A&B Abstract: On November 20, 2019, the Consumer Financial Protection Bureau (the “Bureau” or “CFPB”) published its Fall 2019 Rulemaking Agenda (the “Rulemaking Agenda”) as part of the Fall 2019 Unified Agenda of Federal Regulatory and Deregulatory Actions. The Rulemaking Agenda sets forth the matters that the Bureau reasonably anticipates having under consideration during the […]
Mortgage Loans
Federal Court Inspects Maryland’s Restrictions on Inspection Fees
A&B Abstract: Maryland’s inspection fee statute has been interpreted by the Maryland Court of Appeals and the Maryland Office of the Commissioner of Financial Regulation (“OCFR”) to apply both at the time of origination and throughout the servicing of a residential mortgage loan. More recently, a lower federal district court decision came to a different […]
Changes to the Department of Defense’s SCRA Website Database Could Impact Servicers
A&B ABstract: Servicers should be aware of changes being made to the Department of Defense’s (“DoD”) Servicemembers Civil Relief Act (“SCRA”) website in response to a complaint that the DoD failed to protect the privacy of servicemembers’ personal information. Discussion The SCRA provides certain financial and legal protections to active duty service members. Servicers are […]
CFPB Issues Final HMDA Rule Incorporating Reporting Exemptions
A&B ABstract: In a final rule issued on October 10, 2019, the CFPB amended Regulation C under the Home Mortgage Disclosure Act to incorporate exemptions created by the Economic Growth, Regulatory Relief, and Consumer Protection Act, among other changes. Discussion: Effective January 1, 2020, the Consumer Financial Protection Bureau issued a final rule under the […]
South Carolina Revisiting Borrower Preference Requirements
A&B ABstract: The South Carolina Department of Consumer Affairs (“Department”) announced that it is soliciting comments on proposed Regulation 28-75, which would provide mortgage lenders with additional guidance on the state’s attorney and insurance agent borrower preference requirements. Determination of Borrower Preferences Section 37-10-102 of the South Carolina Consumer Protection Code requires a creditor […]