Mortgage Lending
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Freddie Mac Issues Bulletin Regarding TRID Disclosures
By Anna DeSimone June 30, 2015, Freddie Mac Issued Bulletin 2015-10, CFPB Integrated Disclosure Forms. Key highlights of the bulletin are provided in this newsletter. The TRID Rule initially had been slated to take effect on August 1, 2015. On June 17, 2015, the CFPB announced its intention to propose and invite comment on a […]
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Fannie Mae Announces Guide Updates and TRID Disclosure Policy
By Anna DeSimone June 30, 2015, Fannie Mae issued Ann. SEL-2015-07, Selling Guide and Other Updates. Key highlights of the Announcement are provided below. The Selling Guide has been updated for the following: Conversion of Principal Residence Requirements No Longer Apply Stocks, Bonds, and Mutual Funds Unreimbursed Employee Business Expenses Tip Income Use of IRS […]
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FHA Announces New Quality Assurance Methodology
By Anna DeSimone June 18, 2015, the Federal Housing Administration released its Single-Family Loan Quality Assessment Methodology. Referred to as “Defect Taxonomy,” the system outlines a detailed process for quality assurance of Single-Family FHA endorsed loans. Please click on the link below to review the 28-page document in its entirety: http://portal.hud.gov/hudportal/documents/huddoc?id=SFH_LQA_Methodology.pdf The framework centers on […]
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CFPB Delays TRID Until October 1st
by Anna DeSimoneJune 17, 2015 the Consumer Financial Protection Bureau Issued the following Press Release: Statement by CFPB Director Richard Cordray on Know Before You Owe Mortgage Disclosure RuleWASHINGTON, D.C. – Today, Consumer Financial Protection Bureau (CFPB) Director Richard Cordray issued the following statement on the Know Before You Owe mortgage disclosure rule:“The CFPB will […]
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OCC Issues New Residential Lending Examination Procedures
by Anna DeSimoneJune 15, 2015, the Office of the Comptroller of the Currency (OCC) issued the Revised Comptroller’s Handbook Booklet and Rescissions. The announcement was issued to chief executive officers of all national banks and federal savings associations, department and division heads, all examining personnel, and other interested parties. The “Residential Real Estate Lending” booklet […]
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Veteran’s Administration Announces New Appraisal Review Requirements
By Anna DeSimone June 12, 2015, the U.S. Department of Veterans Affairs (VA) issued CIRC. 26-15-12: New Appraisal Review Requirements and Instructions Regarding Department of Veterans Affairs Appraisal Management Service for the Lender Appraisal Processing Program and the Servicer Appraisal Processing Program Staff Appraisal Reviewers. Please refer to the attached Diagram: Exhibit to Circular 26-15-12 […]
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CFPB Issues Letter to Congress to Allow Enforcement Grace Period
On May 20 2015, a letter was sent by Congress to Richard Cordray, Director of the Consumer Financial Protection Bureau, asking for the grace period through the end of 2015, claiming the industry was not prepared for the rule’s implementation. The letter was signed by 255 Members of Congress. To read the letter and see […]
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CFPB Releases Updated Mortgage Origination Examination Procedures
By Anna DeSimoneMay 4, 2015, the Consumer Financial Protection Bureau (CFPB) released an update to the bureau’s Mortgage Origination examination procedures. The update offers financial institutions and other industry participants valuable guidance on how the CFPB will conduct examinations for compliance with the TILA-RESPA Integrated Disclosure Rule which will become effective August 1, 2015. The […]
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OCC Issues Revised Interagency Examination Procedures for Consumer Compliance
By Anna DeSimoneMay 1, 2015 the Office of the Comptroller of the Currency (OCC) issued OCC Bulletin 2015-27 announcing Revised Interagency Examination Procedures for Consumer Compliance. The bulletin is addressed to: National Banks, Federal Savings Associations and Federal Branches and Agencies. The Task Force on Consumer Compliance of the Federal Financial Institutions Examination Council recently […]
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Federal Reserve Issues New Examination Procedures for RESPA and TIL
By Anne DeSimoneApril 30, 2015, The Board of Governors of the Federal Reserve System, Division of Consumer and Community Affairs issued Bulletin CA 15-3 announcing the Revised Interagency Examination Procedures for Regulation Z and Regulation X. Applicability to Community Banking Organizations: This guidance applies to institutions supervised by the Federal Reserve with total consolidated assets […]