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
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