In the November 23, 2012, issue of the Federal Register (77 FR 70105 – click here) the Consumer Financial Protection Bureau (CFPB) published a final rule amending §1026.1(c) of Regulation Z, and its official interpretations, to delay implementation of the following new mortgage disclosures required by Title XIV of the Dodd-Frank Act that would otherwise take effect on January 21, 2013: • Warning regarding negative amortization features. Dodd-Frank Act section 1414(a); TILA section 129C(f)(1). • Disclosure of State law anti-deficiency protections. Dodd-Frank Act section 1414(c); TILA section 129C(g)(2) and (3). • Disclosure regarding creditor’s partial payment policy prior to consummation and, for new creditors, after consummation. Dodd-Frank Act section 1414(d); TILA section 129C(h). • Disclosure regarding mandatory escrow or impound accounts. Dodd-Frank Act section 1461(a); TILA section 129D(h). • Disclosure prior to consummation regarding waiver of escrow in connection with the transaction. Dodd-Frank Act section 1462; TILA section 129D(j)(1)(A).

Complete Memorandum