CFPB

What happens now that the CFPB appealed its “unconstitutional” ruling? Compass Point on the next steps in the PHH legal battle

Written on November 23, 2016 at 9:41 am

As expected, the Consumer Financial Protection Bureau last week appealed the U.S. Court of Appeals for the District of Columbia Circuit ruling that declared the agency’s leadership structure unconstitutional and vacated a $103 million increase to a $6 million fine levied against PHH. (Source: Housing Wire, November 21, 2016, Ben Lane).  Read more. Read More...

Federal Watchdog Agency Steps Up Inquiry Into Home Contracts

Written on November 15, 2016 at 9:58 am

The Consumer Financial Protection Bureau, the nation’s top consumer watchdog, is stepping up an investigation into seller-financed home sales that target lower-income home buyers unable to get a traditional mortgage. Source: New York Times, ALEXANDRA STEVENSON and MATTHEW GOLDSTEINNOV. 14, 2016. Read more. Read More...

CFPB Survives Legal Attack as Court Trims Director’s Power

Written on October 17, 2016 at 10:02 am

The Consumer Financial Protection Bureau survived a constitutional challenge and will remain in business, though a federal appeals court took away power from its director and tossed out a $109 million penalty against a mortgage company. (Source: Bloomberg News, October 11, 2016), Read more. Read More...

Don’t worry about the government: Prepare for October 3rd TRID

Written on August 24, 2015 at 1:57 pm

“Some civil servants are just like my loved ones They work so hard and they try to be strong I’m a lucky guy to live in my building They own the buildings to help them along.”  Lyrics from Talking Heads – 77: “Don’t Worry About the Government” Are you ready for TRID?  October 3, 2015  Read More Read More...

House Committee Passes Bills to Delay TRID Enforcement, Revise QM

Written on July 30, 2015 at 6:29 pm

JUL 29, 2015 5:57pm ET, WASHINGTON — The House Financial Services Committee approved a bill that would delay the Consumer Financial Protection Bureau’s enforcement of the new TILA-RESPA integrated disclosure rules. It also approved two additional bills addressing the qualified mortgage rule and GSE executive compensation.  Source: National Mortgage News, BY JOHN HELTMAN, read full article here. Read More...

CFPB Finalizes Two-Month Extension of Know Before You Owe Effective Date

Written on July 30, 2015 at 6:24 pm

JUL 21 2015, WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) today issued a final rule moving the effective date of the Know Before You Owe mortgage disclosure rule, also called the TILA-RESPA Integrated Disclosures rule, to October 3, 2015.  Full announcement here. Read More...

CFPB moves TRID date to Oct. 1

Written on June 18, 2015 at 10:50 am

“Administrative error” causes delay of Know Before You Owe rule.  Source: American Land Title Association (ALTA) and Housing Wire. Read More...

CFPB Fails to Comply With Congressional Review Act

Written on June 18, 2015 at 10:45 am

Consumer Financial Protection Bureau (CFPB) Misses the Mark on TRID Guidance, notes the American Land Title Association (ALTA) in its June 4th article.  Read more.  Read More...

CFPB Proposes TRID Implementation Delay Until Oct. 1

Written on June 18, 2015 at 9:58 am

“CFPB Misses the Mark on TRID Guidance,” notes ALTA.   The Consumer Financial Protection Bureau (CFPB) announced a proposal to delay implementation of the TILA-RESPA Integrated Disclosures (TRID) rule until Oct. 1. (Source – American Land Title Association, June 4, 2015) The CFPB failed to timely notify Congress under the Congressional Review Act, which requires agencies  Read More Read More...

Stand by me. Change coming August 1, 2015

Written on May 21, 2015 at 11:08 am

“Whenever you’re in trouble won’t you stand by me Oh stand by me, oh won’t you stand now, stand Stand by me ”  – From Ben E. King’s “Stand By Me”   Two kings of music deserve our tribute. Music legend Ben E. King, a New Jersey resident for over 40 years, passed away April 30th at  Read More Read More...