August, 2017

  • Illinois Amends Several Real Estate Provisions

    Illinois has recently made several changes to various real estate provisions concerning arrearage payments, foreclosure, the county recorder fee schedule and the Condominium Property Act.

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  • CFPB Clarifies HMDA Reporting Thresholds for Community Banks and Credit Unions

    On August 24, 2017, the Consumer Financial Protection Bureau (CFPB) issued a rule amending the 2015 updates to the Home Mortgage Disclosure Act (HMDA) rule. The CFPB has temporarily changed reporting requirements for banks and credit unions that issue home-equity lines of credit, and clarified the information that financial institutions are required to collect and report about their mortgage lending.

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  • FHA Issues Quick Reference Guide for its Quality Control Loan Review System

    On August 24, 2017, the Federal Housing Administration (FHA) issued FHA Info #17-32 to announce the availability of a Quick Reference Sheet that outlines instructions regarding the agency’s Quality Assurance Loan Review System (LRS). Lenders use LRS to interact with FHA on the majority of Title II Single Family quality control processes, including: Various Post-Endorsement […]

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  • FFIEC Issues HMDA Examiner Transaction Testing Guidelines

    On August 23, 2017, the Federal Deposit Insurance Corporation (FDIC) issued Financial Institution Letter FIL 2017-36. The letter announces that the Federal Financial Institutions Examination Council (FFIEC) is issuing guidelines for examiners to use in assessing the accuracy of the Home Mortgage Disclosure Act (HMDA) data institutions record and report.

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  • Freddie Mac Elevates Automated Collateral to Include Purchase Transactions

    August 23, 2017, Freddie Mac issued Guide Bulletin 2017-13, announcing the expansion of the Automated Collateral Evaluation (ACE) program.   Key points of the bulletin are provided below. On August 18, the Enterprise announced ACE, which provides Freddie Mac sellers with the option to waive appraisal requirements for certain Loan Product Advisor® Mortgages. The ACE option […]

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  • Fannie Mae Now Offering Property Inspection Waivers on Purchase Transactions

    August 18, 2017, Fannie Mae released the Desktop Underwriter/Desktop Originator Release Notes, announcing that purchase transactions will now be eligible for consideration to receive Property Inspection Waiver (PIW) offers. The enhancements will apply to DU Version 10.0 and DU Version 10.1 loan casefiles submitted or resubmitted on or after August 19, 2017.  Key points of […]

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  • Illinois Amends Notary Public Act Provisions

    Illinois has made slight modifications to provisions of its Notary Public Act. These amendments are effective as of January 1, 2018.

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  • Freddie Mac Introduces Appraisal Alternative

    August 18, 2017, Freddie Mac announced that consumers who are buying homes or refinancing existing mortgage loans may be eligible for an automated appraisal alternative.   The program is available on both home purchases and refinances.  Key points from Freddie Mac’s press release are provided below. Borrowers may be able to realize savings in some […]

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  • Oregon Debt Collection: Debts Owed to the State and Debt Buyers

    The Oregon state legislature has passed Senate Bill 254 which requires financial institutions to participate in a Department of Revenue data match system and passed House Bill 2356 which outlines the requirements for a debt buyer seeking to bring legal action to collect a debt; and amends provisions concerning the licensing requirements for debt buyers.

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  • Oregon Enacts Provisions Regarding Mortgage Loan Servicer Practices Act

    The state of Oregon enacted provisions regarding its Mortgage Loan Servicer Practices Act that include, but is not limited to, licensing application and renewal requirements and required fees. These provisions become operative on January 1, 2018.

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