The CFPB has released its Fall 2023 rulemaking agenda as part of the Fall 2023 Unified Agenda of Federal Regulatory and Deregulatory Actions.  The agenda’s preamble indicates that “[t]he Bureau reasonably anticipates having the regulatory matters identified [in the agenda] under consideration during the period from November 2023 to October 2024.”… Continue Reading

Last week, by a vote of 221-202, the House of Representatives voted to approve S.J. 32, the resolution introduced under the Congressional Review Act to override the CFPB’s final Section 1071 small business lending rule (1071 Rule).  The Senate voted to approve S.J. 32 in October 2023.  President Biden is expected to veto the resolution and there is unlikely to be sufficient votes to override his veto. … Continue Reading

The U.S. Department of Veterans Affairs (VA) recently issued Circular 26-23-25 in which VA “is strongly encouraging a foreclosure moratorium on all VA-guaranteed loans through May 31, 2024.” Additionally, VA “urges servicers to cease initiating, continuing, and/or completing foreclosures on all VA-guaranteed loans during this moratorium.” The voluntary moratorium does not apply to vacant or abandoned properties.… Continue Reading

The Federal Housing Administration (FHA) recently proposed enhancements to its 203(k) rehabilitation mortgage loan program. The proposed enhancements are set forth in a draft Mortgagee Letter. FHA will accept feedback on the proposed enhancements, via its Single Family Drafting Table webpage, through January 5, 2024.

The 203(k) rehabilitation loan program provides for FHA insured mortgage loans that consumers may use to purchase a home or refinance an existing loan, and that include funds to pay for the repair or rehabilitation of the home.… Continue Reading

The U.S. Department of Housing and Urban Development (HUD) recently announced the 2024 loan limits for FHA insured forward mortgage loans and FHA insured Home Equity Conversion Mortgages (HECMs). The announcements were made in Mortgagee Letter 2023-21 and Mortgagee Letter 2023-22, respectively.

For forward mortgage loans in non-high cost areas, the amount for a single unit home increased from $472,030 in 2023 to $498,257 in 2024.… Continue Reading

The Federal Housing Finance Agency (FHFA) recently announced the conforming loan limits for residential mortgage loans acquired by Fannie Mae and Freddie Mac in 2024. Fannie Mae addresses the limits in Lender Letter 2023-09.

As was expected based on the continuing increase in housing prices, the limits increased significantly. The standard loan limit for a one-unit home increased from $726,200 in 2023 to $766,550 for 2024.… Continue Reading

The CFPB recently approved an application (Application) from the Independent Community Bankers Association (ICBA) for alternative disclosures under the Truth in Lending Act (TILA)/Real Estate Settlement Procedures Act (RESPA) Integrated Disclosure (TRID) rule for construction-to-permanent loans. The Application is for a Trial Disclosure Program Waiver Template (TDP Waiver Template).… Continue Reading

Earlier this month, the CFPB filed a notice with the Texas federal district court that it is appealing to the Fifth Circuit the district court’s order granting summary judgment to a group of trade associations in their lawsuit against the CFPB challenging the changes made to its UDAAP Exam Manual in March 2022. … Continue Reading

The CFPB, Fed, and OCC have announced that they are increasing three exemption thresholds that are subject to annual inflation adjustments.  Effective January 1, 2024 through December 31, 2024, these exemption thresholds are increased as follows:

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In September 2023, the CFPB updated its UDAAP Examination Manual to remove the changes it made in March 2022 which provided that unfair acts or practices encompassed discriminatory conduct, even in circumstances to which federal fair lending laws, such as the Equal Credit Opportunity Act, did not apply.

It has been suggested that this update means the CFPB has retreated from its position that discriminatory conduct can be the basis of a UDAAP violation. … Continue Reading