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Tag Archives: TILA

Democratizing Lending

Origination fees can present a web of inconsistencies, and Yatin Karnik of Confer Inc. asks if its time to “democratize” the lending process.

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CFPB: Tackling PACE Financing Rules

The consumer watchdog is seeking public comment to facilitate the required rulemaking for residential Property Assessed Clean Energy financing. Here’s how the new rule could affect lending for PACE.

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eClosing Pilot Partners Unveil Digital Closing Solutions

Months after partnering up as part of the Consumer Financial Protection Bureau's (CFPB) pilot eClosing program, real estate tech firm Pavaso and Utah-based lender Mountain America Credit Union announced that they have successfully pared the mortgage closing process down to a matter of minutes.

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Atlanta Lender to Pay $19.3M in Alleged Bait and Switch

The Consumer Financial Protection Bureau has targeted an Atlanta-based online lender to pay up for its role in an alleged bait and switch scheme. AmeriSave, its affiliate, Novo Appraisal Management Companies, and the CEO/owner of both companies, Patrick Markert, were penalized for misleading consumers by advertising fraudulent low rates and then failing to honor those rates once the consumers were locked in.

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HUD Releases Proposed QM Definition

HUD released on Monday a proposal to define the type of qualified mortgage (QM) that would be insured, guaranteed, or administered by the agency. The proposed definition is aligned with the Ability-to-Repay rule laid out in the Truth in Lending Act (TILA) and includes provisions that prohibit loan terms in excess of 30 years and that limit upfront points and fees to no more than 3 percent--making it consistent with the Consumer Financial Protection Bureau's existing QM rule.

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Regulators Unveil Appraisal Rules for Lenders

Starting in January 2014, mortgage lenders will work under new rules governing the handling of appraisals and other home value estimates. The Consumer Financial Protection Bureau (CFPB) announced Friday the adoption of a new rule intended to improve consumer access to appraisal reports. In addition, the CFPB (in partnership with five other federal regulatory agencies) issued a rule establishing specific appraisal requirements for higher-priced mortgage loans and properties flipped within six months of purchase.

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