Federal Mortgage Regulations
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Conference of State Bank Supervisors and AARMR Issue Examination Guidance
September 29, 2015By Anna DeSimoneSeptember 29, 2015 the Conference of State Bank Supervisors (CSBS) and the American Association of Residential Mortgage Regulators (AARMR) issued an industry bulletin from the Multi-state Mortgage Committee (MMC). The bulletin was issued to mortgage lenders in order to make their supervisory expectations regarding the use of electronic examination tools clear. […]
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CFPB Issues Final Rule Regarding Annual Threshold Adjustments for 2016 HOEPA and QM Loans
By Anna DeSimone September 22, 2015 the Consumer Financial Protection Bureau (CFPB) issued a final rule amending the regulatory text and official interpretations for Regulation Z, implemented under the Truth in Lending Act (TILA). The regulation requires annual updating of the dollar amounts of thresholds pertaining to the Home Equity Protection Act (HOEPA) loans and […]
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CFPB Finalizes Rule to Facilitate Access to Credit in Rural and Underserved Areas
Bureau Extends Provisions to Cover More Community Banks, Credit Unions, and Other CreditorsSeptember 22, 2015 the Consumer Financial Protection Bureau (CFPB) finalized several changes to its mortgage rules to facilitate responsible lending by small creditors, particularly in rural and underserved areas. The new rule, which was proposed in January, will increase the number of financial […]
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Freddie Mac Updates Selling Guide and Clarifies TRID Instructions
By Anna DeSimone September 16, 2015, Freddie Mac issued Bulletin 2015-16: Selling Guide. The Single-Family Seller/Servicer Guide (“Guide”) Bulletin announced the following changes and, with the exception of certain topics unrelated to underwriting, the Bulletin is reproduced below in the format published by Freddie Mac: Mortgage eligibility and credit underwriting Removal of the requirement for a […]
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CFPB Updates Dodd-Frank Readiness Guide and RESPA-TILA Exam Procedures
By Anna DeSimone September 15, 2015, the Consumer Financial Protection Bureau (CFPB or Bureau) updated its Dodd-Frank Mortgage Rules Readiness Guide. The update was developed to help financial institutions come into and maintain compliance with the mortgage rules outlined in the Summary of the Rules in the Guide. The CFPB has designed this Guide for […]
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FFIEC Announces Streamline Reporting Initiative for Community Banks
By Anna DeSimone On September 8, 2015, the Federal Financial Institutions Examination Council (FFIEC) detailed steps regulators are taking to streamline and simplify regulatory reporting requirements for community banks and reduce their reporting burden. The objectives of this community bank burden-reduction initiative are consistent with the early feedback the FFIEC has received as part of […]
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CFPB Issues Private Mortgage Insurance Cancellation & Termination Guidance
By Anna DeSimone August 4, 2015 the Consumer Financial Protection Bureau (CFPB) issued a bulletin providing guidance to mortgage servicers regarding the cancellation and termination of private mortgage insurance. The bulletin explains certain requirements of the Homeowners Protection Act and is intended to help servicers comply with the law. The CFPB has identified substantial industry […]
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CFPB Finalizes TRID Two Month Extension
By Anna DeSimone On July 21, 2015, the Consumer Financial Protection Bureau (CFPB) issued a final rule moving the effective date of the Know Before You Owe mortgage disclosure rule, also called the TILA-RESPA Integrated Disclosures rule, to October 3, 2015.The rule requires easier-to-use mortgage disclosure forms that clearly lay out the terms of a […]
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FHLB Mortgage Partnership Program Issues Reminder for TRID Compliance
By Anna DeSimoneJuly 13, 2015, the Federal Home Loan Bank (FHLB) issued PFI Advisory 7-13-15 entitled: The MPF Program Reminds PFIs to be Prepared for the TILA-RESPA Integrated Disclosure Rule, Coming Soon. Even though the CFPB is considering a new effective date for the TILA-RESPA Integrated Disclosure rule (“Rule”), the time to comply with the […]
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FDIC Issues Interagency Compliance Examination Procedures for TRID
June 30, 3014 the FDIC released Financial Institution Letter 27-2015.The letter provides a large number of resources and links to the updated Compliance Examination Manual. The revised interagency examination procedures pertain to the new Truth in Lending Act (TILA) – Real Estate Settlement Procedures Act (RESPA) Integrated Disclosure Rule (TRID Rule), as well as amendments […]