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- January 18, 2013CFPB Issues Final Rules on Mortgage Servicing On Thursday, January 17, 2013, the CFPB issued its final rules on mortgage servicing, which are scheduled to take effect on January 10, 2014. The servicing rules were published in two notices amending Regulation Z, which implements the Truth in Lending Act, and Regulation X, which implements the Real Estate Settlement Procedures Act. CBA will hold an...
- January 11, 2013CFPB Releases QM/Ability to Pay Rule On Thursday, January 10, 2013, the CFPB published its highly anticipated Ability to Pay/QM rule . The rule is intended to protect borrowers from risky lending practices such as “no doc” and “interest only” features that contributed to many homeowners ending up in delinquency and foreclosure after the 2008 housing collapse. “When consumers sit down at the...
- January 4, 2013CFPB Issues Changes to Remittance Rule On Monday, December 21, 2012, the CFPB published in the Federal Register a proposed rule intended to address issues with the final Remittance Transfer Rule, originally published on February 7, 2012. “We are dedicated to bringing new protections to consumers who want to send money internationally,” said Director Cordray. “Today’s proposal will ensure...