On April 12, North Dakota Governor Doug Burgum signed into law House Bill 1068, which creates a new statutory licensing scheme in North Dakota covering residential mortgage loan servicing activities. This follows on the heels of the enactment last month of North Dakota Senate Bill 2090, which overhauled North Dakota’s licensing requirements related to residential mortgage lending. … Continue Reading
mortgage loan
“Know Before You Owe” getting closer to the finish line
By Richard J. Andreano, Jr. on
Posted in Mortgages, Regulatory and Enforcement
The CFPB has launched a third round of testing in its “Know Before You Owe” project. Last month, as we reported, the CFPB began testing and requested public input on two revised prototypes (named Mimosa and Sassafras) of a mortgage loan settlement disclosure combining the final TILA disclosure and the RESPA HUD-1 Settlement Statement.… Continue Reading
Closing disclosures coming in “Know Before You Owe”
By Barbara S. Mishkin on
In an earlier post about the CFPB’s “Know Before You Owe” project, I commented that it was unclear how the CFPB intended to approach required RESPA/TILA disclosures other than the early TILA disclosure and the RESPA good faith estimate. The project was launched in May to design a simplified mortgage loan disclosure combining the disclosures required by TILA and RESPA.… Continue Reading