The House of Representatives has approved the “Mortgage Choice Act,” amending the Truth-in-Lending Act to exclude the fees paid to title insurance companies and other businesses affiliated with a lender from the definition of the points and fees subject to the three percent cap under the “Qualified Mortgage” rules. Loans on which points and fees… Read More »

The Consumer Financial Protection Bureau (CFPB) has no plans to delay enforcement of the new mortgage disclosure rules taking effect August 1. Seventeen industry trade associations, representing real estate and real estate finance professionals, signed a letter asking the agency for a five-month period of “restrained enforcement and liability” extending through the end of this… Read More »

You don’t often see “pro-consumer” linked to a U.S. Supreme Court decision these days, but that’s an apt description of the court’s unanimous ruling on the right of borrowers to rescind mortgage loans. Lower courts had split on whether consumers can simply notify lenders that they are exercising that right or must actually file suit… Read More »