Mortgage Lending
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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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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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Fannie Mae Updates Self-Employment Income and Other Rules
August 25, 2015 Fannie Mae released Ann. SEL-2015-09: Selling Guide Updates. Below is the complete content from the announcement. Selling Guide Updates The Selling Guide has been updated to include changes to the following: Self-Employed Income Project Eligibility Review for Attached Planned Unit Developments HomeStyle® Renovation Cash Back Pair-offs on Mandatory Whole Loan Commitments Miscellaneous […]
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Fannie Mae Announces Improved Affordable Lending Product
August 25, 2015, Fannie Mae announced HomeReady™ mortgage, an innovative lending option aimed at helping creditworthy borrowers with lower and moderate incomes have access to an affordable, sustainable mortgage. HomeReady will replace Fannie Mae’s MyCommunityMortgage®. HomeReady features new functionality for lenders through Desktop Underwriter® to automatically flag potentially eligible loans and fully leverage Fannie Mae’s […]
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Fannie Mae Announces DU Changes for Government Loans
By Anna DeSimoneJuly 23, 2015 Fannie Mae published DU Release Notes: DU for Government Loans Release Notes September 2015. The announcement is reproduced below: During the weekend of September 12, 2015, Desktop Underwriter for government loans will be updated to include the changes below: Implementation of the October 2014 changes Changes to comply with FHA’s […]
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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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Freddie Mac Updates Credit and Underwriting Rules
By Anna DeSimone July 15, 2015, Freddie Mac published Bulletin 2015-12, Selling Guide Updates. Highlights of the Bulletin are provided:Credit and Underwriting Topics: Maximum Number of Financed Properties Use of Income from Investment Properties Minimum monthly payment required to be included in the DTI when student loans are deferred or in forbearance Interested party contributions […]
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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 […]