On June 26, 2017, the FDIC has issued FIL-30-2017 concerning its update to the Affordable Mortgage Lending Guide (“Guide”) with updated Part II information concerning mortgage programs offered through state housing finance agencies (HFAs). The updated Guide contains a state-by-state HFAs product matrix, program summaries and quick links. It also…
On July 14, 2017, the CFPB issued a proposed rule to amend the October 2015 final rule amending Regulation C, which implemented the Dodd-Frank Act amendments to HDMA, due largely to become effective on January 1, 2018 (“2015 HMDA Rule”). The proposed rule will temporarily increase the institutional and transactional…
On July 7, 2017, the CFPB issued a proposed rule to amend 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…
On July 7, 2017, the CFPB issued its awaited amendment (the “2017 TRID Rule”) to the TILA-RESPA Integrated Disclosure rule that came into effect on October 3, 2015, aka Know Before You Owe rule (the “TRID Rule”). The 2017 TRID Rule contains substantive revisions, clarifications and technical corrections to the…
On June 27, 2017, the CFPB issued a non-binding policy guidance addressing mortgage servicing industry concerns regarding the implementation of final servicing rule issued by the CFPB in August 2016 (“2016 Mortgage Servicing Rule”), which is set to take effect on October 19, 2017 and April 19, 2018. This guidance…
On June 12, 2017, the Supreme Court of the United States, in Henson v. Santander Consumer USA Inc., No. 16-349, concluded that a debt purchaser who does not regularly service debt for others but services the debt for its own account is not a “debt collector” under the FDCPA. Importantly,…
On May 22, 2017, the U.S. Department of Housing Urban Development (“HUD”), Office of Inspector General (“OIG”) issued a report of its audit of HUD finding that HUD did not review and therefore was not aware that mortgagees improperly processed voluntary terminations of FHA insurance for single-family loans and did…
On May 1, 2017, in the case of Bank of America, et al. v. City of Miami, Florida (U.S. Sup. Ct. Nos. 15–1111 and 15-1112), the U.S. Supreme Court held that the city of Miami (“Miami”) is an “aggrieved person” within the meaning of the Fair Housing Act (“FHA”) and…
On April 13, 2017, the CFPB proposed amendments to Regulation C, which implements the Home Mortgage Disclosure Act (HMDA). The proposed amendments are aimed at correcting and clarifying certain requirements under final HMDA rule adopted by the CFPB on October 28, 2015 (HMDA Final Rule) and proposes a new reporting…
On April 5, 2017, a District Court, in the case of Koval vs. Harris & Harris (2016-CV-8449 – ND IL), held that a legal guardian of a consumer that owes a debt has standing to file a complaint in the guardian’s own name alleging violation of section 1692e of the…