Category: CFPB

CFPB Issues new “CHARM” Booklet

Written by:  Tammy Butler, Master CMB-Publisher If you are newer to the industry, you may not even know what a “CHARM” Booklet is, because interest rates have been so low! CHARM is short for  Consumer Handbook on Adjustable Rate Mortgages.  You are required to provide this to anyone getting an ARM [Adjustable Rate Mortgage] loan. […]

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Consumer Financial Protection Bureau Announces Relief Options for Rescission Periods (Reg Z + TILA), TRID Rule Waiting Periods (TRID + Reg Z) and Delivery of Appraisals (ECOA Valuations Rule) – Dated April 29, 2020

Written by: Lloyd Rutherford, Staff Writer No matter how long you have been in the industry, the COVID-19 Pandemic is a first for all of us including the CFPB.  To offer consumers relief, the CFPB has added guidance to allow lenders some flexibility during this time.  All originators should read through these changes so that […]

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CFPB FAQ for TILA-RESPA Disclosures (TRID) – Dated February 26, 2020

Written by: Lloyd Rutherford, Staff Writer The rules of disclosure can be very tricky.  This recent update of FAQs addresses some of the issues lenders have struggled with and is a must read for anyone originating or creating disclosures. Rule Synopsis: The Consumer Financial Protection Bureau issues an FAQ document for the industry that covers […]

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CFPB Announces Policy Regarding Prohibition on Abusive Acts or Practices – Dated January 24, 2020

Written by: Lloyd Rutherford, Staff Writer There has been a lot of uncertainty as to what practices were considered “abusive” to consumers.  This update outlines the changes that have been made by the CFPB to help the industry consider their practices in business and marketing. Rule Synopsis: The CFPB (by way of this policy statement) […]

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CFPB Announces Threshold Amounts for Smaller Loan Exemption for HPML Appraisal Requirements – Dated October 30, 2019

Written by: Lloyd Rutherford, Staff Writer Rule Synopsis: The CFPB is required to calculate annually the dollar amounts for various topics contained in Regulation Z (aka The Federal Truth-in-Lending Act or TILA). This article will address the changes that impact the mortgage industry related to the appraisal requirements for HPML as it relates to smaller […]

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