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Highlight Updates Rulemaking for mortgage loans under the Dodd-Frank Act

In January and February 2013, the CFPB issued a number of major rules, regarding ability to repay, mortgage servicing, HOEPA, appraisal requirements for higher-priced mortgage loans, mortgage loan originator compensation, arbitration, credit insurance, and escrow requirements. The Dodd-Frank requirements for periodic statements, payoff statements, and adjustable rate reset notices were also implemented. The substantive rules are discussed at Chapter 9, infra; the disclosure rules are discussed at Chapter 5, infra.

The CFPB also finalized a major revision of the disclosure forms for closed-end home mortgages. Mandated by the Dodd-Frank Act, the new disclosures combine the forms required by RESPA and TILA into a new, more unified format. This new disclosure and the timing rules that come with it commenced on October 3, 2015.296 The new form is also described in § 5.11.2, infra.

The effective dates for the various rulemakings are reviewed at § 1.3.3, supra.


  • 296 {296} 80 Fed. Reg. 43,911 (July 24, 2015) (extending the effective date to Oct. 3, 2015); 78 Fed. Reg. 79,730 (Dec. 31, 2013).