CFPB Delays the Amended General QM Rule Mandatory Compliance Date to October 1, 2022

On April 27, 2021, the CFPB issued a final rule delaying the mandatory compliance date of the December 2020 amendments to the General QM rule (“Amended General QM Rule”), from July 1, 2021 to October 1, 2022. This rule is effective as of June 30, 2021. The final rule amends…

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CFPB Proposes Servicing Rule Changes to Avert COVID-19 Foreclosures

On April 5, 2021, the CFPB issued a proposed rule to amend the early intervention and loss mitigation requirements under the servicing rule of Regulation X. The proposed amendments are made in an attempt to prevent a wave of foreclosures as a result of the COVID-19 emergency. Comments to the…

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New Illinois Law Prescribes CRA Obligations for Non-Depository Mortgage Lenders

On March 23, 2021, the Illinois Community Reinvestment Act (“ILCRA”), Senate Bill No. 1608, was signed into law, Public Act 101-0657, and became effective. The ILCRA imposes continuing and affirmative community investment obligations on covered financial institutions, which include non-depository mortgage lenders. This note reviews and comments on key provisions…

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CFPB Clarifies that ECOA Prohibits Discrimination Based on Sexual Orientation and Gender Identity

CFPB Clarifies that ECOA Prohibits Discrimination Based on Sexual Orientation and Gender Identity On March 9, 2021, the CFPB issued an interpretative rule clarifying that with respect to any aspect of credit transaction, the Equal Credit Opportunity Act’s (“ECOA”), and its implementing Regulation B’s, prohibition against sex discrimination encompasses sexual…

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The CFPB Proposes to Delay the Mandatory Compliance Date of the Amendments to the…

On March 3, 2021, the CFPB issued a proposed rule to delay the mandatory compliance date with the December 2020 amendments to the General QM rule (“Amended General QM Rule”), from July 1, 2021 to October 1, 2022. Comments on the proposed rule must be received on or before April…

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Ready to Comply with the Amended QM Rule? See What’s New in the December…

On December 10, 2020, the CFPB issued two final rules amending the Qualified Mortgage (“QM”) rule, namely the “General QM Rule” and the “Seasoned QM Rule”. The new rules modify the General QM category, create a new category of Seasoned QM, and will cause the expiration of the Temporary GSE…

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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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