CFPB's Latest Fines; Upcoming Events and Training

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Posted To: Pipeline Press

A big topic at last week's MBA Hawaii annual conference was change in the industry. As if residential lending doesn't have enough changes all the time, law firm Morrison & Foerster spread the word that, "The Department of Defense published sweeping changes to its rules that implement the Military Lending Act (MLA). The amended rules significantly expand the scope of the MLA provisions by covering both new types of creditors and new credit products, including installment loans and other closed-end credit products and credit cards and other open-end credit accounts. The rules become effective on October 1, 2015, with compliance required by October 3, 2016. Don't look now, but the IRS has a new spin on mortgage interest . New mortgage reporting requirements are now imposed on banks and servicers...(read more)

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Source: http://www.mortgagenewsdaily.com/channels/pipelinepress/08032015-cfpb-fines.aspx

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