Federal Mortgage Regulations
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FHFA, Fannie Mae, and Freddie Mac Announce Independent Dispute Resolution Program
By Anna DeSimone February 2, 2016, the Federal Housing Finance Agency (FHFA) announced that Fannie Mae and Freddie Mac have implemented an independent dispute resolution (IDR) process for resolving repurchase disputes. The IDR process is the final piece of the Representation and Warranty Framework for Lenders and is available on loans delivered to Fannie Mae […]
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FHFA Issues Final Rule Regarding Federal Home Loan Bank Membership
By Anna DeSimone January 20, 2016, the Federal Housing Finance Agency (FHFA) issued a final rule revising its regulations governing Federal Home Loan Bank Membership. This final rule adopts several provisions including, but not limited to: Preventing the circumvention of the statute’s membership restrictions by ineligible entities by defining the term “insurance company” to exclude […]
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CFPB Publishes Construction Loan Fact Sheet for TRID
By Anna DeSimone January 10, 2016 the Consumer Financial Protection Bureau (CFPB) published a two-page Fact Sheet entitled Know Before You Owe Mortgage Disclosures and Construction Loans. The information provided is formatted for both consumers and professionals and reproduced below:Construction Loans Are Covered by the Know Before You Owe Mortgage DisclosuresMost construction loans that are […]
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CFPB Seeks Public Input on HMDA Resubmission Guidelines
On January 7, 2016, the Consumer Financial Protection Bureau (CFPB) announced it is seeking public feedback on the resubmission of mortgage lending data reported under the Home Mortgage Disclosure Act (HMDA). The CFPB press release is reproduced in this newsletter. Please refer to the Compliance Monitor article dated October 21, 2015 announcing the new HMDA […]
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Financial Regulators Release Revised Management Booklet
By Anna DeSimone November 10, 2015 the Federal Financial Institutions Examination Council (FFIEC) members issued a revised Management booklet, which is part of the FFIEC Information Technology Examination Handbook (IT Handbook). The Management booklet, including the examination procedures, has been substantially revised. The booklet outlines the principles of sound governance and, more specifically, information technology […]
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Georgia Adds Provisions Regarding TILA-RESPA Integrated Disclosures
October 30, 2015By Zachary Pearlstein, JDThe Georgia Department of Banking and Finance has recently added several provisions concerning the TILA-RESPA Integrated Disclosure requirements, effective November 16, 2015.(1) The new provisions state that every mortgage lender or mortgage broker must make the following disclosures in writing to applicants for residential mortgage loans: (a) within three business […]
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CFPB Finalizes Rule to Improve Information About Access to Credit in the Mortgage Market
By Anna DeSimone Bureau Takes Steps to Simplify the Reporting Process for Financial Institutions October 15, 2015, the Consumer Financial Protection Bureau (CFPB) finalized a rule to improve information reported about the residential mortgage market. The rule will shed more light on consumers’ access to mortgage credit by updating the reporting requirements of the Home […]
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CFPB Provides Guidance on Marketing Services Agreements
By Anna DeSimoneOctober 8, 2015 the Consumer Financial Protection Bureau (CFPB) issued a bulletin providing guidance to the mortgage industry regarding marketing services agreements. The bulletin Highlights Risks of Agreements Violating Federal Prohibition on Mortgage Kickbacks. The press release is reproduced below:The bulletin offers an overview of the federal prohibition on mortgage kickbacks and referral […]
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Fannie Mae and Freddie Mac Issue TRID Advisories
By Anna DeSimone October 6, 2015, Fannie Mae issued LL-2015-06: Information Related to Know Before You Owe TILA-RESPA Integrated Disclosures. The letter was sent to all Single Family Sellers at the direction of the Federal Housing Finance Agency. Also on this date and at the direction of the FHFA, Freddie Mac issued an Industry Letter […]
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FDIC Issues Supervisory Expectations for Implementing TRID
By Anna DeSimone October 2, 2015 the FDIC issued FIL-43-2015 to provide guidance on its initial supervisory expectations in connection with its examinations of financial institutions for compliance with the TILA – RESPA Integrated Disclosure Rule (TRID) effective October 3, 2015.Statement of Applicability to Institutions Under $1 Billion in Total Assets: This Financial Institution Letter […]