Client Memos Archives - Page 3 of 8 - Polunsky Beitel Green

CFPB Clarifies Authority of States to Enforce The Consumer Financial Protection Act of 2010

On May 19th, the Consumer Financial Protection Bureau (CFPB) issued an interpretive rule clarifying the scope of state enforcement authority found in Section 1042 and other sections of the Consumer Financial Protection Act (CFPA). The rule ... Read More

Client Memos

Revised: All things New at Texas Savings and Mortgage Lending

New – Commissioner The Search Committee of the Texas Finance Commission has narrowed its search for a new commissioner for the Department of Savings and Mortgage Lending to final candidates and recommended interviews with the entire Finance ... Read More

Client Memos

Legislative Changes to Homestead Property Tax Exemption Effective January 1, 2022

Under Texas law, prior to January 1, 2022, persons buying residence property had to wait until the year following acquisition to file for a homestead ad valorem property tax exemption. As of January 1, 2022, the property tax exemption can now be ... Read More

Client Memos

Texas Home Equity Lending and Prohibited Additional Collateral Part Two: VA Guaranties and FHA Mortgage Insurance

Section 50(a)(6)(H) of Article XVI of the Texas Constitution prohibits a home equity loan from being secured by any additional real or personal property other than the borrower’s homestead. Such property is commonly referred to as “prohibited ... Read More

Client Memos

Amendments to Texas Home Equity Interpretations Under 7 TAC 153

COMMISSIONS AMEND TEXAS ADMINISTRATIVE CODE TO MAKE CLEAR LENDERS MAY USE ELECTRONIC DISCLOSURES, DOCUMENTS, AND SIGNATURES FOR HOME EQUITY LOANS AND THAT OUT-OF-STATE BANKS MAY ORIGINATE HOME EQUITY LOANS On December 17, 2021, the Finance ... Read More

Client Memos

Client Memo – Texas Home Equity Lending and Prohibited Additional Collateral Part One: Non-Owner Borrowers

Over the past few months, we have received a number of questions regarding whether an individual who is a non-owner may be a co-borrower or co-signer on a 50(a)(6) Texas home equity loan. The most common scenario proposed to us is one where a family ... Read More

Client Memos

CFPB Guidance Regarding Juneteenth to Count as Federal Holiday for TRID & Rescission Purposes

On June 18, 2021, we issued a Memorandum on the fact that President Joe Biden signed into law the Juneteenth National Independence Day Act. In that update, we indicated that the Consumer Financial Protection Bureau (the “CFPB”) had not yet issued any ... Read More

Client Memos

The Current State of General Qualified Mortgages and Ability to Repay Requirements Under Regulation Z

Peter B. Idziak Recently, we have received some inquiries seeking clarification concerning the current definition and underwriting requirements relating to “general” qualified mortgages and the ability to repay requirements in effect under ... Read More

Client Memos

Client Memo – Supreme Court Holds that FHFA Director is Removable at Will

On Wednesday, June 23, 2021, the Supreme Court held that the structure of the Federal Housing Finance Agency (“FHFA”)—led by a single director who may only be removed for cause—violates Constitutional separation of powers. Justice Samuel Alito, ... Read More

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