Tag: Regulatory Updates

Texas Updates Regulations Impacting Mortgage Originations and Mortgage Servicing

The Texas Department of Savings and Mortgage Lending (“Department”) issued updated rules relating to mortgage companies, loan originators, mortgage bankers, and mortgage servicers. The revisions are aimed at modernizing and updating the rules by adding and replacing language for clarity, removing unnecessary or duplicative provisions, and updating terminology.    Mortgage Loan Originators, Mortgage Companies and Mortgage […]

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Illinois Legislation Prohibits Misleading Marketing Aimed at Borrowers

As of January 1, 2024, mortgage companies soliciting consumers in Illinois will need to ensure their marketing materials do not run afoul of the state’s new law designed to protect consumers from being misled. The new law provides that any marketing materials from a mortgage company with no connection to the consumer’s existing mortgage company […]

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Court Dismisses the CFPB’s Attempt to Expand Redlining Prohibitions to Prospective Applicants

The CFPB’s first lawsuit against a nonbank mortgage lender for redlining has been dismissed byan Illinois federal Court. The Court held that the protections offered to actual loan applicants arenot extended to prospective applicants. Bureau of Consumer Fin. Prot. V. Townstone Fin., Inc.,2023 U.S. Dist. LEXIS 18405, 2023 WL 1766484 (N.D. Ill. Feb. 3, 2023). […]

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CFPB’S HMDA Reporting Threshold Returned to 25

On September 23, 2022, the United States District Court for the District of Columbia entered a judgment invalidating the CFPB’s rule raising the HMDA reporting threshold to 100 covered loans. The court's decision returns the operative HMDA reporting threshold to 25 closed-end loans originated. Notably, the court’s ruling did not alter the reporting threshold for […]

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Navigating Section 1071: The Value of a Flexible Regulatory Compliance Analytics Platform

Compliance requirements are ever-changing, and it’s crucial for banking, lending, and other financial institutions to not only stay up to date with the latest regulatory updates and changes, but also have access to a comprehensive — and flexible — regulatory compliance analytics platform. Regulatory agencies, such as the Consumer Financial Protection Bureau (CFPB) and Federal […]

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CFPB Releases 2020 HMDA Data Report

The CFPB issued a report on HMDA data collected in 2018, 2019, and 2020 that outlines a number of trends in residential mortgage originations.

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CFPB Issues Final Rule Raising Data Reporting Thresholds Under HMDA

On Thursday, April 16, the CFPB announced an amendment to Regulation C raising the loan-volume coverage thresholds for financial institutions reporting data under the Home Mortgage Reporting Act (HMDA).

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Michigan Legislative Update

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Alaska and Massachusetts Regulatory Update

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New Jersey and Oklahoma Regulatory Update

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Colorado and Georgia Regulatory Update

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Federal and Oregon Regulatory Update

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