Residential Mortgage

Residential Mortgage

Compliance Monitor
  • Hawaii State Legislature Change Foreclosure Laws

    by Nicole Legere, Esq.Senior Counsel   CHANGES TO THE HAWAII FORECLOSURE PROCESS The Hawaii state legislature has recently passed HB 1875, which is intended to implement the recommendations of the mortgage foreclosure taskforce. This taskforce was created specifically to recommend ways to improve the methods by which foreclosures are conducted in Hawaii. The recommendations include creating […]

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  • Massachusetts Passes Act to Prevent Unlawful and Unnecessary Foreclosures

    by Marissa Aquila Blundell, Esq.Sr. VP & General Counsel  The Massachusetts legislature recently approved an Act to Prevent Unlawful and Unnecessary Foreclosures, which Governor Patrick is expected to sign in the next few days.  Major provisions in the bill will be effective immediately upon its being signed and will impact the Massachusetts foreclosure process significantly. […]

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  • CFPB Issues its First Enforcement Action against Capital One Bank

    by Donna M. Saati, Esq.Associate Counsel In its first public enforcement action since its inception, the Consumer Financial Protection Bureau (the “CFPB” or “Bureau”), has ordered Capital One Bank, (U.S.A) N.A. (“Capital One”) to refund consumers and pay civil money fines to settle charges of deceptive marketing tactics.  The CFPB, established by the Dodd-Frank Act […]

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  • Rhode Island Amends Homestead, Property Transfers and Transfer Fee Laws

    by Nathan Walker Esq. Associate Counsel The Rhode Island Legislature recently amended provisions regarding the homestead estate exemption, transfers of property to a revocable living trust, and transfer fees on the sale of real property.  These changes are effective immediately.   The Homestead Estate Exemption The homestead estate exemption granted by Rhode Island General Law 9-26-4.1, which prohibits […]

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  • CFPB and Prudential Regulators Issue Joint Guidance on Loan Servicing Practices

    by Anna DeSimone President and Founder                                                                         Guidance Highlights Protections for Military Homeowners On June 21, 2012 the Consumer Financial Protection Bureau (CFPB) along with the following prudential regulators:  the Board of Governors of the Federal Reserve System; the Federal Deposit Insurance Corporation, the National Credit Union Administration, and the Office of the Comptroller of […]

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  • Fannie Mae Updates Foreclosure Timelines and Compensatory Fees

    by Nicole LegereAssociate Counsel Fannie Mae recently published an announcement intended to update and clarify foreclosure time frames and compensatory fees. These updates apply to all mortgage loans held in the Fannie Mae portfolio as well as mortgage backed security (MBS) loans guaranteed by Fannie Mae. COMPENSATORY FEES In order to avoid foreclosure delays, Fannie […]

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  • Fannie Mae Announces New Document Custodian Requirements

    by Sarah LagattollaVice President On May 9, 2012 Fannie Mae announced the requirement for all lender-affiliated and independent document custodians to utilize third party QC audit services for an annual compliance audit to assess eligibility and operational compliance. Fannie Mae further announced the requirement for document custodians to establish a monthly quality control review process […]

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  • Freddie Mac Updates Requirements for Pre- and Post-Closing Quality Control

    by Anna DeSimonePresident & Founder On December 1, 2011, Freddie Mac had implemented revisions to Chapters 46 and 48 of its Seller Servicer Guide, requiring additional procedures for post-funding quality control for all loans delivered as of 12/1/2011.  The revisions strengthened sampling requirements to include targeted and discretionary loans and requiring an occupancy verification for […]

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  • How to Prepare for a Fair Lending Examination: Part III – Examination Results and Self-Assessment

    by Margaret Wright, Esq. Assistant Vice President & Senior Counsel A lender’s understanding of the examination procedures established under the Interagency Fair Lending Examination Procedures is vital in establishing a valuable fair lending self assessment program.  Following the same steps for self assessment as in a regulated fair lending examination is key to ensuring fair lending […]

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  • How to Prepare for a Fair Lending Examination: Part II – The Examination

    by Margaret Wright, Esq.Assistant Vice President & Senior Counsel A lender’s understanding of the examination procedures established under the Interagency Fair Lending Examination Procedures is vital in establishing a valuable fair lending self assessment program.  Following the same steps for self assessment as in a regulated fair lending examination is key to ensuring fair lending […]

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