CFPB Publishes Final Qualified Mortgage Rule

Yesterday, the Consumer Financial Protection Bureau (CFPB) issued its much-anticipated final rule concerning qualified mortgages. In July, 2010, Congress passed the Dodd-Frank Financial Reform Act mandating that the CFPB propose rules to protect consumers from toxic mortgage products. The CFPB, following its Congressional mandate, has created a final rule after reviewing 1,800 public comments from industry groups,…

Help Stop Referral Sources from Exempting AfBAs Under Dodd-Frank

The referral source lobby is making a last minute attempt to try to amend Dodd-Frank to exempt “affiliates” or controlled business arrangements from the 3% cap rule under Dodd-Frank.  Legislation which exempts affiliated business from certain provisions in the Dodd-Frank Act regarding Qualified Residential Mortgages may be considered in Congress before the end of the…

NAILTA Supports Extension of Mortgage Forgiveness Debt Relief Act

The U.S. Senate Finance Committee has approved a bipartisan bill that would extend the Mortgage Forgiveness Debt Relief Act (MDRA) through 2013.  Why is this important? Several reasons: The debt relief law spares homeowners who receive principal reductions on their mortgages from being hit with hefty federal income taxes on the amounts forgiven. Without it, millions of homeowners…

NAILTA – submits comments CFPB’s Integrated Disclosure Rule under the Dodd-Frank Act

Today, the National Association of Independent Land Title Agents (NAILTA) submitted formal public comment concerning the CFPB’s Integrated Disclosure Rule under the Dodd-Frank Act.  In summary, NAILTA’s Response to the CFPB on New HUD/TIL Disclosures: The proposed rule making can be found by clicking here.  A summary of the rule can be found by clicking here. The…

NAILTA Provides CFPB with Supplemental Guidance for Vetting Companies

The National Association of Independent Land Title Agents (NAILTA) met with officials from the Consumer Financial Protection Bureau (CFPB) on October 1, 2012 to discuss CFPB Bulletin 2012-03, the Service Provider Bulletin and third party vetting companies.  As a result of that meeting, NAILTA’s Policy and Legal Affairs Committee decided to prepare a comprehensive supplemental…