LexisNexis® Legal Newsroom
CFPB Implementation Strategy for New Mortgage Rules

by Michael B. Raines and Jeffrey E. Jamison Although the CFPB's new mortgage rules ("Mortgage Rules") are less than a month old and do not go into effective until January 10, 2014, the CFPB is not wasting any time putting the mortgage industry on notice that it expects these rules...

CFPB Finalizes Qualified Mortgage Cure and Other Amendments to 2013 Mortgage Rules

by Ethan G. Ostroff and John C. Lynch In October, the CFPB issued a final rule amending the 2013 mortgage rules that took effect in January 2014, including a post-consummation points and fees cure mechanism for qualified mortgage loans, which became effective on November 3, when it was published in...

CFPB Charges Yet Another Mortgage Lender With Violations of the Loan Originator Compensation Rule

by Maryia Y. Jones and David N. Anthony On November 13, the Consumer Financial Protection Bureau ordered a California mortgage lender to pay $730,000 for allegedly paying its loan originators compensation based on loan terms. The CFPB has asked the United States District Court for the Central District...

CFPB Director Cordray Addresses “Serious Misunderstanding” About Three-Day Requirement, Reiterates CFPB Will Not Voluntarily Change August 1 Effective Date for TILA-RESPA Integrated Disclosure Rule

by Ethan G. Ostroff , John C. Lynch and Ashley L. Taylor, Jr. In a speech made on May 12 to the National Association of Realtors, Consumer Financial Protection Bureau Director Richard Cordray addressed questions surrounding the three-day requirement of the TILA-RESPA Integrated Disclosure Rule (“TRID”...