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QUESTION: Should lenders require the customer to provide verbal authorization for one-time debit card payments over the phone? Should lenders retain recordings of such authorizations? ANSWER: Regulation E does not [...]
Today, the CFPB officially released the finalized updates to its “Know Before You Owe” mortgage disclosure rule, also known as the TILA-RESPA Integrated Disclosure Rule (TRID). According to the Bureau’s press release, the new [...]
There have been recent rumors that the CFPB will issue its final arbitration rule by the end of July. According to Ballard Spahr attorney Alan Kaplinsky, “that rumor appears to be gaining traction, with [...]
On July 3, 2017, the Department of Justice (DOJ) announced that Prospect Mortgage will pay approximately $4,157,000 to settle allegations the company committed civil mortgage fraud by underwriting mortgages that did not comply with Federal [...]
On June 27, 2017, the CFPB released two documents relating to the 2016 amendments to the 2013 mortgage rules under the Real Estate Settlement Procedures Act (Regulation X) and the Truth in Lending Act [...]
Last week, PBS NewsHour ran a segment titled “The Surprising Logic Behind the Use of Check Cashers and Payday Loans.” The program explored why, for some lower-income individuals, it makes more sense to cash [...]