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Showing 5 posts in Consumer Financial Protection Bureau (“CFPB”).

HMDA Reporting Eased for Community Banks and Credit Unions

Posted In Consumer Financial Protection Bureau (“CFPB”), Mortgage

The Consumer Financial Protection Bureau (“CFPB”) has certainly not been making life easier for mortgage lenders in the past several years, with new regulations continually changing required disclosures and data collection, adding additional burdens to an already complex process. Luckily, the CFPB has decided to ease reporting requirements for certain smaller lending institutions on home equity lines of credit, and hopefully this will help ease the sting of new Home Mortgage Disclosure Act (“HMDA”) rules taking effect in January 2018. More >

Lenders Take Note: CFPB Issues Guide to Forms

Posted In Closing, Consumer Financial Protection Bureau (“CFPB”), Lenders, Mortgage, Real Estate Law, “Know Before You Owe”

Big changes are in store for real estate closings in 2015 (we first wrote about it here). Now, lenders have some guidance from the Consumer Financial Protection Bureau (“CFPB”) as to how complete forms that will become mandatory in August 2015. More >

Lenders: Are You Using Electronic Signatures?

Posted In Closing, Consumer Financial Protection Bureau (“CFPB”), ESIGN, Federal Housing Administration (FHA), Homebuyers, Lenders, Real Estate Law

Earlier this year, the Federal Housing Administration (“FHA”) announced that they would begin accepting electronic signatures on documents associated with mortgage loans. FHA already allows e-signatures on some third party documents, outside of the lender’s control. The announcement, which became effective immediately, expanded the documents for which e-signatures are acceptable and now includes: More >

A New Beginning for Closings

Currently, under federal law, within three business days after receiving an application, mortgage lenders must deliver two different disclosures to the applicants: an early Truth in Lending Statement and a Good Faith Estimate. At closing, two more disclosures are required: a final Truth in Lending Statement and a HUD-1 settlement statement. Starting Aug. 1, 2015, that long-established process will change. The forms will be reduced to two and simplified so that consumers will be able to mortgage shop more easily and understand their mortgage terms and costs more thoroughly. More >

One Day Left to Share Your Comments about the Closing Process!

Posted In Consumer Financial Protection Bureau (“CFPB”), Mortgage, Real Estate Law, “Know Before You Owe”

On January 3, the Consumer Financial Protection Bureau (“CFPB”) issued a notice and request for information in the Federal Register regarding the real estate closing process. Specifically, the CFPB is interested in knowing the consumer “pain points” associated with mortgage closing and how those pain points might be addressed by market innovations and technology. More >

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