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January 16, 2013

The CFPB has proposed to amend Regulation Z, which implements the Truth in Lending Act ("TILA"). As amended by Dodd-Frank, TILA requires mortgage lenders to make "reasonable, good faith determinations" that customers are able to repay loans, and establishes minimum requirements for making such determinations. The CFPB has proposed amendments to Regulation Z that would provide certain exceptions from these requirements, including exemptions for certain nonprofit creditors and certain homeownership stabilization programs, as well as an additional definition of a "qualified mortgage" for certain

May 30, 2013

The CFPB is amending Regulation Z, which implements the Truth in Lending Act ("TILA"). Regulation Z generally prohibits a creditor from making a mortgage loan unless the creditor determines that the consumer will have the ability to repay the loan. The final rule provides an exemption to these requirements for creditors with certain designations, loans pursuant to certain programs, certain nonprofit creditors, and mortgage loans made in connection with certain Federal emergency economic stabilization programs. The final rule also provides an additional definition of a qualified mortgage for

January 30, 2013

The CFPB published in the Federal Register final amendments to Regulation Z regarding its "Ability-to-Repay" rule requiring mortgage lenders to make "reasonable, good faith determinations" that customers are able to repay loans, and establishing minimum requirements for making such determinations. Click hereto view our original story on the Final Rule. Effective Date: January 10, 2014. View rule release in full: 78 FR 6407.

January 30, 2013

The CFPB published in the Federal Register proposed amendments to Regulation Z that would provide certain exceptions from these requirements, including exemptions for certain nonprofit creditors and certain homeownership stabilization programs, as well as an additional definition of a "qualified mortgage" for certain loans made and held in portfolio by small creditors.Click here to view our original story, analysis and commentary on the proposed amendments. Comments Due: Comments generally must be received on or before February 25, 2013. View rule release in full: 78 FR 6621.

February 01, 2011

The federal bank, thrift and credit union regulatory agencies, along with the Farm Credit Administration, announced that the Nationwide Mortgage Licensing System and Registry will begin accepting federal registrations on Jan. 31, 2011. Under the Secure and Fair Enforcement for Mortgage Licensing Act (S.A.F.E. Act) and the agencies' final rules, residential mortgage loan originators employed by banks, savings associations, credit unions, or Farm Credit System institutions must register with the registry, obtain a unique identifier from the registry, and maintain their registrations. Date