January, 2017
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Nevada Adopts Regulations Related to Mortgage Brokers, Mortgage Bankers, and Escrow Agents
Nevada recently adopted regulations R125-16, R126-16, and R070-16 related to mortgage brokers, mortgage bankers, and escrow agents.
The regulations are effective as of January 27, 2017.
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Ohio Amends Provisions Regarding Unconscionable Acts or Practices Relating to Residential Mortgages
Ohio has modified provisions regarding unconscionable acts or practices as they relate to residential mortgages.
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Ohio Amends Revised Fiduciary Access to Digital Assets Act
Ohio has enacted provisions amending its Revised Fiduciary Access to Digital Assets Act and has updated its sample Power of Attorney form. These provisions are effective as of April 5, 2017.
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HUD Suspends FHA Mortgage Insurance Rate Reduction
January 20, 2017, HUD issued Mortgagee Letter 2017-07: Suspension of Mortgagee Letter 2017-01—Reduction of Federal Housing Administration (FHA) Annual Mortgage Insurance (MIP) Rates. HUD issued Mortgagee Letter The Mortgagee Letter communicates that reducing the mortgage insurance premium for loans with closing or disbursement dates on or after January 27, 2017 has been suspended indefinitely. FHA […]
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Ohio Amends Provisions Regarding Foreclosures and Escrows
Ohio amended several provisions, including changes to real property foreclosures and escrow transactions. The amended provisions are effective as of April 5, 2017.
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Michigan Amends Provisions Concerning Dower Rights
Michigan enacted new legislation that affects a wife’s dower right.
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Washington State Updates Consumer Loan Licensing Requirements
Effective January 1, 2018, the amount of a surety bond required for a consumer loan license will change. Furthermore, two new sections were added to Washington’s Consumer Loan Act concerning capital requirements for non-depository residential mortgage loan servicers.
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FHA Reduces Mortgage Insurance Premium Rates
January 9, 2017 HUD issued Mortgagee Letter 2017-1, Reduction of FHA Annual Mortgage Insurance Premium Rates. The new rates are effective with the closing or disbursement of mortgages on January 27, 2017.
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FFIEC Updates HMDA Technology Platform for Filing LAR
January 2017, the Federal Financial Institutions Examinations Council (FFIEC) updated its technology platform for filing the Loan Application Register (LAR) as required by the Home Mortgage Disclosure Act (HMDA). For HMDA data collected in or after 2017, a web-based data submission and edit-check system (the HMDA Platform) has been created to process HMDA data.
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Fannie Mae Publishes Updated Quality Control Guide
December 2016, Fannie Mae published a revised edition to “Beyond the Guide” to assist lenders in building their capability for ensuring quality. Originally published in 2010, the guide provides insight into every area of loan manufacturing.