Home Equity Lending
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CFPB Updates TRID FAQs for Loan Estimate
The Consumer Financial Protection Bureau has updated its TILA-RESPA Integrated Disclosure frequently asked questions to include items regarding provision of the Loan Estimate to consumers.
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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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Texas Adopts Provisions Concerning Home Equity Lending
The Finance Commission of Texas and Credit Union Commission adopted provisions concerning home equity lending, which will be effective on November 24, 2016. The provisions include sections concerning 3% fee limitation, security of the equity loan, pre-closing disclosures, one year prohibition, and authorized lenders.
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NCUA Launches Interactive Online Examination Guide
October 24, 2016, the National Credit Union Administration (NCUA) launched the online Examiner’s Guide, which is an interactive tool allowing examiners to provide up-to-date, comprehensive supervisory guidance on certain regulatory and supervisory issues affecting credit unions.
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Massachusetts Adopts Truth in Lending Provisions
Massachusetts has adopted provisions under its Truth in Lending Act. These amendments are effective as of August 26, 2016.
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CFPB Finalizes Rule to Improve Information About Access to Credit in the Mortgage Market
By Anna DeSimone Bureau Takes Steps to Simplify the Reporting Process for Financial Institutions October 15, 2015, the Consumer Financial Protection Bureau (CFPB) finalized a rule to improve information reported about the residential mortgage market. The rule will shed more light on consumers’ access to mortgage credit by updating the reporting requirements of the Home […]
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Welcome to Compliance Monitor!
Compliance Monitor is a complimentary newsletter written for Bankers Advisory’s clients and associates. As a mortgage industry professional, you have little time to research and comprehend today’s ever-changing laws and regulations. Each issue of Compliance Monitor will feature a key regulation and offer additional resources to help your organization understand, implement and monitor compliance. Visit […]