Federal Mortgage Regulations
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FinCEN Requires Anti Money Laundering and SAR Filing for Non-bank Lenders
by Anna DeSimonePresident & Founder On February 7, 2012, the Financial Crimes Enforcement Network (FinCEN), a bureau of the U.S. Department of the Treasury, finalized regulations that require non-bank residential mortgage lenders and originators to establish anti-money laundering (AML) programs and file suspicious activity reports (SARs). This requirement parallels FinCEN’s requirements of depository institutions and continues […]
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FHFA & FHFA-OIG Privacy Act Implementation: An Overview of the Interim Final Regulation
by Margaret Wright, Esq.Associate Counselmargaret@bankersadvisory.com The Federal Housing Finance Agency (FHFA) has issued an interim final regulation implementing changes to its Privacy Act policies and procedures under which an individual may make a request for information contained in a FHFA or FHFA Office of Inspector General (FHFA-OIG) system of records. Under the Privacy Act, the […]
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FTC Publishes Final Rule on Mortgage Advertising: Prohibited Representations under Mortgage Acts & Practices
by Margaret Wright, Esq. Associate Counselmargaret@bankersadvisory.com On July 22, 2011 the Federal Trade Commission (FTC) published the Mortgage Acts and Practices – Advertising Final Rule “relating to unfair or deceptive acts and practices that may occur with regard to mortgage advertising”. 76 FR 43826. The Mortgage Acts and Practices- Advertising Rule (MAP Rule) amends Title 16, […]
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OCC Interim Final Rule republishing OTS Regulations: Highlights of Provisions related to Savings Associations’ Mortgage Lending Activities
By Marissa Aquila Blundell, Esq.Vice President & Senior Counselmarissa@bankersadvisory.com On August 9, 2011, the Federal Register published the Office of the Comptroller of the Currency (OCC) interim final rule republishing certain Office of Thrift Supervision (OTS) regulations. This rule is one in a series of interim final rules being issued on the heels of the […]
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FTC Issues Final Rule on Mortgage Advertising
by Margaret M. Wright, Esq.Associate Counsel On July 22, 2011 the Federal Trade Commission (FTC) published the Mortgage Acts and Practices- Advertising Final Rule “relating to unfair or deceptive acts and practices that may occur with regard to mortgage advertising.” 76 FR 43826. The Mortgage Acts and Practices- Advertising Rule (MAP Rule) amends Title 16, […]
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CFPB Rule for Alternative Mortgage Transaction Parity Act
by Marissa Aquila Blundell, Esq. Senior Counsel & Vice Presidentmarissa@bankersadvisory.com On July 22, 2011, the Consumer Financial Protection Bureau (CFPB) issued an interim final rule which preserved the ability of state housing creditors to make alternative mortgage transactions notwithstanding state law prohibitions. However, the rule incorporates amendments to the Alternative Mortgage Transaction Parity Act (AMTPA), required […]
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Fair Credit Reporting Act Risk-Based Pricing Regulations Update
by Marissa Aquila Blundell, Esq. Senior Counsel & Vice Presidentmarissa@bankersadvisory.com On July 6, 2011, the Federal Reserve Board (FRB) and Federal Trade Commission (FTC) published a final rule adding requirements to the Fair Credit Reporting Act (FCRA) Risk-Based Pricing regulations which were effective January 1, 2011. This article highlights the new requirements implemented in accordance with […]
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Dodd Frank Issues Rule on Adverse Action Notices
by Marissa Aquila Blundell, Esq. Senior Counsel & Vice Presidentmarissa@bankersadvisory.com The Federal Reserve Board (FRB) and Federal Trade Commission (FTC) issued a final rule on July 6, 2011 requiring creditors to provide additional information in adverse action notices if a credit score is used in making the credit decision. The new rule is effective 30 days […]
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Combating Mortgage Fraud in the Trenches
Proposed Suspicious Activity Report Requirements for Non-bank Residential Mortgage Lenders and Originators by Margaret Wright, Esq. Associate Counselmargaret@bankersadvisory.com Proposed Regulation The Treasury Department’s Financial Crimes Enforcement Network (FinCEN) is in the process of establishing the requirement for Suspicious Activity Report (SAR) filings for non-bank residential mortgage lenders and originators.Currently under the Bank Secrecy Act (BSA), only […]
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New Rules for USDA Rural Housing Loans Take Effect August 1, 2011
by Anna DeSimone, Presidentanna@bankersadvisory.com On May 31, 2011, The Department of Agriculture Rural Housing Service issued a final rule to implement two changes in the regulations for the Rural Housing Service (RHS) Section 502, Single Family Housing Guaranteed Loan Program (SFHGLP). The first change eliminates a lender’s published Department of Veterans Affairs (VA) rate for […]