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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CFPB Issues a Policy Statement on Abusive Acts or Practices

On January 24, 2020, the CFPB issued a policy statement (“Policy Statement”) providing a framework on how it intends to apply the “abusive” acts or practices standard in supervision and enforcement matters. The Policy Statement was issued in an attempt to address the financial industry concerns over the uncertainty surrounding…

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CFPB Issues a Factsheet on the Applicability of the TRID Rule to Assumptions

On May 1, 2019, the CFPB issued a Factsheet on the applicability of the TILA-RESPA Integrated Disclosure Rule (“TRID Rule”) to assumptions of mortgage. Specifically, the Factsheet addresses whether the Loan Estimate (“LE”) and Closing Disclosure (“CD”), required under the TRID Rule, must be provided to a consumer in a…

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CFPB Changes Its Policy on Civil Investigative Demands and Will Now Provide Specific Basis…

On April 23, 2019, the CFPB announced changes to its policy regarding Civil Investigative Demands (“CIDs”) to ensure they provide more information about the potentially wrongful conduct under investigation. According to the announcement, CIDs will now provide more information about the potentially applicable provisions of law that may have been…

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CSBS Releases Its Fintech Industry Advisory Panel Recommendations for Streamlining State Nonbank Supervision

On February 14, 2019, the Conference of State Bank Supervisors (“CSBS”) released its Fintech Industry Advisory Panel (“Advisory Panel”) recommendations for streamlining state nonbank supervision. According to the CSBS, it agreed to implement 14 specific recommendations (“Recommendations”) from the Advisory Panel, primarily in the areas of creating uniform definitions and…

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Seventh Circuit Explains Attorney’s Fees Do Not Satisfy the Requisite Actual Damage Element for…

In Moore v. Wells Fargo Bank, N.A., No. 18-1564 (7th Cir. Nov. 7, 2018), the mortgagor defaulted on two separate loan modifications. Following the second default the mortgagee filed for judicial foreclosure. After foreclosure judgment was entered and shortly before the foreclosure sale of the property was about to occur,…

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Ninth Circuit Revives Borrower’s Action For Equitable Enforcement of Recession Under TILA By Applying…

In Hoang v. Bank of America, N.A., No. 17-35993 (9th Cir. Dec 6, 2018), in connection with the refinance of the borrower’s mortgage, the originating bank failed to give the borrower a notice of the right to recession as required under Section 1635 of the federal Truth in Lending Act…

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Interagency Statement Clarifies that Supervisory Guidance Has No Force of Law

On September 11, 2018, the Board of Governors of the Federal Reserve System, Federal Deposit Insurance Corporation, National Credit Union Administration, Office of the Comptroller of the Currency, and the Consumer Financial Protection Bureau (the “agencies”) issued a joint statement clarifying the role of supervisory guidance. As intended by the…

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CFPB Issues Final Rule Implementing The GLBA’s Annual Privacy Notice Exception

On August 9, 2018, the Bureau of Consumer Financial Protection (“CFPB”) issued a final rule implementing section 503(f) (15 USC § 6803(f)) of the Gramm-Leach-Bliley Act (“GLBA”), which provides an exception from the requirement to deliver annual privacy notice to customers. The final rule also prescribes the timing requirement for…

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