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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Written By: Tammy Butler, Master CMB Annual Thresholds for Qualified Mortgages have been issued by the CFPB. Rule Synopsis: The Bureau is required to calculate annually the dollar amounts for several provisions in Regulation Z; this final rule reviews the dollar amounts for provisions implementing TILA and amendments to TILA, including the Home Ownership and […]
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Written By: Tammy Butler, Master CMB The CFPB continues to clarify industry questions from lenders regarding TRID disclosures and RESPA requirements. In this update the bureau addresses construction loans. Rule Synopsis: Periodically, the CFPB issues clarifications to the very complex TRID-RESPA rules. They communicate these clarifications through the TRID-RESPA FAQs, which we have attached below […]
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Written By: Tammy Butler, Master CMB Hooray! More clarity on TRID! Anytime we don’t have to guess what to do regarding disclosures, is a happy day. Read this quick FAQ to learn more. Rule Synopsis: On October 3, 2015 [yes, 3.5 years ago] TRID [TILA-RESPA Integrated Disclosure] changed the way that mortgage lenders disclose loans. With […]
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Written By: Tammy Butler, Master CMB Each year, the CFPB is mandated to adjust tolerance thresholds under HOEPA and QM. Be sure to read this article to understand what is changing and when it goes into effect. Rule Synopsis: The Bureau is required to calculate annually the dollar amounts for several provisions in Regulation Z; […]
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