Residential Mortgage

Residential Mortgage

Compliance Monitor
  • FTC Revises Rules of Practice for Investigations & Attorney Discipline

    by Margaret Wright, Esq.The Federal Trade Commission (FTC) has issued the Final Rule regarding revisions to 16 CFR Parts 2 and 4 of the Rules of Practice governing investigation and attorney discipline procedures. The need for additional clarification of the FTC’s investigatory procedures has resulted from the increasing trend of using compulsory process to obtain […]

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  • CFPB Proposes New Rules for Property Appraisals

    by Anna DeSimonePresidentMonday, October 15, 2012 marks the end of the sixty-day comment period of the proposed rules issued by the Consumer Financial Protection Bureau (CFPB) that would give consumers additional information rights regarding their property appraisals. The CFPB expects to implement the final rule in January 2013. The rule would require mortgage lenders to […]

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  • Changes in California Lending and Foreclosure Laws

    by Emily Ross, Esq.The California legislature recently passed multiple bills that either extend or strengthen already existing consumer protection statutes.  These include extending a law to limit loan modification compensation, solidifying and extending the definition of who needs to be licensed to be a loan originator, adding additional language requirements to Notices of Default and […]

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  • Update on CFPB Proposed LO Compensation Rule

    by Marissa Aquila Blundell, Esq.Sr. VP & General CounselIndustry comments regarding the Consumer Financial Protection Bureau’s proposed rules governing loan originator compensation, implementing key provision of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank) must be submitted by October 16, 2012. Although the CFPB extended the comment period for a limited section of […]

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  • FFIEC Announces Availability of 2011 Mortgage Data

    by Anna DeSimonePresident    On September 18, 2012 the Federal Financial Institutions Examination Council (FFIEC) issued a joint release regarding the availability of data on mortgage lending transactions at 7,632 U.S. financial institutions covered by the Home Mortgage Disclosure Act (HMDA).  The Council is a formal interagency body empowered to prescribe uniform principles, standards, and report forms […]

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  • Fannie Mae Announces New Lender Framework and QC Process

    by Anna DeSimonePresidentOn September 11, 2012 Fannie Mae issued Selling Guide Announcement SEL-2012-08, New Lender Selling Representations and Warranties Framework. Also on 9/11/12, the agency issued LL-2012-05: Fannie Mae’s Quality control Process. The announcements introduce a framework to provide lenders with relief from enforcement of remedies for breaches of certain representations and warranties on new […]

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  • CFPB Begins Supervision of Credit Bureaus

    by Anna DeSimonePresident   On September 20, 2012, the Consumer Financial Protection Bureau begins its supervision of consumer credit reporting agencies, also known as credit bureaus or credit reporting companies. It is the first time such companies will be supervised at the federal level. The Dodd-Frank Wall Street Reform and Consumer Protection Act authorizes the CFPB to […]

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  • New York Amends Loan Originator Compensation Rules

    by Nicole Legere, Esq.Senior Counsel   New York has recently enacted several new amendments intended to clarify permissible forms of loan originator compensation. Specifically, these amendments address yield spread premiums (YSP’s) which are fees paid to the broker from the lender, and are often based on the terms of the loan. YSP’s were found to be confusing to […]

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  • Freddie Mac Strengthens Guidelines for Fraud Prevention

    by Anna DeSimonePresident On August 21, 2012, Freddie Mac augmented Chapter 57, Fraud Prevention, Detection and Reporting, a new chapter created on June 13, 2012 in Volume 2 of the Seller/Servicer Guide.   The new material references previously published requirements regarding fraud prevention published in Volume 1, Chapter 7.  Also, in its recent industry bulletins, Seller/servicers were […]

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  • CFPB Proposes Rules to Bring Accountability to Mortgage Market

    by Anna DeSimonePresidentOn August 17, 2012 the Consumer Financial Protection Bureau (CFPB) proposed rules to bring greater accountability to the mortgage loan origination market.  The rules are intended to help consumers understand mortgage costs and comparison shop.  The CFPB is seeking public comment on a proposal that would: Require Lenders to offer loans with a […]

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