Tag Archives: Financial Institutions

CFPB Amends Ability-To-Repay/Qualified Mortgage Regulations To Exclude Creditor’s Payment Of Compensation To Loan Originator Employees From Calculation Of Points and Fees

On May 29, 2013, the Consumer Financial Protection Bureau (CFPB) issued a final rule amending its Ability to Repay/Qualified Mortgage (ATR/QM) rule, originally issued on January 10, 2013. The final rule addresses the following: Removes compensation to individual loan originator employees from the calculation of the points and fees limit for purposes of both the … Continue Reading

Court of Appeal Reaffirms MERS’ Ability to Foreclose, Holds That Recorded Documents Do Not Overcome a Specifically Pled Violation of Section 2923.5

In Skov v. U.S. Bank N.A., 2102 WL 2549811 (June 8, 2012), the Court of Appeal reversed the trial court’s decision to sustain a demurrer against plaintiff Andrea Skov’s second amended complaint, holding that she had stated a claim for violation of Civil Code Section 2923.5, which requires a lender to contact a defaulted borrower … Continue Reading

Borrower’s “Show Me The Note” Argument Fails To Halt Foreclosure

By Alejandro Moreno and Shannon Petersen In Debrunner v. Deutsche Bank Nat. Trust Co. (Cal.App. 6 Dist., 2012) — Cal.Rptr.3d —-, 2012 WL 883128, the California Court of Appeal affirmed the dismissal of a complaint for wrongful foreclosure with prejudice, holding that a beneficiary under a deed of trust need not possess the original promissory … Continue Reading

California Department of Corporations States That Wholesale Account Executive Who Does Not Deal With Consumers Is Not A Mortgage Loan Originator

By David Sands and Sherwin Root The California Department of Corporations recently added a question to its on-line frequently asked questions on mortgage loan originators which made clear that wholesale lender account executives who do not deal with the public (but only with correspondent lenders) do not need to be licensed as mortgage loan originators with … Continue Reading

Federal Agencies Issue Final Rules On Fighting Identity Theft

Several federal regulatory agencies have adopted final rules requiring financial institutions and other creditors to adopt policies aimed at fighting identity theft. The rules require the adoption of an Identity Theft Prevention Program, and took effect January 1, 2008, although covered financial institutions and other creditors have until November 1, 2008 to comply.… Continue Reading

Federal Banking Regulators Issue Final Rule On Financial Institutions’ Affiliate Marketing

The five federal financial regulatory agencies have jointly issued final regulations implementing Section 214 of the Fair and Accurate Credit Transactions Act (FACTA), which amends the Fair Credit Reporting Act (FCRA). The regulations allow consumers to opt out and prevent a financial institution from using information provided by an affiliated company to market its products … Continue Reading
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