Category: Compliance

CFPB – 7 Administrative Proceedings and Consent Orders for Deceptive Loan Advertisements – NEW MTP™- Deceptive Advertising – Is It Too Good to Be True?

Written by: Lloyd Rutherford, Staff Writer In today’s world, every bit of advertising that you do is documented and retrievable.  Recently there has been a rash of consent orders from the CFPB over false advertising practices.  Read this article to learn what you need to avoid. Rule Synopsis: The CFPB completed an audit of a […]

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CFBP – ATR and QM Thresholds Updated – Dated July 17, 2020

Written by: Lloyd Rutherford, Staff Writer Understanding what triggers a high-cost mortgage is important to anyone in the origination side of this business.  This article reviews the latest update for these thresholds. 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 […]

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COVID-19, Job reduction or income loss can be stressful to even the strongest of us. The Consumer Financial Protection Bureau and State Regulators issued a “Consumer Relief Guide – Your Rights to Mortgage Payment Forbearance and Foreclosure Protection Under the Federal CARES Act”.  If you would like a copy, please comment below and I will send it to you! 

COVID-19, Job reduction or income loss can be stressful to even the strongest of us. The Consumer Financial Protection Bureau and State Regulators issued a “Consumer Relief Guide – Your Rights to Mortgage Payment Forbearance and Foreclosure Protection Under the Federal CARES Act”.  If you would like a copy, please comment below and I will send it to you! 

Related Article Title: CFPB and State Regulators Provide Additional Guidance to Assist Borrowers Impacted by the COVID-19 Pandemic – Dated June 4, 2020 Written by: Lloyd Rutherford, Staff Writer There is a lot of conversation and speculation regarding the rights and ultimate effect on home financing for those consumers affected by the Pandemic.  In this […]

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CFPB and State Regulators Provide Additional Guidance to Assist Borrowers Impacted by the COVID-19 Pandemic – Dated June 4, 2020

Written by: Lloyd Rutherford, Staff Writer There is a lot of conversation and speculation regarding the rights and ultimate effect on home financing for those consumers affected by the Pandemic.  In this article we discuss the recently released guidance on this topic from the Federal and State Regulators. Rule Synopsis: The Consumer Financial Protection Bureau […]

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Does the Borrower or Lender Determine the Lock-In Date?

Question: Our company is requiring a conditionally approved loan before they will allow the borrower to lock.  Is the rate lock timing the borrower’s or the lender’s decision? Answer: Good question. However, there is no regulation/law that prevents a lender from requiring certain milestones be completed before allowing a loan to be locked.  Many lenders […]

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