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…
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,…
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…
On May 23, 2018, Illinois enacted an amendment, HB4404 (“Amendment”), to the Residential Mortgage License Act of 1987 (“RMLA”) and created a new exemption for independent loan processing entities from the RMLA licensing requirement, as permitted by the federal Secure and Fair Enforcement for Mortgage Licensing Act of 2008. The…
On May 24, 2018, the Economic Growth, Regulatory Relief, and Consumer Protection Act (“Act”), S. 2155, which was passed by Congress on May 22, 2018, was signed into law. The Act represents the first major rewrite of the financial regulations legislated under the Dodd–Frank Wall Street Reform and Consumer Protection…
On April 26, 2018, the CFPB issued a final rule amending the provisions applicable to providing revised disclosures for the purpose of resetting tolerances applicable for determination of good faith estimation of closing costs under TILA-RESPA Integrated Disclosure rule that came into effect on October 3, 2015, aka Know Before…
On January 31, 2018, the full Court of Appeals for the DC Circuit issued its awaited decision in PHH Corporation, et al v. CFPB. The majority of the court’s ruling focused primarily on the issue of constitutionality of the CFPB structure, finding it to be constitutional. Nevertheless, as explained below,…
On December 21, 2017, the CFPB announced that it does not intend to require Home Mortgage Disclosure Act (“HMDA”) data resubmission unless data errors are material or assess penalties with respect to errors in HMDA data collected as of January 1, 2018 and reported in 2019. According to the statement…
On December 21, 2017, the FDIC issued a statement, FIL 63-2017, addressing bankers concerns over regulatory enforcement liability in connection with banks’ compliance with the Home Mortgage Disclosure Act (“HMDA”) and its amended Regulation C, which new requirements are scheduled to come in effect for the majority of financial institutions…
The Illinois Department of Professional and Financial Regulation (“IDFPR”) adopted amendments to the regulation implementing the Residential Mortgage License Act of 1987 (“RMLA”). The amendments became effective on October 6, 2017. The amendments were adopted to remove conflicting and outdated provisions in the regulations given the federal Consumer Financial Protection…