Mortgage compliance dating

14-Feb-2016 02:10

Title XIV of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) made significant changes to the federal consumer protection laws for residential mortgage loans.In January 2013, the Consumer Financial Protection Bureau (CFPB) issued final rules to implement provisions of Title XIV.The California Department of Business Oversight has made it easier for mortgage lenders to prove compliance with regulations that limit interest charges on loan closings that take more than one day.The DBO will accept any loan file record of written or electronic communications between the lender and the settlement agent that includes the loan disbursement date to demonstrate compliance with the state's per diem interest rule, according to a memo published earlier this month.Training employees - and keeping them up to date - on all federal, state, and agency requirements can be a time consuming and frustrating part of any mortgage operation.This is why the Praedo Compliance Catalog was designed to meet all of your compliance training needs.The CFPB has since issued a number of clarifications and amendments designed to address implementation concerns.

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Last year, Fifth Third removed Heather Russell as its chief legal officer, with a spokesman saying at the time that the Cincinnati-based bank did so after learning of a personal matter that posed a conflict of interest.

The Chaffetz letter, which the congressman's office provided to Bloomberg News, lays out a timeline for Mayopoulos' alleged inadequate disclosure.