December, 2016
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Agencies Release Annual CRA Asset-Size Threshold Adjustments for Small and Intermediate Small Institutions
December 29, 2016, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency announced the annual adjustment to the asset-size thresholds used to define Small Bank, Small Savings Association, Intermediate Small Bank, and Intermediate Small Savings Association under the Community Reinvestment Act (CRA).
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FHFA Issues Rule for Enterprise Duty to Serve Underserved Markets
December 29, 216, the Federal Housing Finance Agency (FHFA) published the rule, Enterprise Duty to Serve Underserved Markets in Federal Register Vol. 81, No 250.
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FHA Revises Procedures for Direct Endorsement Approval
December 14, 2016 FHA issued Mortgagee Letter 2016-21, Direct Endorsement Program—Timeframe for Conducting Pre-Endorsement Mortgage Reviews for Unconditional Direct Endorsement Authority.
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FHA Announces Plans for Quality Control Changes in 2017
HUD’s December 2016 Issue No. 14 of Lender Insights announced plans to make changes to its technology and quality control process. The enhancements follow through on FHA’s announcement in 2015 concerning the implementation of the Quality Control Defect Taxonomy.
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Montana Revises Escrow Business Licensing Provisions
The state of Montana has revised certain provisions relating to escrow business licensing to align with the 2014 requirement that escrow business license applications be processed through the Nationwide Multistate Licensing System (NMLS).
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CFPB Publishes Notice Regarding Semiannual Regulatory Agenda
December 23, 2016 the Consumer Financial Protection Bureau (CFPB) published Federal Register Notice Vol. 81, No. 247, Semiannual Regulatory Agenda. The notice is published as part of the Fall 2016 Unified Agenda of Federal Regulatory and Deregulatory Actions.
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New Jersey Adjusts Definition of “High-Cost Home Loan”
New Jersey Department of Banking and Insurance adjusts definition of “high-cost home loan” under the New Jersey Home Ownership Security Act of 2002.
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Ohio Issues Correction to Mortgage Loan Prepayment Penalty Adjustment for 2017
The Ohio Department of Commerce has issued a correction to the previously published loan prepayment penalty adjustment for 2017.
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Kentucky Adopts Provisions Relating to Mortgage Company and Broker Licensing and Registration
The Kentucky Department of Financial Institutions, Division of Non-Depository Institutions, adopted provisions relating to licensing and registration that are effective immediately. These adopted provisions explain the processes and requirements for licensure, registration, and electronic submission of filings and fees with the nationwide mortgage licensing system operated by the State Regulatory Registry, LLC.
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Vermont Releases Declared Average Prime Loan Rate for 2017
Vermont’s Commissioner of Taxes released a memorandum regarding the average prime loan rate charged by banks for 2017.