New York Codifies Definition of Consummation Facilitating TRID Compliance
The New York Senate has approved Bill 982, which amends state law to expressly allow for execution of a mortgage loan by electronic signature. In connection with this amendment, the term “consummation of a mortgage loan” also was codified for the first time. Prior to the bill's passage, there was no statutory definition of “consummation” and, pursuant to case law (See Murphy v. Empire of America,
- 12 CFR 226.35 - Prohibited acts or practices in connection with higher-priced mortgage loans
- 12 CFR 225.62 - Definitions
- 12 CFR 34.42 - Definitions
- 12 CFR 564.2 - Definitions
- 12 CFR 323.2 - Definitions
- 12 CFR 722.2 - Definitions
- 12 CFR 1026.43 - Minimum standards for transactions secured by a dwelling
372 F.3d 154 (3rd Cir. 2004), 03-1857, In re Resorts Intern., Inc.
... that potentially "affect the successful implementation and consummation of the plan." Id. at 28 (internal quotations omitted). But the ... . Agreement falls within the definition of agreements, documents, or instruments executed in connection with the ...
- 12 C.F.R. 1026.35 - Requirements for higher-priced mortgage loans
293 U.S. 465 (1935), 127, Gregory v. Helvering
.... . . (i) Definition of Reorganization. -- As used in this section . . . (1) The term ..., and the sole object and accomplishment of which was the consummation of a preconceived plan, not to reorganize a business or any part of a ...
531 U.S. 457 (2001), 99-1257, Whitman v. American Trucking Assn.
... final agency action under § 307 because it marked the consummation of the EPA's decisionmaking process, see Bennett v. Spear, 520 U.S. ... 373, 389 (1999), and in the context of § 109(b)(1) this second definition makes no sense. Congress could not have meant to instruct the ...
- 18 Pa.C.S. § 5107 - Aiding consummation of crime
- 12 CFR 5.33 - Business combinations involving a national bank or Federal savings association
- 49 CFR 1180.6 - Supporting information
445 U.S. 222 (1980), 78-1202, Chiarella v. United States
... one who fails to disclose material information prior to the consummation of a transaction commits fraud only when he is under a duty to do so. And ... and dependence upon fair treatment is a matter of legal definition, as well as in cases where one party is on notice that the other is ...
317 U.S. 492 (1943), 278, Spies v. United States
...The definition of such nonpayment as a misdemeanor, we think, argues strongly against ..., and nothing is added to its criminality by success or consummation, as would be the case, say, of attempted murder. Although the attempt ...
- Official Interpretations
- 12 CFR 226.36 - Prohibited acts or practices in connection with credit secured by a dwelling
728 F.2d 719 (5th Cir. 1984), 83-3331, Bourgeois v. Haynes Const. Co.
... of this dispute, the Code of Federal Regulations defined "consummation" as the time a contractual relationship is created between the parties, ... analysis of new Regulation Z explains the new consummation definition: "As before, state law determines when the contractual obligation ...
CFPB Ability To Repay Rules Issued
... is quite complexover sixty pages in the notice discuss the definition of points and feesand the failure to apply the test correctly could ... a reasonable and good faith determination at or before consummation that the consumer will have a reasonable ability to repay the loan ...
838 F.3d 792 (6th Cir. 2016), 15-2194, Ochadleus v. City of Detroit
... We. measure " substantial consummation" by the. Bankruptcy Code definition, which considers the extent of ...
- 12 CFR 1026.36 - Prohibited acts or practices and certain requirements for credit secured by a dwelling
Integrated Mortgage Disclosures Under the Real Estate Settlement Procedures Act (Regulation X) and the Truth In Lending Act (Regulation Z)
... applies for a mortgage loan.\12\ The final rule contains a definition of what constitutes an ``application'' for these purposes, which consists ... application, which shall be at least 7 business days before consummation of the transaction.'' 15 U.S.C. 1638(b)(2)(A). Finally, if the annual ...