Category compliance

TRID – Impressions and Updates So Far

Although we are still only a few months into the sea change in residential real estate closing documentation, the general consensus is that implementation of the TILA–RESPA Integrated Disclosure (“TRID”) has been relatively smooth. The deadline for implementation was extended following months of preparation and educational steps for realtors, brokers, and lenders; therefore, most industry […]

Bank Fined $10 Million by CFPB for Violating New Mortgage Servicing Rules

Earlier this week, on September 29, 2014, the Consumer Financial Protection Bureau (“CFPB”) took action against Michigan-based Flagstar Bank, fining it $10 million and ordering $27.5 million in payments to consumers. Flagstar allegedly “took excessive time to process borrowers’ applications for foreclosure relief, failed to tell borrowers when their applications were incomplete, denied loan modifications […]

Student Lending a Top CFPB Priority

Richard Cordray, Director of the Consumer Financial Protection Bureau (“CFPB”) recently presented a new tool for students seeking to finance education costs. The CFPB has targeted student lending as a regulatory priority, which is second only to mortgages in the rankings of debt categories. Mr. Cordray offered his prepared remarks at the Boulder Summer Conference […]