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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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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