CFPB To Propose Rules Affecting Mortgage Points And Fees – Including Banning Origination Charges that Vary with the Size of the Loan  - Published :  05/10/2012   In a May 9, 2012 press release published today on the Consumer Financial Protection Bureau (CFPB) website, the CFPB outlined rules it is considering that would affect mortgage points and fees and mortgage loan originator qualifications. The CFPB expects to propose these rules this summer and finalize them by January 21, 2013. Below is a redaction of the May 9th press release explaining the CFBP’s proposal: “The 2010 Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank) places certain restrictions on the points and fees offered with most mortgages. The CFPB is considering proposals that would: Full Article and Downloads

 

Texas Attorney General Opinion No. GA-0918 - Proration of Homestead Property Tax Exemption under Subsection 11.131(b), Tax Code, for Fully Disabled Ve  - Published :  04/27/2012   In the above Opinion dated April 13, 2012, the Attorney General of Texas, Greg Abbott, opined with respect to the above as follows: (1) “Effective January 1, 2012, subsection 11.131(c) of the Tax Code provides a residence homestead tax exemption to the surviving spouse of a fully disabled veteran who at the time of death qualified for an exemption under subsection 11.131(b) of the Tax Code. [See, firm memorandum dated December 1, 2011.] The fact that the disabled veteran died in 2011, prior to the effective date of subsection 11.131(c), does not deprive the surviving spouse of the exemption for the 2012 tax year.” (emphasis added)   Full Article and Downloads

 

Consumer Financial Protection Bureau (CFPB) Issues Transitional Loan Originator Licensing Guidance – CFPB Bulletin 2012-05  - Published :  04/23/2012   Finally some good news from the CFPB. On April 19, 2012, the CFPB released the above referenced Bulletin, which states that the Federal SAFE Act (12 USC Chapter 51) and Regulation H (12 CFR Part 1008) permit a level of reciprocity between the states for granting loan originator licenses. Full Article and Downloads

 

Consumer Financial Protection Bureau (CFPB) Issues Lending Discrimination Bulletin 2012-04 to Provide Guidance about Compliance with ECOA and Regulati  - Published :  04/19/2012   On April 18, 2012, the CFPB released the above referenced Bulletin notifying entities under CFBP supervision that the CFPB is reaffirming its commitment to enforcing the ECOA and Regulation B, especially in the area of disparate impact discrimination, also known as the “disparate impact doctrine.” In an accompanying press release, CFPB Director Richard Cordray is quoted as saying, “We want consumers to avoid the marketplace’s silent pickpocket—discrimination. We cannot afford to tolerate practices, intentional or not, that unlawfully price out or cut off segments of the population from the credit markets.” Full Article and Downloads

 

Consumer Financial Protection Bureau (CFPB) to Hold Financial Institutions Accountable for their Service Providers Compliance with Federal Consumer Fi  - Published :  04/18/2012   On April 13, 2012, the CFPB released the above referenced Bulletin notifying financial institutions under CFBP supervision that, depending on the circumstances, the CFPB may hold these financial institutions legally responsible for violations of Federal consumer financial law by the service providers with whom they have a business relationship. This memorandum attempts to summarize the Bulletin’s main provisions, but you are advised to read the Bulletin, which may be found at the following web site: http://files.consumerfinance.gov/f/201204_cfpb_bulletin_service-providers.pdf. Full Article and Downloads