Author: BairdLaw

TRID Has Arrived!

October 1, 2015  As a reminder, this Saturday, October 3, 2015, marks the beginning of TRID.  Any person applying for a residential mortgage loan beginning this Saturday must receive the new TRID disclosures.    We understand the next several weeks and

Disclosure of Home Mortgage Information to a Surviving Spouse

House Bill 831- Effective September 1, 2015   Texas Finance Code Section 343.103 Beginning September 1, 2015, residential mortgage servicers have a new responsibility to the surviving spouse of a deceased borrower.  Within 30 days of receiving a request for loan

Immediate Impact of the U.S. Supreme Court’s Obergefell Decision

July 1, 2015   The United States Supreme Court’s decision on June 26, 2015  in Obergefell vs. Hodges will have an immediate impact on Texas residential lenders.  This Law Letter discusses some of the results of the Supreme Court’s ruling that

CFPB to Delay TRID Rule Until Oct. 1

CFPB Director Richard Cordray issued the following statement: “The CFPB will be issuing a proposed amendment to delay the effective date of the Know Before You Owe rule until October 1, 2015. We made this decision to correct an administrative

Using a Power of Attorney to Close a Home Equity Loan

The Texas Supreme Court has clarified that lenders may use a Power of Attorney to close a Home Equity loan provided the POA was signed at the office of the lender, an attorney-at-law or a title company. Finance Commission of

The New Combined Mortgage Disclosures

We are all very aware of the voluminous residential mortgage lending regulations issued by the Consumer Financial Protection Bureau (CFPB) over the past several years, regulations that have had a significant impact on residential mortgage lending throughout the country. It

Homeownership Counseling and Small Servicer Exemption – CFPB Update

This issue of Law Letter focuses on two CFPB rules that will become effective for consumer residential mortgage applications received beginning January 10, 2014.  I.  CFPB Requirement to provide Consumer Mortgage Applicants with Homeownership Counseling List II.  Small Servicer Exemption from

Compliance with the CFPB’s New Rules for Residential Mortgage Loan Originators

October 31, 2013   I. NMLSR ID Number on Application, Note and Deed of Trust/Mortgage Beginning with residential mortgage loan applications received on January 10, 2014, the lender’s name and the lender’s unique ID under the Nationwide Mortgage Licensing System

Texas Supreme Court clarifies Home Equity Law

On June 21, 2013, the Texas Supreme Court issued its opinion in the case involving certain parts of the Texas Home Equity Law (Finance Commission of Texas et al v. Norwood, et al, No. 10-0121).   The opinion was further

The Consumer Financial Protection Bureau’s New Ability to Repay and Qualified Mortgage Rule

On January 10, 2013, the Consumer Financial Protection Bureau (CFPB) issued its final “Ability to Repay and Qualified Mortgage Rule”, which rule amends Regulation Z/Truth-in-Lending and will take effect on January 10, 2014. The entire rule may be reviewed at

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San Antonio, TX 78209