Federal Mortgage Regulations
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CFPB Publishes Small Entity Compliance Guide for New Servicing Rules
November 30, 2016 the Consumer Financial Protection Bureau (CFPB) published a Small Entity Compliance Guide on the final rules that were announced in August 2016, known as the 2016 Mortgage Servicing Rule.
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FFIEC Issues Final Revisions to Consumer Compliance Rating System
November 8, 2016, the Federal Financial Institutions Examination Council (FFIEC) issued Financial Institution Letter FIL-75-2016, Final Guidance on the Uniform Interagency Consumer Compliance Rating System. The letter announces the issuance of final revisions to the Uniform Interagency Consumer Compliance Rating System (CC Rating System).
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CFPB Revises Gramm-Leach-Bliley Act Examination Procedures
Institutions no longer required to provide annual privacy notice if certain criteria is met October 28, 2016 the Consumer Financial Protection Bureau (CFPB) announced a revision to the bureau’s examination procedures concerning the Gramm Leach Bliley Act. Examiners reviewing compliance with GLBA’s implementing Regulation P [12 CFR 1016] will now find that the revised examination […]
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HARP Extended through September 2017, Streamlined Refinance Program for High LTV Borrowers Announced
August 25, 2016, the Federal Housing Finance Agency (FHFA) announced that Fannie Mae and Freddie Mac (the Enterprises), at FHFA’s direction, will implement a new refinance offering aimed at borrowers with high loan-to-value (LTV) ratios. The FHFA announcement is provided below:
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Maine Aligns State and Federal Provisions Regarding Alternative Mortgage Transactions
The Maine Department of Professional and Financial Regulation adopted provisions, effective immediately, that will help to unify the Bureau of Financial Institutions and Bureau of Consumer Credit Protection’s Alternative Mortgage Transactions joint rule with the CFPB’s Regulation D.
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Alaska Amends Provisions Regarding Mortgage Loan Originator Licensing
Effective as of January 1st, 2017, the Alaska legislature amended provisions regarding mortgage loan lenders’ and originators’ licensing requirements in addition to the inclusion of a “registered depository institution” in the Act. The following focuses on the inclusion of the latter entity throughout the amended provisions.
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CFPB Finalizes New Servicing Rules, Expands Foreclosure Protections
August 4, 2016 the Consumer Financial Protection Bureau (CFPB) finalized new rules under RESPA and Truth in Lending. The final rule amends certain mortgage servicing rules issued in 2013.
Amendments to the 2013 Mortgage Rules under the Real Estate Settlement Procedures Act (Regulation X) and the Truth in Lending Act (Regulation Z) -
CFPB Outlines Foreclosure Prevention Guiding Principles
August 2, 2016 the Consumer Financial Protection Bureau (CFPB) outlined consumer protection principles to guide mortgage servicers, investors, government housing agencies, and policymakers as they develop new foreclosure relief solutions.
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Texas Adopts Technical Regulatory Amendments
Effective June 30, 2016, the Texas Legislature has adopted several technical amendments to various provisions relating to Mortgage Bankers, Residential Mortgage Loan Servicers and Residential Mortgage Loan Originators in order to provide clarification and to improve grammar and readability.
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South Carolina Revises Consumer Protection Codes
The state of South Carolina General Assembly 121st Session, 2015-2016, enacted provisions regarding its Consumer Protection Code. These provisions cover a wide array of changes and are effective immediately. Selected changes can be found below, see bottom for state link. SECTION 1. Section 37-1-201(1) of the 1976 Code This provision amends the definition of a […]