Mark K. Rabidoux, PLC

Mark K. Rabidoux, PLC Law firm focused on the mortgage banking industry Mark K. Rabidoux, PLC is a law firm focused on the mortgage industry. We have significant experience with the formation of new companies, the licensing of companies and mortgage loan originators in all 50 states, and with state and federal compliance.

Additionally, we help homeowners in Michigan decide between the various alternatives available to them when they determine that their home is no longer affordable, including short sales, loan modifications, and walking away.

Operating as usual

01/21/2013
http://www.gpo.gov/fdsys/pkg/FR-2013-01-22/pdf/2013-00734.pdf

The CFPB has issued final regulations implementing a requirement under Dood-Frank that all "higher cost" loans include escrow accounts for at least the first 5 years of the loan. There are very narrow exceptions for small lenders operating in rural and under-served areas. The new regulations will apply to new loans applied for on and after June 1, 2013. The new regulation can be found here:http://www.gpo.gov/fdsys/pkg/FR-2013-01-22/pdf/2013-00734.pdf

01/18/2013
http://files.consumerfinance.gov/f/201301_cfpb_final-rule_ability-to-repay.pdf

The CFPB has issued long-awaited new regulations covering the making of mortgage loans and the servicing of mortgage loans. Both sets of new regulations were prompted by the Dodd-Frank package of laws adopted early in the president's first term. The regulations on lending are here: http://files.consumerfinance.gov/f/201301_cfpb_final-rule_ability-to-repay.pdf. The regulations on servicing are here:http://files.consumerfinance.gov/f/201301_cfpb_final-rule_servicing-respa.pdf

01/02/2013

The Michigan legislature passed three related bills that make clear that mortgage loans that are not for personal, family or household purposes are not covered by the licensing laws or by the law requiring certain disclosures.

01/02/2013

The Michigan legislature passed three related bills that make clear that mortgage loans that are not for personal, family or household purposes are not covered by the licensing laws or by the law requiring certain disclosures.

11/21/2012
http://www.gpo.gov/fdsys/pkg/FR-2012-11-21/pdf/2012-27993.pdf

The CFPB announced that the new exemption for consumer transactions required to provide Truth in Lending disclosures is $53,000 for 2013. Dodd-Frank increased the exemption from $25,000 to $50,000 and added an annual adjustment based on inflation. Additionally, the CFPB announced that the dollar threshold for the fees and costs test for high cost loans has increased to $625. That amount also adjusts annually based on inflation. See the announcements here:http://www.gpo.gov/fdsys/pkg/FR-2012-11-21/pdf/2012-27993.pdf

The CFPB announced that it is postponing the effective date of certain new disclosures required under Dodd-Frank in orde...
11/16/2012
Consumer Financial Protection Bureau extends effective date for new mortgage disclosures – Consumer.

The CFPB announced that it is postponing the effective date of certain new disclosures required under Dodd-Frank in order to make their effective date coincide with a new integrated Truth in Lending and RESPA disclosure, which has not been finalized and is expected sometime in 2013. The press release is here: http://www.consumerfinance.gov/pressreleases/consumer-financial-protection-bureau-extends-effective-date-for-new-mortgage-disclosures/

Nov 16 2012Consumer Financial Protection Bureau extends effective date for new mortgage disclosuresDisclosure Requirements Will Be Integrated into CFPB’s Final Mortgage Disclosure Forms Instead of Taking Automatic Effect in JanuaryWASHINGTON, D.C. - The Consumer Financial Protection Bureau (CFPB) an...

Allan Sloan of Fortune Magazine recently published an article about the tread of offshoring servicing jobs.  He intervie...
11/09/2012
Goodbye, good jobs - The Term Sheet: Fortune's deals blog Term Sheet

Allan Sloan of Fortune Magazine recently published an article about the tread of offshoring servicing jobs. He interviewed me as part of his research into the reasons behind the trend. The article is here: http://finance.fortune.cnn.com/2012/10/22/rescap-bankruptcy-jobs/

A bankruptcy auction for the mortgage company ResCap this week in Manhattan could decide the fate of hundreds of workers in Waterloo, Iowa and other U.S. cities (and perhaps as many in India). By Allan Sloan and Doris Burke

09/17/2012
http://www.gpo.gov/fdsys/pkg/FR-2012-09-17/pdf/2012-19974.pdfand

The CFPB has issued 2 sets of proposed regulations aimed at a broad range of servicing activities. Both are prompted by sections of Dodd-Frank. The changes to RESPA are here:http://www.gpo.gov/fdsys/pkg/FR-2012-09-17/pdf/2012-19974.pdf and the changes to Truth in Lending are here:http://www.gpo.gov/fdsys/pkg/FR-2012-09-17/pdf/2012-19977.pdf

