BLN EDITORIAL BOARD: MESSAGE FROM THE EDITOR-IN-CHIEF

Robert Brayer

Welcome readers, to the first issue of Business Law News of 2014. We are starting the year out with a special "theme" issue produced by the members of the Consumer Financial Services Committee. The Committee’s excellent work on behalf of the bar is spotlighted in a short piece describing this work which immediately follows this Editor’s Note. Further, all of the pieces in this issue deal specifically with a topic of significant interest to the Committee: the impact of the January 2014 implementation of the Dodd-Frank amendments to the Real Estate Settlement Procedures Act and Truth in Lending Act by the new Consumer Financial Protection Bureau ("CFPB").

The issue begins with an article by Denyse Jones examining the 2013 Mortgage Servicing Rules. Ms. Jones addresses the new consumer protections as applied to loan servicers, and their impact on borrowers. Then, Robert K. Olsen and Jessica Nguyen provide a thoughtful overview of the new Ability-to-Repay and Qualified Mortgage Rules and the requirements which residential mortgage lenders will need to satisfy to comply with the new rules. Sanford Shatz follows with a discussion on the new CFPB rule mandating disclosure and delivery requirements for copies of appraisals and other written valuations under the Equal Credit Opportunity Act.

Next is a series of articles on a specific class of new CFPB regulations dealing with so-called "High Cost" mortgages, the characterization of which trigger significant new compliance burdens. First, Adam Jaskievic provides an overview of the Home Ownership and Equity Protection Act and the extent to which new rules expand the definition of "higher-priced mortgage loans" ("HPMLs") together with the attendant costs. Then, Kristina A. Del Vecchio examines the scope and impact of new requirements that creditors establish escrow accounts for HPMLs secured by a first lien on a principal dwelling. Sanford Shatz follows with his second article of the issue, looking specifically at the CFPB’s new TILA rule regarding appraisals for these HPMLs. We know that these articles’ in-depth content will prove valuable, both to those of you practicing in this substantive area, and to those of you simply interested in this area of the law.