Mortgage Lending
-
Oregon Updates Mortgage Lending Rules to Comply with Federal Disclosure Requirements
December 31, 2015By Laura Eckstein, J.D.The Oregon Department of Consumer and Business Services, Division of Finance and Corporate Securities, amended its recordkeeping requirements to accommodate the recent changes made by the Consumer Financial Protection Bureau (“CFPB”) to the federally-mandated mortgage disclosures. Since 2011 federal law has mandated that the CFPB establish a single disclosure scheme […]
-
Fannie Mae Updates Selling Guide and QC Requirements
By Anna DeSimoneDecember 15, 2015 Fannie Mae issued Ann. SEL-2015-13. The Selling Guide has been updated to include changes to the following: Loans with Age-Related Resale Restrictions Manufactured Housing and RD-Guaranteed Section 502 Mortgage Loans Lender Quality Control Updates Pledge of Servicing Custody of eMortgages Early Delinquency Counseling Posting of Buyup/Buydown Grids Miscellaneous Selling Guide […]
-
Colorado Adopts Multiple Licensing Education Revisions for Mortgage Loan Originators
By Laura Eckstein, J.D.November 23, 2015 The Colorado Department of Regulatory Agencies, Division of Real Estate adopted multiple provisions regarding licensing education for mortgage loan originators. Such provisions include pre-licensing requirements, continuing education requirements, and renewal, reinstatement, and suspension of a license. These provisions are effective on March 1, 2016. Chapter 2: Requirements for Licensure2.1 […]
-
Fannie Mae Updates Rules for Condos, Co-ops and HomeReady Mortgages
By Anna DeSimone November 3, 2015, Fannie Mae released Selling Guide Announcement SEL-2015-12. The Selling Guide has been updated to include changes to the following: Refund of Loan-Level Price Adjustments Co-op Project Review Policy Update Project Eligibility Review Service for Established Condo Projects Updates to HomeReady Incorporation of Announcement SEL-2015-11 Delivery of Loans with More […]
-
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 […]
-
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 […]
-
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 […]
-
HUD Sets New Standards for Energy Efficient Homes Stretch Ratio Policy
By Anna DeSimoneSeptember 30, 2015, HUD issued Mortgagee Letter 2015-22, New Standards for Energy Efficient Homes (EEH) “Stretch Ratio” Policy: Incorporating the Department of Energy’s (DOE) Home Energy Score.PurposeThis Mortgagee Letter updates the Federal Housing Administration’s (FHA) EEH program, minimum energy efficiency standard, to the most recent International Energy Conservation Code (IECC) adopted by HUD […]
-
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. […]
-
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 […]