09/07/2012
http://www.gpo.gov/fdsys/pkg/FR-2012-09-07/pdf/2012-20808.pdf

The CFPB has published proposed regulations that would require lenders who want to charge points and fees to offer an alternative loan with no points and fees. Third party charges that are passed on in full would not be considered "fees" for this purpose as long as the third party is not related to the lender. The CFPB seeks public comment on the proposal. See it here:http://www.gpo.gov/fdsys/pkg/FR-2012-09-07/pdf/2012-20808.pdf

09/05/2012
http://www.gpo.gov/fdsys/pkg/FR-2012-09-05/pdf/2012-20432.pdf

The CFPB has issued proposed regulations governing appraisals for higher risk mortgage loans. Among other things, the new rules would require a second appraisal when a mortgage loan is being used to acquire a principal residence that the seller owned less than 180 days if the sales price is greater than what the seller paid to acquire the house. The proposed rule is here:http://www.gpo.gov/fdsys/pkg/FR-2012-09-05/pdf/2012-20432.pdf

08/23/2012
http://www.gpo.gov/fdsys/pkg/FR-2012-08-23/pdf/2012-17663.pdf

The CFPB has issued the long-awaited proposed regulations that seek to integrate Truth in Lending and RESPA forms into one set of disclosures. In addition, the proposed rules would make significant changes to how mortgage loans are made. The 350+ page proposal is here:http://www.gpo.gov/fdsys/pkg/FR-2012-08-23/pdf/2012-17663.pdf

08/21/2012
http://www.gpo.gov/fdsys/pkg/FR-2012-08-21/pdf/2012-20422.pdf

The CFPB has issued a proposed change to Regulation B that would require lenders to provide applicants with copies of their appraisals. Currently the regulation only requires it only if a loan is denied. Under the proposal the lender may charge a fee to pay for the appraisal, but may not charge a fee for providing the applicant with a copy of it. The proposal is here:http://www.gpo.gov/fdsys/pkg/FR-2012-08-21/pdf/2012-20422.pdf

08/16/2012
http://files.consumerfinance.gov/f/201208_cfpb_tila_proposed_rules.pdf

The CFPB (they've been busy, haven't they?) published new proposed regulations under TILA and RESPA that seek to regulate certain aspects of mortgage servicing. A link to the TILA proposed regs is here:http://files.consumerfinance.gov/f/201208_cfpb_tila_proposed_rules.pdf The changes to RESPA are also described in the preamble.

08/15/2012
http://www.gpo.gov/fdsys/pkg/FR-2012-08-15/pdf/2012-17059.pdf

The CFPB has proposed regulations implementing Dodd-Frank's changes to the old high cost mortgage loan rules. Dodd-Frank, among other things, lowered the rate and points thresholds to the point of pushing them closer to the prime mortgage market. The proposed regulations are here:http://www.gpo.gov/fdsys/pkg/FR-2012-08-15/pdf/2012-17059.pdf

07/10/2012
http://files.consumerfinance.gov/f/201207_cfpb_proposed-rule_high-cost-mortgage-protections.pdf

The CFPB has proposed new regulations on so-called high cost mortgages to implement changes in HOEPA contained in the Dodd-Frank legislation. Under Dodd-Frank, HOEPA was expanded to include purchase money mortgages and home equity lines of credit and the interest rate and points and fees triggers were lowered or changed. The CFPB seeks public and industry comment. The proposal is here:http://files.consumerfinance.gov/f/201207_cfpb_proposed-rule_high-cost-mortgage-protections.pdf

The CFPB has developed some new model forms to replace the Good Faith Estimate and the Truth in Lending statement.  They...
07/09/2012
Know Before You Owe: Introducing our proposed mortgage disclosure forms – Consumer Financial Protect

The CFPB has developed some new model forms to replace the Good Faith Estimate and the Truth in Lending statement. They are looking for public input. Implementing any such changes would require changes to Regulation X (RESPA) and Regulation Z (Truth in Lending). Information about the proposed forms is here: http://www.consumerfinance.gov/blog/know-before-you-owe-introducing-our-proposed-mortgage-disclosure-forms/

Jul 9 2012Know Before You Owe: Introducing our proposed mortgage disclosure forms By The CFPB Mortgage Disclosure Team This is the third post in a series on the Know Before You Owe project for simplifying mortgage disclosures. Last week, we explored the origins of the project and the process ...

