On May 9, 2022, the Consumer Financial Protection Bureau issued a press release advising lenders of the CFPB’s advisory opinion...
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Read articles below for analysis and discussion of recent trends by BM&G’s industry experts.
CFPB Supervisory Highlights – Mortgage Origination
On May 2, 2022, the Consumer Financial Protection Bureau released its Supervisory Highlights report on legal violations...
Joint Financial Regulatory Agencies propose amendments to §153.1(2) (Business Day Definition) Concerning Home Equity Lending
In the March 25, 2022, Texas Register (47 Tex.Reg 1556), the Finance Commission of Texas and the Texas Credit Union Commission...
CFPB Updated Examination Manual Adds Unfair, Deceptive, or Abusive Acts or Practices Examination Procedures (UDAAPs)
On March 16, 2022, the CFPB published a press release announcing its updated examination manual (click here) that includes...
CFPB Issues Prepaid Interest Factsheet for Use in Price-based General QM APR Calculations
This memorandum notifies those clients who make or will make qualified mortgages (QM) subject to the price-based General QM...
Rural Housing Service Amendments to 7 CFR part 3555, subparts C and D, §3555.107(b), (c), (i) and §3555.151(h)(2)
In the February 7, 2022, issue of the Federal Register (87 FR 6773) the Rural Housing Service (RHS) issued a final rule...
Preparation of Documents Affecting Title to Real Property in the State of Texas and the Practice of Law
One major concern for multi-state mortgage lenders is the diversity of real estate law throughout the country. This includes the...
Home Equity Lending Interpretation Amendments to §§153.1, 153.5, 153.12, 153.13, 153.17, 153.22, 153.26, 153.45, 153.51
In the December 31, 2021, issue of the Texas Register, click here, the Joint Financial Regulatory Agencies adopted final...
Higher-Priced Mortgage Loan Escrow Account Asset-Size Exemption Thresholds Updated for 2022
In the December 23, 2021 issue of the Federal Register (86 FR 72820), the Bureau of Consumer Financial Protection (“CFPB”)...
Home Mortgage Disclosure (Regulation C) Asset-size Exemption Threshold Adjusted for Data Collection in 2022
In the December 23, 2021, issue of the Federal Register (86 FR 72818, click here) the Consumer Financial Protection Bureau...