Monthly Archives: October 2013

CFPB Confirms January 2014 for New Mortgage Rules; Capito Requests Extension

During his speech to the American Bankers Association Annual Convention earlier this week, Consumer Financial Protection Bureau (“CFPB”) Director Richard Cordray confirmed the January 2014 effective date for the new mortgage rules promulgated by the CFPB. Director Cordray justified this effective date by saying that most of Title XIV of the Dodd-Frank Act would have […]

Important: TCPA Changes Effective Today (10/16/13)

Beginning October 16, 2013, financial institutions and businesses must obtain express written consent in order to place (1) any autodialed or prerecorded call or text message to a cell phone; or (2) any prerecorded call to a residential land line for marketing purposes. What does this consent entail? Businesses must obtain express written consent that […]

Lenders Issuing FHA Loans Take Note – New QM Proposed Rule

Recently, the Department of Housing and Urban Development proposed its own “qualified mortgage” rule designed to supplant the temporary qualified mortgage rule for Federal Housing Administration insured loans promulgated by the Consumer Financial Protection Bureau. Earlier this year, the CFPB issued regulations for originators and servicers of mortgages, which included a temporary qualified mortgage definition […]