Federal Financial Regulatory Agencies Issued Proposed Rule on the Role of Supervisory Guidance

On October 29, 2020, five federal financial regulatory agencies, the FRB, CFPB, FDIC, NCUA and the OCC (the “Agencies”), jointly issued a proposed rule outlining and confirming the Agencies’ use of supervisory guidance for regulated institutions. The proposed rule intends to codify the Agencies’ Interagency Statement Clarifying the Role of…

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CFPB Extends the Temporary GSE QM Loan Category

On October 20, 2020, the CFPB issued a final rule extending the Temporary GSE QM Loan category (also known as the GSE Patch), which is the temporary qualified mortgage (QM) status enjoyed by residential mortgage loans that are eligible to be purchased by the GSEs, Fannie Mae and Freddie Mac,…

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HUD Issues Final Disparate-Impact Rule Under the Fair Housing Act

On September 24, 2020, HUD issued a final rule revising the disparate-impact standard issued by HUD in 2013 under the Fair Housing Act (“FHA”). The final rule intends to align HUD’s disparate-impact standard with the U.S. Supreme Court’s ruling in Texas Department of Housing and Community Affairs v. Inclusive Communities…

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CFPB Issues FAQs on MSAs and on Gifts and Promotional Activity Under Section 8…

On October 7, 2020, the CFPB issued FAQs addressing Section 8 of RESPA and its implementing Regulation X section (“Section 8”). The FAQs provide an overview of Section 8 prohibitions and examples of application of Section 8 to scenarios involving gifts and promotional activities and marketing services agreements. The following…

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OCC Issues A Final Rule To Counteract The Madden Decision

On June 2, 2020, the Office of the Comptroller of the Currency (“OCC”) issued a final rule (“Rule”) to quell the uncertainty created by the Second Circuit decision in Madden v. Midland Funding, LLC, 786 F.3d 246 (2d Cir. 2015) for national banks and federal savings associations (“banks”) engaged in…

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CFPB Finalizes HMDA Coverage Thresholds

On April 16, 2020, the Consumer Financial Protection Bureau (“CFPB”) issued a final rule amending Regulation C, which implements the Home Mortgage Disclosure Act (“HMDA”), finalizing the coverage thresholds for closed-end and open-end mortgages subject to HMDA reporting. Closed-End Mortgage Loans Coverage Threshold The final rule permanently raises the threshold…

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Agencies Provide Regulatory Flexibility to Servicers on Mortgage Loss Mitigation and Servicing Rule Practices…

On April 3, 2020, the Consumer Financial Protection Bureau (CFPB), Board of Governors of the Federal Reserve System (FRB), Federal Deposit Insurance Corporation (FDIC), National Credit Union Administration (NCUA), Office of the Comptroller of the Currency (OCC), and the State Banking Regulators (collectively the “agencies”) issued a joint statement (“Statement”)…

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Financial Regulators Issue A Statement on Loan Modifications and Reporting When Working With Borrowers…

On March 22, 2020, the FDIC, FRB, OCC, NCUA, CFPB and the state banking regulators (“Regulators”) issued an Interagency Statement on Loan Modifications and Reporting by Financial Institutions Working with Customers Affected by the Coronavirus (the “Statement”). The Statement encourages financial institutions to work constructively with borrowers impacted by the…

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Idaho Amends Mortgage Practices Laws Impacting Servicers

On March 11, 2020, Idaho enacted House Bill 401. The new legislation makes revisions to several laws affecting mortgage practices. Importantly, the new legislation subject servicers, who were generally not previously required to be licensed under the Idaho’s Residential Mortgage Practices Act (“RMPA”), to be licensed. The new legislation adds…

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The CFPB Issues TRID Rule FAQs on Selected Topics

On February 26, 2020, the Consumer Financial Protection Bureau (“CFPB”) issued frequently asked questions and answers (“FAQs”) concerning compliance with selected topics under the TILA-RESPA Integrated Disclosure Rule (“TRID Rule”). The FAQs cover the following topics: Corrected closing disclosures and the three business-day waiting period before consummation Model forms Construction…

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