Category: Compliance

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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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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Are Brokers Required to Provide a Servicing Transfer Disclosure?

Question: Are brokers required to provide the information about the servicing transfer disclosure or is that the lender’s responsibility? Answer: The RESPA rule is not really clear on who must provide.  The language is general and covers all parties. So, I would err on the side of providing the disclosure. But if you are looking […]

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