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Federal mortgage law uses two rules for business day depending on the nature of the concern at issue: General Business Day or Specific Business Day.  General business day is based on when the business is substantially open and Specific business day follows a list defined by federal statute for national holidays.

For more information, please review our discussion on General and Specific Business Day.  

In late February, the Consumer Financial Protection Bureau (the “CFPB”) issued a new statement of policy regarding “Compliance Aids”, a new designation it will use to explain a new category of guidance the CFPB provides the industry.  The new Policy Statement clarifies the legal status and role in guidance these will play.

In late January, the Consumer Financial Protection Bureau (the “CFPB”) issued a “Statement of Policy Regarding Prohibition on Abusive Acts or Practices”, which the bureau itself styled a “common-sense framework on how it intends to apply the ‘abusiveness’ standard in supervision and enforcement matters.”  The policy statement is being provided as the CFPB recognizes there is still a lot of confusion about what is meant by the term “abusive” almost a decade aft

The Federal Financial Institutions Examination Council (“FFIEC”) recently issued the 2020 edition of A Guide to HMDA Reporting:  Getting It Right! for Home Mortgage Disclosure Act (“HMDA”) data collected in 2020 and reported by March 1, 2021. The guide contains a summary of key requirements to assist financial institutions in meeting data collection, reporting and disclosure requirements.

MBA Tech Attendees: Join us after MBA's Technology Conference and Expo as we celebrate the next decade of mortgage technology and innovation.

Find out more information at our Futurescape 2.0 Webpage!

The California Attorney General’s office released a notice of modifications to the proposed regulations for the California Consumer Privacy Act (“CCPA”) on February 7, 2020, and additional updates on February 10, 2020.

The CFPB recently updated its TILA-RESPA Integrated Disclosure (“TRID”) FAQs with guidance related to disclosing lender credits on the Loan Estimate (“LE”) and Closing Disclosure (“CD”).

Programming changes: Updated to select state-specific jurat section. (Date of Release to Production: 02/18/20)

Programming changes: Updated to select state-specific jurat section. (Date of Release to Production: 02/18/20)