On September 4, 2013, the CFPB released Bulletin 2013-09 reminding those persons who furnish consumer information to credit reporting companies of the person’s duty under the Fair Credit Reporting Act to fully investigate consumer disputes referred to the person by a consumer report company. For your convenience, the text of CFPB Bulletin 2013-09 is reprinted below:
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Revised Residential Mortgage Loan Originator Regulations Effective September 5, 2013
In the August 30, 2013, issue of the Texas Register (38 TexReg 5702), the Finance Commission of Texas published final amendments to the residential mortgage loan company, mortgage banker and residential mortgage loan originator rules in Title 7, Part 4, Chapters 80 and 81 of the Texas Administrative Code (7 TAC Chapters 80 and 81) to implement statutory changes made to Chapters 156, 157 and 180 of the Finance Code by the 2013 legislative session (see Senate Bill 1004, eff. September 1, 2013).
CFPB Examiners Find Mortgage Servicing Problems at Banks and Nonbanks
In a July 21, 2013, press release the Consumer Financial Protection Bureau (CFPB) stated it issued a report of even date detailing mortgage servicing problems at banks and nonbanks, which also found that many nonbanks lack robust systems for ensuring they are following federal laws. Below are redacted excerpts from the CFPB press release: 1. The report is available at: http://files.consumerfinance.gov/f/201308_cfpb_supervisory-highlights_august.pdf.
2013 Legislative Update from 83rd Regular Session of the Texas Legislature – Bills Effective Before September 1, 2013
This legislative update summarizes those bills effective before September 1, 2013, that we consider of interest to our clients. The legislative updates that follow this update will summarize the following bills that we consider of interest to our clients: (i) bills effective on and after September 1, 2013, and (ii) proposed constitutional amendments and, if applicable, their enabling legislation.
CFPB Releases Second Update of Exam Procedures for Mortgage Rules
On August 15, 2013, the Consumer Financial Protection Bureau (CFPB) released a second update to its exam procedures in connection with the new mortgage regulations issued in January 2013, most of which go into effect in January 2014. The update covers Ability-to-Repay/Qualified Mortgages, high-cost mortgages, and appraisals for higher-priced mortgage loans, as well as new amendments related to the escrows rule. The update also covers recent changes to credit card rules. The exam procedures now cover the mortgage origination rules issued through May 29, 2013, and mortgage servicing rules issued through July 10, 2013.
Consumer Financial Protection Bureau (CFPB) Issues Bulletin 2013-07 and Bulletin 2013-08
Last week the CFPB posted the above Bulletins on the Guidance documents page of its website http://www.consumerfinance.gov/. Both Bulletins concern prohibited practices in connection with the collection of consumer debts.
Loan Originator Compensation
Please click on the video below to access the loan originator compensation presentation. Please make sure you have your speakers on to listen and follow the presentation materials. You may download the documents which are covered in the loan originator compensation presentation below within the “Downloads” section. For the best view of the documents open the following PDF file on your computer or download the PDF and follow along with the recorded presentation.
CFPB Files Federal Lawsuit Against Mortgage Company Alleging Violations of the Regulation Z Loan Originator Compensation Rule (§1026.36(d))
In a July 23, 2013 Press Release, the CFPB announced it had filed a federal civil complaint against a mortgage lender for violations of the Regulation Z loan originator compensation rule. The redacted text of the CFPB’s July 23, 2013 Press Release is reprinted below:
CFPB Amends Mortgage Servicing Rules under Regulation Z Effective on January 10, 2014
In the February 14, 2013 issue of the Federal Register (78 FR 10902), as amended in the July 24, 2013 issue of the Federal Register (78 FR 44686), the Bureau of Consumer Financial Protection (CFPB) published a final rule (“Reg. Z Servicing Rule”) that revises Regulation Z, as follows:
CFPB Proposed Amendments to the 2013 Mortgage Rules Under Regulation B, Regulation X, and Regulation Z
In the July 2, 2013 issue of the Federal Register (78 FR 39902) the Consumer Financial Protection Bureau (CFPB) published a proposed rule, click here, to clarify or revise regulatory provisions and official interpretations primarily relating to the 2013 Mortgage Servicing Final Rules (see, 78 FR 10695 (Reg. X) and 78 FR 10901 (Reg. Z), Feb. 14, 2013) and the 2013 Loan Originator Compensation Final Rule (see, 78 FR 11279, Feb. 15, 2013). The proposed rule also proposes modifications to the effective dates for provisions adopted by the 2013 Loan Originator Compensation Final Rule, and certain technical corrections and minor refinements to Regulations B, X, and Z. In the July 2, 2013 issue of the Federal Register (78 FR 39902) the Consumer Financial Protection Bureau (CFPB) published a proposed rule, click here, to clarify or revise regulatory provisions and official interpretations primarily relating to the 2013 Mortgage Servicing Final Rules (see, 78 FR 10695 (Reg. X) and 78 FR 10901 (Reg. Z), Feb. 14, 2013) and the 2013 Loan Originator Compensation Final Rule (see, 78 FR 11279, Feb. 15, 2013). The proposed rule also proposes modifications to the effective dates for provisions adopted by the 2013 Loan Originator Compensation Final Rule, and certain technical corrections and minor refinements to Regulations B, X, and Z.