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Jaworski on the Mortgage Reform and Anti-Predatory Lending Act

In this Analysis, Robert M. Jaworski examines the Mortgage Reform and Anti-Predatory Lending Act (MRAPLA) (in Dodd-Frank Act) , including the significant changes that it makes to the Truth in Lending Act (TILA) (e.g., incentives for qualified mortgages, anti-steering prohibitions, defenses to foreclosure...

Jaworski on the Mortgage Reform and Anti-Predatory Lending Act

In this Analysis, Robert M. Jaworski examines the Mortgage Reform and Anti-Predatory Lending Act (MRAPLA) (in Dodd-Frank Act) , including the significant changes that it makes to the Truth in Lending Act (TILA) (e.g., incentives for qualified mortgages, anti-steering prohibitions, defenses to foreclosure...

Don’t Lose Your Rescission Rights under the Truth in Lending Act: District Court Holds that Timely Notice of Mortgage’s Rescission Does Not Toll the Time to Legally Enforce Rights

Recently, a Colorado district court held that the timely filing of a 15 U.S.C. § 1635 notice of rescission will not toll the time limit for a mortgagee to sue on his rescission rights. In Barry v. Countrywide Home Loans , F.S.B. , 2011 U.S. Dist. LEXIS 12519 (D. Colo. Feb. 8, 2011) [ enhanced...

Troutman Sanders LLP: CFPB Announces Third Round of Public Comments for Mortgage Disclosure Forms

By David N. Anthony . John C. Lynch . Ashley L. Taylor, Jr. and Jarrod F. Loadholt In what has become one of the CFPB's signature regulatory initiatives - "Know Before You Owe" - the CFPB announced on July 28, 2011, that it would be conducting its third round of public commenting...

BuckleySandler LLP: Eleventh Circuit Refuses Equitable Tolling for TILA Violation

Excerpted from Infobytes , a weekly electronic newsletter on developments in financial services law from BuckleySandler LLP . For the full issue of Infobytes , click here: http://www.buckleysandler.com/infobyte-detail/infobytes-october-28-2011 The U.S. Court of Appeals for the Eleventh Circuit upheld...

Vetstein Law Group: Real Estate Industry Braces For Another Overhaul Of HUD-1 Settlement Statement And Truth-In-Lending (TIL) Disclosures

By Richard D. Vetstein, ESQ Final product will be a combination of both the final Truth in Lending (TIL) form and the HUD-1 Settlement Statement - a dramatic change from the existing forms. For the second time in as many years, the federal government is substantially overhauling two of the most...

Ballard Spahr LLP: CFPB Confirms Mortgage Loan Originators May Participate in Qualified 401(k) Plans

By members of the Consumer Financial Services Group The Consumer Financial Protection Bureau has confirmed that Regulation Z (which implements the Truth in Lending Act) does not prohibit mortgage loan originators from participating in qualified profit-sharing 401(k) or employee stock ownership plans...

BuckleySandler LLP: CFPB Files Amicus in TILA Rescission Case

Excerpted from Infobytes , a weekly electronic newsletter on developments in financial services law from BuckleySandler LLP . For the full issue of Infobytes , click here: http://www.buckleysandler.com/infobyte-detail/infobytes-March-30-2012 On March 27, the CFPB announced that it recently filed...

BuckleySandler LLP: Lender Settles TILA, UDAP Claims Over HELOC Reductions

Excerpted from BuckleySandler LLP's InfoBytes Blog, which monitors and reports on news, legal developments and legislative actions affecting the financial services industry. For more Infobytes , click here: http://www.infobytesblog.com/ . On August 31, a lender preliminarily settled with a class...

Williams Mullen: Proposed Rules Published on Dodd-Frank Requirements for Appraisals for Higher-Risk Mortgage Loans

BY: EDMUND D. HARLLEE On Wednesday, September 5, 2012, the Office of the Comptroller of the Currency, Board of Governors of the Federal Reserve System, National Credit Union Administration, Bureau of Consumer Financial Protection (the "Bureau") and Federal Housing Finance Agency (collectively...

Borrower Must File Suit before Foreclosure To Exercise Rescission Rights, Eighth Circuit Holds

By the Ballard Spahr LLP Mortgage Banking Group The Eighth Circuit recently held that a borrower must file suit before foreclosure to exercise rescission rights under TILA. The court now joins the Ninth and Tenth Circuits in holding that notice alone is not sufficient. In Hartman v. Smith, [ enhanced...

CFPB Issues RESPA-TILA Integrated Disclosures Final Rule

BY: ALAN B. CLARK AND EDMUND D. HARLLEE The Consumer Financial Protection Bureau (the “CFPB”) has issued the RESPA-TILA Integrated Disclosures Final Rule . The 1,888 page rule [ enhanced version available to lexis.com subscribers ], will become effective for applications taken on or...