Tag Archives: tila

Mortgage Lender to Pay $250,000 for Deceptive Advertising

The Consumer Financial Protection Bureau (CFPB) has announced a consent order against RMK Financial Corporation, ordering it to pay a penalty of $250,000 for deceptive advertising. RMK is a  California-based mortgage lender doing business under the name Majestic Home Loans. According to the CFPB press release, RMK mailed print advertisements to more than 100,000 consumers in […]

TILA/RESPA Forms Toolkit for Borrowers and Free Course for Real Estate Brokers

(Jeff Sorg, OnlineEd) – The Consumer Financial Protection Bureau (CFPB) has released a new toolkit to help guide borrowers through the process of shopping for a mortgage. Developed for the CFPB’s “Know Before You Owe” mortgage initiative, the kit is designed to help consumers understand and take advantage of the new Loan Estimate and Closing Disclosure forms that mortgage lenders are required to begin […]

New Mortgage Disclosure Final Rule Released

November 22, 2013 – At a field hearing in Boston on Wednesday, November 20, 2013, Richard Cordray of the CFPB took the opportunity to unveil the new “Know Before You Owe” forms, which will replace their better known “good-faith estimate” predecessors.  The final rule issued on Wednesday will require lenders to replace the oft-confusing good […]

CFPB Releases Exam Procedures for New Mortgage Rules

(CFPB – WASHINGTON, D.C.) — On June 4, 2013, The Consumer Financial Protection Bureau (CFPB) published the first update to its exam procedures for the new mortgage regulations it issued in January 2013. The exam procedures offer financial institutions and mortgage companies valuable guidance on what the CFPB will be looking for as the rules become […]