Federal Mortgage Regulations
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FDIC Releases Resource Guide to Help Financial Institutions Evaluate Opportunities to Collaborate with Community Development Financial Institutions
by: Anna DeSimoneMay 8, 2014 the FDIC announced in Financial Institution Letter FIL-26-2014 that the agency has produced a resource guide, Strategies for Community Banks to Develop Partnerships with Community Development Financial Institutions. The guide was created to help inform FDIC-supervised institutions of strategies to meet community credit and development needs and receive consideration under […]
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CFPB Proposes Minor Changes to Mortgage Rules
by: Anna DeSimoneProposal Would Assist Nonprofits and Allow for Refunds of Excess Points and Fees for Qualified Mortgages April 30, 2014 the Consumer Financial Protection Bureau (CFPB) proposed minor adjustments to its mortgage rules to ensure access to credit. The proposal includes two changes that would help certain nonprofit organizations continue to provide mortgage credit […]
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CFPB Releases TILA-RESPA Integrated Disclosure Rule Compliance Guide
by: Margaret WrightOn April 1, 2014, the Consumer Financial Protection Bureau released their Small Entity Compliance Guide for the TILA-RESPA Integrated Disclosure Rule. The CFPB’s TILA-RESPA Integrated Disclosure Rule Guide is organized in a helpful question and answer format which outlines important information concerning the requirements for each new disclosure. The Guide includes a page […]
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OCC Issues Asset Based Lending Booklet
by: Anna DeSimone March 27, 2014 the Office of the Comptroller of the Currency (OCC) issued its “Asset-Based Lending” booklet, which is new to the Comptroller’s Handbook. The OCC’s “Asset-Based Lending” booklet provides guidance to examiners and bankers regarding Asset-Based Lending (ABL) activities and risks, prudent credit risk management and underwriting expectations, credit administration, […]
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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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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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OCC Issues new Mortgage Banking Section of its Examination Handbook
by: Anna DeSimoneOn February 7, 2014 the Office of the Comptroller of the Currency (OCC) issued the “Mortgage Banking” booklet of the Comptroller’s Handbook. This updated booklet replaces a similarly titled booklet issued in March 1996 (and examination procedures issued in March 1998). The updated “Mortgage Banking” booklet also replaces Section 750, “Mortgage Banking,” issued […]
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CFPB Issues Report on Mortgage Servicing Problems in 2013
by: Anna DeSimoneJanuary 30, 2014 the Consumer Financial Protection Bureau (CFPB) issued a report highlighting problems like unfair and deceptive practices in the mortgage servicing market uncovered through the Bureau’s supervision program in 2013. The report also notes that, between July and October 2013, consumers received $2.6 million as result of overall non-public supervisory activities […]