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Highlight Updates Exemption authority for residential mortgage loan disclosures

The Dodd-Frank Act created an additional exemption for residential mortgage loan disclosures.256 Residential mortgage loans, discussed further in § 9.3.1, infra, are closed-end mortgages secured by a dwelling, whether or not a principal dwelling. The exemption applies to both purchase money and refinance loans. The exemption for residential mortgage loans permits the CFPB to improve consumer awareness and understanding by modifying or exempting from disclosure requirements any class of such loans if in the interest of consumers and the public.257

Relying in part on this authority,258 the CFPB granted a partial exemption from the TILA-RESPA integrated disclosures for certain mortgage loans provided through housing assistance loan programs for low-income and moderate-income households.259 The characteristics of these loans are described in §, infra.260 These loans are not exempt from any other TILA requirements.261


  • 256 {256} Pub. L. No. 111-203, 124 Stat. 1376, § 1405(b) (July 21, 2010), codified at 15 U.S.C. § 1601 note.

  • 257 {257} Id.

  • 258 {258} 78 Fed. Reg. 79,730, 79,772–79,773 (Dec. 31, 2013) (section-by-section analysis of 12 C.F.R. § 1026.3(h)).

  • 259 {259} Reg. Z § 1026.3(h); Official Interpretations § 1026.3(h).

  • 260 {260} See also §, infra.

  • 261 {261} Official Interpretations § 1026.3(h)-1.

    Moreover, the creditor must provide the disclosures required by Reg. Z § 1026.18, even if the loan would not otherwise be subject to the requirements of § 1026.18. Id.