06/18/2012
http://t.co/YcsKJMFf

The US Supreme Court has issued a decision in a case about pharmaceutical sales that addresses whether they are outside salespeople and thus exempt from the overtime pay requirement of the federal wage and hour law. The Court ruled that they were and said that the determination of whether someone is outside sales involves an analysis of the industry they work in (a one size fits all definition of outside sales is impractical). The issue is raised often in the mortgage business with respect to commissioned loan originators. The decision is here:http://www.supremecourt.gov/opinions/11pdf/11-204.pdf

05/29/2012
http://www.legislature.mi.gov/documents/2011-2012/billenrolled/Senate/pdf/2011-SNB-0092.pdf

Michigan has modified its durable power of attorney statute to provide that the person granted the power of attorney must sign an acknowledgement form. The change does not affect durable powers of attorney in existence prior to October 1, 2012. The new law is here:http://www.legislature.mi.gov/documents/2011-2012/billenrolled/Senate/pdf/2011-SNB-0092.pdf

05/29/2012
FindLaw | Cases and Codes

The US Supreme Court, in a case brought against Quicken Loans, found that RESPA's section 8(b) does not regulate the charging of fees for settlement services not actually performed unless the fee is split between two or more persons. The case was brought by three sets of borrowers who had paid discount points but alleged that the discount points did not reduce their interest rate and therefor were unearned settlement service fees. The Court's opinion was unanimous, which is somewhat unusual in a Court so divided between liberals and conservatives. The Court's opinion is here: http://caselaw.lp.findlaw.com/scripts/getcase.pl?court=US&navby=case&vol=000&invol=10-1042

FindLaw | Find a Lawyer. Find Answers.

05/16/2012

We have discovered today that the NMLS shuts off the accounts of persons who don't log into the system very often. If you have an account, either personal or company, be sure to log into the system at least once a month even if you don't perform any sort of operation while you do so.

04/30/2012
http://www.fhfa.gov/webfiles/23887/Short_Sales_release_041712.pdf

The Federal Housing Finance Authority, which regulates Fannie Mae and Freddie Mac, has adopted a new mandatory timeline for processing short sale requests that (hopefully!) will result in faster decisions. FHFA's press release is here:http://www.fhfa.gov/webfiles/23887/Short_Sales_release_041712.pdf

04/24/2012
Anti-Money Laundering Program and Suspicious Activity Report Filing Requirements for Residential Mor

SAR reporting for non-bank mortgage companies is coming. Beginning August 13, 2012, independent mortgage companies will be obligated to file Suspicious Activity Reports in certain cases. The final rule is here: https://www.federalregister.gov/articles/2012/02/14/2012-3074/anti-money-laundering-program-and-suspicious-activity-report-filing-requirements-for-residential

FinCEN, a bureau of the Department of the Treasury (``Treasury''), is issuing this Final Rule defining non-bank residential mortgage lenders and originators as loan or finance companies for the purpose of requiring them to establish anti-money laundering programs and report suspicious activities...

04/19/2012
http://files.consumerfinance.gov/f/201204_cfpb_bulletin_safe-act-transitional-loan-originator-licens

The CFPB announced today that it has told state license authorities that the SAFE Act allows them to rely on a mortgage loan originator license issued to a person by another state when granting a transitional license to allow that person to originate loans right awy in their state while their application for licensure is under review. The same does not apply, however, to a person moving from a registration while working for a bank to a license to work for a non-bank. See the policy statement here:http://files.consumerfinance.gov/f/201204_cfpb_bulletin_safe-act-transitional-loan-originator-licensing.pdf

04/16/2012
http://files.consumerfinance.gov/f/201204_cfpb_bulletin_service-providers.pdf

On April 13, 2012, the CFPB issued a policy statement about the responsibility of depository and certain non-depository institutions to properly supervise third party service providers with which they contract for services. The statement is here:http://files.consumerfinance.gov/f/201204_cfpb_bulletin_service-providers.pdf

04/09/2012
http://www.federalreserve.gov/newsevents/press/bcreg/bcreg20120405a1.pdf

The Federal Reserve Board has issued a policy statement affirming that the banks it regulates may rent out residential properties they own after foreclosure. Some banks were concerned that renting out such properties violated their obligation to actively try to sell them. The policy statement is found here:http://www.federalreserve.gov/newsevents/press/bcreg/bcreg20120405a1.pdf

04/04/2012
http://files.consumerfinance.gov/f/201204_cfpb_LoanOriginatorCompensationBulletin.pdf

The CFPB has issued a letter addressing the issue of whether loan originators may receive contributions by their employer to defined benefit plans and whether they may participate in profit sharing plans that are not defined benefit plans. "Yes" to the first and "we haven't decided" to the second. Look for proposed regulations soon on the whole compensation rule. http://files.consumerfinance.gov/f/201204_cfpb_LoanOriginatorCompensationBulletin.pdf

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PO Box 1287
Ann Arbor, MI
48106-1287

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