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New Jersey Re-adopts and Amends Predatory Lending Regulation
by: Margaret WrightThe Predatory Lending regulations implemented under New Jersey Home Ownership Security Act (“the Act”) have been re-adopted and certain definitions have been technically amended to be consistent with new January 2014 federal Home Ownership and Equity Protection Act (“HOEPA”) amendments. The Effective Re-adoption Date is February 12, 2014 and the Effective Amendment Date […]
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Fannie Mae Updates Servicing Policy and Clarifies Quality Control
by: Anna DeSimoneMarch 14, 2014 Freddie Mac issued a Single Family Update regarding its quality control process. Changes apply to two areas: first, permitting sellers to submit missing and incomplete documents during performing loan (PL) reviews; and second, refinement of Freddie Mac’s targeted PL sampling methodology. The update encourages Seller/Servicers to refer to Industry Letter […]
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Montana Amends Loan Originator Licensing Requirements and Clarifies Various State Regulations
by: Nicole LegereIntroduction The state of Montana’s Department of Administration (the Department) amended a number of requirements regarding the licensing of mortgage loan originators. These amendments are the result of the conforming of state licensing laws to those under the Nationwide Mortgage Licensing System (NMLS). In addition, the state also clarified important lending definitions, and […]
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Fannie Mae Updates Servicing Policy and Clarifies Quality Control
by: Anna DeSimoneFebruary 14, 2014, Fannie Mae issued Ann. SVC-2014-04: Miscellaneous Servicing Policy Updates. This Announcement clarifies and updates policies regarding: Individual mortgage loan files Servicing quality control reviews Final requests for reimbursement Attorney expense Transfer of variances and waivers This article covers the information pertaining to Individual mortgage loan files and Quality Control. Please […]
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CFPB Recovers $1 Million+ for Servicemembers and Veterans Interagency Servicing Guidance
by: Anna DeSimone March 6, 2014 the Consumer Financial Protection Bureau (CFPB) announced that servicemembers, veterans, and their families who complained to the Bureau about financial products or services have recovered more than $1 million. The relief was reported in the CFPB’s second snapshot of complaints from military consumers, which also highlighted how some military […]
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FDIC and Agencies Update Exam Procedures for Mortgage Rules
by: Anna DeSimoneFebruary 25, 2014 the FDIC released revised interagency consumer compliance examination procedures for the Dodd-Frank-Act mortgage rules that took effect last month. The procedures were developed in coordination with other members of the Federal Financial Institutions Examination Council. The Financial Institution Letter applies to all FDIC-supervised institutions. The release of these examination procedures […]
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FinCEN Finalizes AML Regulations for Housing Government Sponsored Enterprises
by: Anna DeSimoneFebruary 25, 2014 the Federal Register,Vol. 79, No. 37 published the Final Rule requiring that the Housing GSEs (Fannie Mae, Freddie Mac, and the 12 Federal Home Loan Banks) file Suspicious Activity Reports (SARs) directly with FinCEN instead of the current practice of filing less detailed reports through their regulator, the Federal Housing […]
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HUD Begins Accepting Electronic Signatures on FHA Loans
by: Anna DeSimone January 30, 2014, HUD issued Mortgagee Letter 2014-03 announcing that FHA will accept electronic signatures on documents included in the case binder for mortgage insurance, servicing and loss mitigation documentation, FHA insurance claim documentation, and on HUD’s Real Estate Owned (REO) Sales Contract and related addenda. Unless otherwise prohibited by law, mortgagees […]
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CFPB Proposes Revisions to HMDA and Collection of Additional Data
by: Anna DeSimone February 7, 2014, the Consumer Financial Protection Bureau (CFPB) began the process of revising the Home Mortgage Disclosure Act (HMDA) rules to require lenders to collect and report several new data elements. Some of these new data elements are specifically required under Dodd-Frank. The Bureau is also considering requiring some additional data […]
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Freddie Mac Updates Selling and Servicing Guides
by: Anna DeSimoneFebruary 14, 2014 Freddie Mac issued Bulletin 2014-2: Selling and Servicing. Key contents of the bulletin are provided below: Effective Date. All of the changes announced in the Bulletin are effective immediately unless otherwise noted. Revisions to the Guide. The revisions included in the Bulletin impact the following: Chapters 2, 6, 17, 22, […]
