OCC Issues Updated RESPA Booklet

On April 14, 2015, The Office of the Comptroller of the Currency (OCC) issued its revised Real Estate Settlement Procedures Act booklet. According to the OCC Bulletin 2015-25, the “Real Estate Settlement Procedures Act” booklet of the Comptroller’s Handbook replaces the booklet issued in back in October 2011 and provides updated information including recent changes […]

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ABA: CFPB Issues Guidance on Housing Counselor Requirement

“The CFPB released a final interpretive rule on how to provide mortgage applicants with a list of local homeownership counseling organizations. In addition to the guidance issued by the CFPB in 2013, the rule includes instructions about: how to provide applicants abroad with homeownership counseling lists; permissible geolocation tools; combining the homeownership counseling list with […]

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ABA: House Passes ABA-Backed Regulatory Relief Bills

“By virtually unanimous votes, the House passed four regulatory relief bills that are part of ABA’s Agenda for America’s Hometown Banks. The bills that sailed through would eliminate the annual privacy notice disclosure requirement for institutions that haven’t changed their policies (H.R. 601), establish a process for designating an area rural for purposes of CFPB […]

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DS News: The Underappreciated Impact of Dodd-Frank: The Rise of Federal and State Regulatory Cooperation

“When it was passed in 2010, the Dodd-Frank Wall Street Reform and Consumer Protection Act (“Dodd-Frank”) was the most sweeping piece of financial regulation enacted since the 1930s. Before legislators approved Dodd-Frank, consumer protection functions were dispersed among the alphabet soup of federal regulators. But the new law changed that, introducing a single agency – […]

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CFPB Announces New ‘Know Before You Owe’ Mortgage Shopping Toolkit

“WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) today released a new toolkit that guides consumers through the process of shopping for a mortgage and buying a house. Developed as part of the CFPB’s “Know Before You Owe” mortgage initiative, the toolkit will help consumers take full advantage of the new Loan Estimate and […]

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ABA: CFPB Releases Customer Guide to Accompany TILA-RESPA Forms

“The CFPB released a toolkit for consumers shopping for mortgages ahead of the effective date for the Loan Estimate and Closing Disclosure forms that lenders are required to begin providing in August. “We are releasing this toolkit well in advance of the effective date to help the mortgage industry come into compliance with the new […]

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ABA Welcomes Proposed Rules for Small Creditors, Suggests Tweaks

“ABA welcomed the CFPB’s proposed changes — many previously advocated by ABA — that will increase the number of banks able to benefit from the bureau’s small creditor and rural or underserved area exemptions in its mortgage rules. The proposal would lift the origination limit to qualify for “small creditor” status from 500 loans annually […]

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