Mortgage Lending
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Modification to Michigan Consumer Mortgage Protection Act
Michigan’s Consumer Mortgage Protection Act is “an act to prohibit certain lending practices; to require disclosure of certain information for home loans; to prescribe certain duties and obligations of the lender in a home loan transaction; to prescribe the powers and duties of certain state agencies and officials; and to prescribe penalties and provide for […]
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American Bankers Association Publishes TRID Study
The American Bankers Association has completed a survey regarding the TILA-RESPA Integrated Disclosure (TRID) Rule. The ABA survey had 548 banker participants composed a diverse group both in geography and asset size. The data was collected from February 1, 2016 to February 17, 2016. This timely survey shows that TRID rule compliance: is still a […]
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Freddie Mac Expands LTVs for Super Conforming Mortgages
February 17, 2016 Freddie Mac published Seller/Servicer Bulletin 2016-3 entitled: LTV/TLTV/HLTV ratio and Indicator Score requirements – March 28, 2016. Key sections of the bulletin are provided below. LTV/TLTV/HLTV ratio and Indicator Score requirements – March 28, 2016: Updates to our requirements for loan-to-value (LTV)/total LTV (TLTV)/Home Equity Line of Credit (HELOC) TLTV (HTLTV) ratios […]
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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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New Jersey Enacts Escrow Agent and Foreclosure Provisions
By Linaldo Donovan New Jersey Enacts Provisions Regarding Escrow Agent Evaluation Services The state of New Jersey enacted provisions by making it an unlawful practice under its Consumer Fraud Act for an escrow agent evaluation service to prepare a report for use by a mortgage lender in evaluating the capacity of an escrow agent to […]
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Changes Related to the Use of the Freddie Mac Primary Mortgage Market Survey for Subprime Loans in New York
By Theresa M. Dydzak, J.D. Effective January 1, 2016, Federal Home Loan Mortgage Corporation ceased publication of regional breakout figures in its weekly Primary Mortgage Market Survey for 30 and 15 year fixed rate mortgages as well as 5/1hybrid and 1 year adjustable rate mortgages. These figures were used to determine if loans should be […]
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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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Changes under the California Finance Lenders Law and California Residential Mortgage Lending Act
By Linaldo Donovan January 11, 2016 The California Department of Business Oversight adopted provisions under the Finance Lenders Law and Residential Mortgage Lending Act that provides that certain non-depository lenders, brokers and servicers who are subsidiaries and affiliates of depository institutions are not exempt from licensure when engaged in the business of originating, brokering or […]
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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 […]