The Federal Reserve will likely set aside proposed revisions of Truth in Lending Act regulations, including borrowers’ right to rescind flawed mortgage loans, until the Bureau of Consumer Financial Protection is fully operational and has completed integrating disclosures under TILA and the Real Estate Settlement Procedures Act. Leonard Chanin, deputy director of the Federal Reserve Board’s Division of Consumer and Community Affairs, reportedly told attorneys at a meeting in Naples, FL, that the Fed is suspending…
Property owners whose lien subordination requests were denied because they chose to refinance with another lender are seeking class status in a lawsuit against their primary lender, PNC Bank. Although the proper defendant is PNC Bank, the complaint refers to the actions of National City Bank, which PNC acquired...
House Republican leaders have started to make good on a post-election promise to deconstruct the Bureau of Consumer Financial Protection. Rep. Randy Neugebauer, R-TX, chairman of the House Financial Services Subcommittee on Oversight and Investigations, has requested...
The Bureau of Consumer Financial Protection is expected to hire a private firm to develop a new, simplified form integrating mortgage disclosures required under the Real Estate Settlement Procedures Act and the Truth in Lending Act. About 80 percent of disclosures mandated by both TILA and RESPA will be whittled...
The mortgage financing industry will push harder in 2011 for less stringent risk-retention regulations, harmonized mortgage disclosures and certain regulatory relief issues facing industry participants. Rulemakings, mostly implementing provisions in the Dodd-Frank Wall Street Reform and Consumer Protection Act, must not...
Maryland. Fannie Mae has announced an increase in attorney’s fees for non-judicial foreclosures for properties located in Maryland. For loans referred to an attorney on or after Feb. 1, the maximum allowable attorney’s fees for legal work related to non-judicial foreclosures will...
In a rare show of solidarity, industry and community groups urged federal risk-retention rulemakers not to settle for a narrow definition of “qualified residential mortgage.” A coalition of consumer advocates and real estate industry trade associations warned...
Department of the Treasury BCFP, CSBS Agrees on Coordinated Regulation of Consumer Lenders. Government officials in charge of setting up the Bureau of Consumer Financial Protection have signed an agreement with the Conference of State Bank Supervisors on a framework for cooperation and coordination...
Rep. Michelle Bachmann, R-MN, has introduced new legislation, H.R. 87, to repeal the Dodd-Frank Wall Street Reform and Consumer Protection Act, which she described as a “job-killing financial regulatory bill.” Bachmann introduced...
Compliance experts see 2011 as a watershed year for the mortgage industry as it enters a new phase of financial regulation never before experienced by loan originators, mortgage servicers and other industry participants. The year begins...
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