Posts tagged Wall Street Reform and Consumer Protection Act.
The long heralded TILA/RESPA Integrated Disclosures (TRID) are coming, and they are already causing some headaches in the real estate market. Congress provided for the new disclosures in the 2010 Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank). The TRID disclosures are designed to improve the existing disclosure process for mortgage lending and real estate closings by consolidating the old Truth in Lending Disclosure Statement (TILA), HUD-1 Settlement Statement (HUD-1), and Good Faith Estimate (GFE) into two new forms called a "Loan Estimate ...
Tags: burr forman, Consumer Finance Litigation, Consumer Finance Litigation blog, dodd-frank, Mortgage Loan, Mortgage Loan and Real Estate Closing Disclosure Requirements, Real Estate Closing Disclosure Requirements, respa, tila, TILA/RESPA Integrated Disclosures, TRID, Wall Street Reform and Consumer Protection Act
On August 5, 2015, PHH Corp. ("PHH") won a stay of the $109M penalty handed down by Consumer Financial Protection Bureau ("CFPB") director Rich Cordray. Cordray's aggressive legal reasoning and the harsh penalties he imposed, in what was the first ever appellate decision in a CFPB enforcement action, have already sent shockwaves around the financial services industry. The case began as a CFPB enforcement action alleging that PHH had violated the Real Estate Settlement Procedures Act ("RESPA") by allegedly tying mortgage insurance referrals from PHH to agreements mortgage ...
Tags: Administrative Law Judge, ALJ, Consumer Financial Protection Bureau, Cordray, DC Circuit, dodd-frank, PHH, PHH Corp., Real Estate Settlement Procedures Act, respa, Rich Cordray, U.S. Court of Appeals for the District of Columbia Circuit, Wall Street Reform and Consumer Protection Act