CFPB Finalizes “Know Before You Owe” Mortgage Forms The Consumer Financial Protection Bureau (CFPB) is issuing its final rule today (November 20, 2014) requiring the use of new mortgage disclosure forms that will replace the existing federal disclosures and are intended to make it easier for consumers to understand their loan options, select loan terms…
How Will the New “Qualified Mortgage” Regulations Affect Your Transactions? The final rules and regulations implementing portions of the federally enacted Dodd-Frank Act will become mandatory on January 10, 2014. These rules require creditors to make a reasonable, good faith determination of a consumer’s ability to repay any consumer credit transaction secured by a dwelling…
Maryland’s New “Automatic Subordination” of Junior Mortgages Law Takes Effect on 10-1-2013 Maryland has enacted a new “Automatic Subordination for Junior Mortgages” statute will take effect on October 1, 2013. The statute (SB 199, Chapter 205 of the 2013 Laws of Maryland) provides that a mortgage or deed of trust (collectively “mortgage”) on residential property…
Goldstein & Levy, P.A., General Counsel Legal Bulletin January 18, 2013 | Shore Sale Debt Relief Extended Through 2013 Thankfully, Congress has acted to extend the Mortgage Debt Forgiveness Act through 2013, providing a sigh of relief to thousands of underwater homeowners who would have otherwise faced the prospect of paying income taxes on the…