LexisNexis® Legal Newsroom
Ballard Spahr LLP: CFPB Addresses Loan Originator Compensation and Origination Fees

By Richard J. Andreano, Jr., Upon further review, the concept of a flat loan origination fee was deemed to be a bad idea by the Consumer Financial Protection Bureau. On August 17, 2012, the CFPB issued the much-anticipated proposal to integrate the Dodd-Frank loan originator compensation provisions...

Ballard Spahr LLP: Temporary Exemptions Adopted for Mortgage Disclosures

By the Mortgage Banking Group As expected, on November 16, 2012, the Consumer Financial Protection Bureau adopted a temporary exemption for certain mortgage disclosure requirements added by the Dodd-Frank Act. This exemption will allow the disclosures to be implemented along with the proposal to integrate...

Ballard Spahr LLP: CFPB Final Ability-To-Repay Rule Prompts Cautious Optimism from Industry

By the Mortgage Banking Group The CFPB has issued its long-awaited ability-to-repay/qualified mortgage rule , and at first glance, it appears to warrant cautious optimism for the mortgage industry. The industry fought hard for the creation of a safe harbor for qualified mortgages, and the rule includes...

Ballard Spahr LLP: High-Cost Loan Final Rule Temporarily Averts FHA Loan Crisis

By Richard J. Andreano, Jr. , John D. Socknat , and Michael S. Waldron On January 10, 2013, the CFPB issued a final high-cost loan rule under Dodd-Frank that includes a modified version of a proposal that will temporarily avoid a crisis with FHA loans. The final rule also implements homeownership...

Ballard Spahr LLP: CFPB Adopts Mortgage Escrow Account Final Rule

By the Mortgage Banking Group Among other final rules published on January 10, 2013, the CFPB issued its final mortgage escrow account rule under a section of the Dodd-Frank Act relating to the establishment of mandatory escrow accounts on higher-priced mortgage loans. The final rule is effective...

Troutman Sanders LLP: CFPB Releases Rule Aimed at Reforming Force-Placed Homeowners’ Insurance Practices

By David N. Anthony , Alan D. Wingfield , Nicholas R. Klaiber and Virginia Bell Flynn On January 17, 2013, the Consumer Financial Protection Bureau (CFPB) released a rule creating stringent requirements for servicers imposing force-placed insurance on homeowners. A summary of the rule from the CFPB...

Troutman Sanders LLP: CFPB Announces Plan to Implement New Rules for Mortgage Industry

By John C. Lynch , Ethan G. Ostroff and David M. Gettings The Consumer Financial Protection Bureau (CFPB) announced yesterday that it will be taking steps over the course of 2013 to focus on the mortgage industry's compliance with new consumer protections. The 2010 Dodd-Frank Act required the...