Category Archives: Information

Clearer Ruling is Good News, Borrowers / Lenders

The Bureau of Consumer Financial Protection (Bureau) is amending Federal mortgage disclosure requirements under the Real Estate Settlement Procedures Act (RESPA) and the Truth in Lending Act (TILA) that are implemented in Regulation Z. The amendments relate to when a creditor may compare charges paid by or imposed on the consumer to amounts disclosed on a Closing Disclosure, instead of a Loan Estimate, to determine if an estimated closing cost was disclosed in good faith. The TILA-RESPA Rule requires creditors to provide consumers with good…

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MBA Submits Comment Letter on CFPB RFI on Civil Investigative Demands

On Apr. 26, MBA submitted comments on the Consumer Financial Protection Bureau’s Request for Information on Civil Investigative Demands. MBA’s comments communicated many of the industry’s concerns with the CID process. In addition to offering comments related to the CID process, MBA reiterated its support for a broad reexamination of Bureau practices as detailed in MBA’s CFPB 2.0: Advancing Consumer Protection white paper. CIDs are used by the Bureau to request information that may be relevant to a potential violation of consumer financial protection law.…

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ADVOCACY EFFORTS

NYMBA’s Legislative Committee continuously monitors state and national bills related to the real estate finance industry. If you’re not a member of Mortgage Action Alliance, you’re missing out on an opportunity to participate in the law making process and have your voice heard! The Mortgage Action Alliance (MAA) is a voluntary, non-partisan and free nationwide grassroots lobbying network of real estate finance industry professionals, affiliated with the Mortgage Bankers Association (MBA). MAA is dedicated to strengthening the industry’s voice and lobbying power in Washington, DC…

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