CFPB

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 [...]

Read the full article →

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 [...]

Read the full article →

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 [...]