On Tuesday, January 20, the CFPB promulgated its first final rule of 2015, a series of minor amendments to the TILA/RESPA integrated disclosures (TRID) rule. The substantive changes to the TRID rule are (1) an extension of the time period to issue a revised Loan Estimate when an interest rate moves from floating to locked, and (2) a provision for disclosing that a creditor has reserved its right to issue a revised Loan Estimate for loans funding new construction.… Continue Reading
mortgage loan originator
CFPB settles lawsuit challenging loan officer bonuses
By Richard J. Andreano, Jr. on
Posted in CFPB Enforcement, Mortgages, Regulatory and Enforcement
For mortgage industry members wondering how serious the CFPB will be when enforcing the Regulation Z loan originator compensation rule (“LO Compensation Rule”) we now have an answer— $13 million dollars serious.
As we reported previously, in July 2013, the CFPB filed suit in the U.S. District Court for the District of Utah against Castle & Cooke Mortgage, LLC and two officers of the company. … Continue Reading