenders, settlement agents, Realtors and the public to comment on the [...]

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Why Have Obama And Romney Ignored the Housing and Real Estate Market?

by Rich Vetstein 10.08.2012 Consumer Financial Protection Bureau

All Politics Aside, It’s Time To Bring Housing & Real Estate Back To the Forefront In the most tweeted, Facebook-ed and instant polled Presidential Campaign ever, there is one topic which has been met with surprisingly deafening silence: the U.S. Housing and Real Estate Market. During last week’s debate, we heard a lot about tax [...]

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CFPB Releases New Mortgage Disclosures Replacing Good Faith Estimate, Truth and Lending Disclosure, and HUD-1 Settlement Statement

by Rich Vetstein 07.11.2012 Closings

Concise Disclosures Aimed At Reducing Borrower Confusion and Helping Comparison Shopping As part of a continuing overhaul of the home mortgage market, the Consumer Financial Protection Bureau on Monday issued proposed rules to bolster fairness and clarity in residential lending, including requiring a new good-faith estimate of costs for homebuyers and a new closing settlement [...]

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Real Estate Industry Braces For Another Overhaul Of HUD-1 Settlement Statement And Truth-In-Lending (TIL) Disclosures

by Rich Vetstein 02.22.2012 Consumer Financial Protection Bureau

Final product will be a combination of both the final Truth in Lending (TIL) form and the HUD-1 Settlement Statement — a dramatic change from the existing forms. For the second time in as many years, the federal government is substantially overhauling two of the most important disclosures given to mortgage borrowers, the Truth in [...]

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