Category Archives: TILA

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BCFP Enters Consent Order with Small Dollar Lender

Triton Management Group, Inc. (Triton) and several related companies entered into a consent order with the Bureau of Consumer Financial Protection (Bureau) in which Triton agreed to a $1 civil money penalty, $500,000 in consumer redress, and injunctive relief. Triton is a financial services company that originates, purchases, services, and collects on short-term secured and … Continue Reading

Do Servicers Have to Monitor Whether a Successor in Interest is in Bankruptcy? CFPB’s FAQ Suggests the Answer is “Yes”

As the effective date for the CFPB’s successor in interest and bankruptcy billing statement requirements quickly approaches, one question we’ve heard multiple times is whether a mortgage servicer is required to know when a confirmed successor in interest is in bankruptcy. The question stems from upcoming provisions in Regulations X and Z that will collectively … Continue Reading

CFPB Issues Implementation Guidance for Mortgage Servicing Rule Amendments

On March 29, 2018, the Consumer Financial Protection Bureau (CFPB) released two important implementation tools that may help mortgage servicers ensure compliance with recent amendments to the mortgage servicing rules in Regulations X and Z. This release comes shortly after the CFPB published a set of Frequently Asked Questions that primarily addressed issues related to the … Continue Reading

CFPB Finalizes Amendments to TRID Rule

The Consumer Financial Protection Bureau (CFPB) released final amendments to its “Know Before You Owe” mortgage disclosure rule, which is also known as the TILA-RESPA Integrated Disclosure rule (TRID), on July 7, 2017. As stated in the accompanying press release issued by the CFPB, the amendments “are intended to formalize guidance in the rule, and … Continue Reading

Eleventh Circuit Refuses to Extend Scope of Assignee TILA Liability to Failure to Provide Payoff Balance

Ruling on an issue of first impression at the Circuit Court level, the Eleventh Circuit recently refused in Evanto v. Federal National Mortgage Association to impose Federal Truth in Lending Act (TILA) liability on assignees for a servicer’s alleged failure to provide a requested payoff balance to a borrower. In the post Dodd-Frank world, a … Continue Reading

TILA Notice Requirement Not Retroactive: Ninth Circuit

The Ninth Circuit Court of Appeals recently ruled that a 2009 amendment to the Truth in Lending Act (TILA) does not apply retroactively. In a putative class action, Plaintiffs Mohammad and Rosa Talaie brought a claim under § 1641(g) of TILA, which requires a creditor to notify borrowers within 30 days of a transfer or … Continue Reading
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