Federal Mortgage Regulations
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CFPB Issues Reports Identifying Illegal Practices Covered Under Supervision
By Anna DeSimoneJune 23, 2015, the Consumer Financial Protection Bureau (CFPB) released its latest supervision report outlining the illegal practices uncovered by the Bureau’s examiners in the first four months of 2015. The Bureau found problems with dual-tracking at mortgage servicers that could mislead consumers to believe their trial modifications were canceled. The Bureau also […]
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Agencies Issue Final Flood Insurance Rule
By Anna DeSimoneJune 22, 2015, five federal regulatory agencies announced the approval of a joint final rule that modifies regulations that apply to loans secured by properties located in special flood hazard areas. Announcement NR-2015-89 was issued by Board of Governors of the Federal Reserve System, Farm Credit Administration, Federal Deposit Insurance Corporation, National Credit […]
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CFPB Delays TRID Until October 1st
by Anna DeSimoneJune 17, 2015 the Consumer Financial Protection Bureau Issued the following Press Release: Statement by CFPB Director Richard Cordray on Know Before You Owe Mortgage Disclosure RuleWASHINGTON, D.C. – Today, Consumer Financial Protection Bureau (CFPB) Director Richard Cordray issued the following statement on the Know Before You Owe mortgage disclosure rule:“The CFPB will […]
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OCC Issues New Residential Lending Examination Procedures
by Anna DeSimoneJune 15, 2015, the Office of the Comptroller of the Currency (OCC) issued the Revised Comptroller’s Handbook Booklet and Rescissions. The announcement was issued to chief executive officers of all national banks and federal savings associations, department and division heads, all examining personnel, and other interested parties. The “Residential Real Estate Lending” booklet […]
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Veteran’s Administration Announces New Appraisal Review Requirements
By Anna DeSimone June 12, 2015, the U.S. Department of Veterans Affairs (VA) issued CIRC. 26-15-12: New Appraisal Review Requirements and Instructions Regarding Department of Veterans Affairs Appraisal Management Service for the Lender Appraisal Processing Program and the Servicer Appraisal Processing Program Staff Appraisal Reviewers. Please refer to the attached Diagram: Exhibit to Circular 26-15-12 […]
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CFPB Issues Letter to Congress to Allow Enforcement Grace Period
On May 20 2015, a letter was sent by Congress to Richard Cordray, Director of the Consumer Financial Protection Bureau, asking for the grace period through the end of 2015, claiming the industry was not prepared for the rule’s implementation. The letter was signed by 255 Members of Congress. To read the letter and see […]
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CFPB Releases Updated Mortgage Origination Examination Procedures
By Anna DeSimoneMay 4, 2015, the Consumer Financial Protection Bureau (CFPB) released an update to the bureau’s Mortgage Origination examination procedures. The update offers financial institutions and other industry participants valuable guidance on how the CFPB will conduct examinations for compliance with the TILA-RESPA Integrated Disclosure Rule which will become effective August 1, 2015. The […]
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OCC Issues Revised Interagency Examination Procedures for Consumer Compliance
By Anna DeSimoneMay 1, 2015 the Office of the Comptroller of the Currency (OCC) issued OCC Bulletin 2015-27 announcing Revised Interagency Examination Procedures for Consumer Compliance. The bulletin is addressed to: National Banks, Federal Savings Associations and Federal Branches and Agencies. The Task Force on Consumer Compliance of the Federal Financial Institutions Examination Council recently […]
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Federal Reserve Issues New Examination Procedures for RESPA and TIL
By Anne DeSimoneApril 30, 2015, The Board of Governors of the Federal Reserve System, Division of Consumer and Community Affairs issued Bulletin CA 15-3 announcing the Revised Interagency Examination Procedures for Regulation Z and Regulation X. Applicability to Community Banking Organizations: This guidance applies to institutions supervised by the Federal Reserve with total consolidated assets […]
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Six Federal Agencies Issue Final Rule for Appraisal Management Companies
By Anna DeSimoneApril 30, 2014. Six federal financial regulatory agencies issued a final rule that implements minimum requirements for state registration and supervision of appraisal management companies (AMCs). The Joint Release was issued by the following federal agencies:Office of the Comptroller of the CurrencyBoard of Governors of the Federal Reserve SystemFederal Deposit Insurance CorporationConsumer Financial […]