If the case settles, it would be the second time in two years that a case involving disparate impact claims under the Fair Housing Act has settled before the Supreme Court had an opportunity to hear arguments.
The CFPB’s integrated mortgage disclosure rule under the Real Estate Settlement Procedures Act and the Truth in Lending Act might not be out until early December, an informed source told Inside the CFPB. For months, the expectation had been that an October release was in the offing, but it still has yet to come out, and bureau personnel say they don’t have a release date. “We were in a meeting at the beginning of October, and before that, there were some pretty heavy rumors that it was going to come out at the end of October,” said...
The National Association of Mortgage Brokers, the Mortgage Bankers Association and the National Association of Realtors are scheduled to meet with CFPB Director Richard Cordray and his staff this week to discuss various issues related to the bureau’s ability-to-repay rule and its qualified mortgage standard. More specifically, during their Tuesday, Nov. 5, 2013, meeting, the industry representatives plan to raise the impact of the points-and-fees cap, what they assert are the biases against mortgage brokers, and the ability for consumers to...
Mortgage lenders got a huge compliance and liability break, courtesy of the CFPB and the other federal financial regulators. A mortgage lender’s strategic decision to provide only qualified mortgages, in and of itself, will not raise its fair lending risk, the CFPB and four other regulators declared in new guidance issued last month. The agencies said they have received numerous inquiries from mortgage lenders about whether they would be liable under the disparate-impact doctrine of the Equal Credit Opportunity Act and its implementing...
CFPB Director Richard Cordray tried to reassure the mortgage lending community that the CFPB’s ability-to-repay rule with its qualified mortgage standard will provide all the legal protections they are expecting. One issue “that some consultants and lawyers have raised is whether the law and our rule will deliver the assured and predictable legal protections even for QM loans,” Cordray said in an address recently before the annual convention of the Mortgage Bankers Association in Washington, DC. “We believe strongly that they will...
The CFPB recently updated its Small Entity Compliance Guide to the ability‐to‐repay/qualified mortgage rule, which takes effect in January. The updated guide reflects clarifications and changes – formally known as the June 2013 ATR/QM concurrent final rule, the July 2013 final rule, and the October 2013 final rule – made to the rule since it was issued in January 2013. Among the most notable changes in the October 2013 final rule reflected in the updated guide is the exclusion of compensation that is paid by a retailer of...
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