Tag Archives: Truth in Lending Act

Overdraft and NSF fees are still hitting consumer’s bank accounts, to their surprise, every year to the tune of billions of dollars according to the Consumer Financial Protection Bureau.

MReport speaks with experts from Embrace Home Loans, Homespire Mortgage, Inlanta Mortgage, Planet Home Lending, and more about how eBorrower needs and priorities are shifting.

In a letter to the Senate, the Credit Union National Association along with other trade organizations noted the importance of the Mortgage Choice Act. See how the act would impact borrowers and lenders alike.

Three government agencies have jointly issued a proposal detailing the methodology that will be used to determine the thresholds at which certain small loans will be exempt from TILA.

In 2013, the Consumer Financial Protection Bureau (CFPB) issued guidelines to expand the range of loan products that can be considered high-cost mortgages under the Home Ownership and Equity Protection Act (HOEPA). According to the senators, the CFPB guidelines went into effect in January 2014 with the CFPB failing to recognize how unique manufactured home loans can be. After the guidelines were released a large percentage of small-balance loans used for the purchase of affordable manufactured housing were classified as high cost loans. As a result, lender liabilities associated with making and obtaining HOEPA high cost mortgage has increased. This could lead to a loss of credit available to those seeking to purchase manufactured housing.

With less than one year left before the Truth in Lending Act (TILA) and the Real Estate Settlement Procedures Act (RESPA) disclosure rule goes live, a new survey finds more lenders are battling with increased loan costs as quality control becomes the top concern.