Mortgage Lending
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HUD Suspends FHA Mortgage Insurance Rate Reduction
January 20, 2017, HUD issued Mortgagee Letter 2017-07: Suspension of Mortgagee Letter 2017-01—Reduction of Federal Housing Administration (FHA) Annual Mortgage Insurance (MIP) Rates. HUD issued Mortgagee Letter The Mortgagee Letter communicates that reducing the mortgage insurance premium for loans with closing or disbursement dates on or after January 27, 2017 has been suspended indefinitely. FHA […]
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FHA Reduces Mortgage Insurance Premium Rates
January 9, 2017 HUD issued Mortgagee Letter 2017-1, Reduction of FHA Annual Mortgage Insurance Premium Rates. The new rates are effective with the closing or disbursement of mortgages on January 27, 2017.
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FFIEC Updates HMDA Technology Platform for Filing LAR
January 2017, the Federal Financial Institutions Examinations Council (FFIEC) updated its technology platform for filing the Loan Application Register (LAR) as required by the Home Mortgage Disclosure Act (HMDA). For HMDA data collected in or after 2017, a web-based data submission and edit-check system (the HMDA Platform) has been created to process HMDA data.
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Fannie Mae Publishes Updated Quality Control Guide
December 2016, Fannie Mae published a revised edition to “Beyond the Guide” to assist lenders in building their capability for ensuring quality. Originally published in 2010, the guide provides insight into every area of loan manufacturing.
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FHFA Issues Rule for Enterprise Duty to Serve Underserved Markets
December 29, 216, the Federal Housing Finance Agency (FHFA) published the rule, Enterprise Duty to Serve Underserved Markets in Federal Register Vol. 81, No 250.
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FHA Revises Procedures for Direct Endorsement Approval
December 14, 2016 FHA issued Mortgagee Letter 2016-21, Direct Endorsement Program—Timeframe for Conducting Pre-Endorsement Mortgage Reviews for Unconditional Direct Endorsement Authority.
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FHA Announces Plans for Quality Control Changes in 2017
HUD’s December 2016 Issue No. 14 of Lender Insights announced plans to make changes to its technology and quality control process. The enhancements follow through on FHA’s announcement in 2015 concerning the implementation of the Quality Control Defect Taxonomy.
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CFPB Publishes Notice Regarding Semiannual Regulatory Agenda
December 23, 2016 the Consumer Financial Protection Bureau (CFPB) published Federal Register Notice Vol. 81, No. 247, Semiannual Regulatory Agenda. The notice is published as part of the Fall 2016 Unified Agenda of Federal Regulatory and Deregulatory Actions.
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CFPB Outlines Next Priority Areas for Enforcement and Supervision
In a speech to the Mortgage Bankers Association October 25, Consumer Financial Protection Bureau Director Richard Cordray highlighted three priority areas for enforcement and supervision in the next year.
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NCUA Launches Interactive Online Examination Guide
October 24, 2016, the National Credit Union Administration (NCUA) launched the online Examiner’s Guide, which is an interactive tool allowing examiners to provide up-to-date, comprehensive supervisory guidance on certain regulatory and supervisory issues affecting credit unions.