Mortgage Lending
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CFPB Finalizes New Servicing Rules, Expands Foreclosure Protections
August 4, 2016 the Consumer Financial Protection Bureau (CFPB) finalized new rules under RESPA and Truth in Lending. The final rule amends certain mortgage servicing rules issued in 2013.
Amendments to the 2013 Mortgage Rules under the Real Estate Settlement Procedures Act (Regulation X) and the Truth in Lending Act (Regulation Z) -
Ohio Amends the Foreclosure Process for Properties Vacant and Abandoned
The state of Ohio has amended provisions regarding its judicial foreclosure process as part of a bill signed by the governor on June 28th, 2016. Though the bill amends, enacts, and repeals many provisions, the scope of this article will focus on provisions that were enacted to improve the process of foreclosure.
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FHA Publishes Lender Insight, Highlights Quality Control Findings
Since its launch Lender Insight has featured quarterly loan level findings data by presenting the initial ratings of all loans along with the updated ratings as of six months from the end of the review period. Additionally, for the past year, each of the top 50 by volume lenders has received an individualized loan review findings report depicting a quarter-by-quarter snapshot of the results of FHA’s post-endorsement technical review of the company’s loan production.
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Texas Adopts Technical Regulatory Amendments
Effective June 30, 2016, the Texas Legislature has adopted several technical amendments to various provisions relating to Mortgage Bankers, Residential Mortgage Loan Servicers and Residential Mortgage Loan Originators in order to provide clarification and to improve grammar and readability.
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Hawaii Adopts Amendments Regarding MLO and Mortgage Servicing Licensing
The State of Hawaii has enacted Senate Bill 2850 which amends its mortgage loan originators law and mortgage servicers law. The purpose of the bill is to bring consistency to the terminology of the chapters, to bring clarity to the scope of each chapter and to update references to federal law in the chapters. The […]
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Georgia Adopts Various Provisions Applicable to Residential Mortgage Act
The Georgia Department of Banking and Finance adopted various provisions with respect to the Residential Mortgage Act including licensing fees, examinations and renewals, advertising requirements, maintenance of records, and administrative fines. These provisions are effective on July 10, 2016. Chapters 80-5 and 80-11: Financial Institutions and Brokers and Lenders 80-5-1-.07 License Renewal Periods and Requirements […]
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Montana Surety Bond Requirements for Mortgage Brokers and Lenders
Effective June 18, 2016, entities applying for a mortgage broker or mortgage lender license for the first time in Montana, with no prior business history or a business history of less than one year at the time of application, are now required to purchase a surety bond in the amount of $25,000.00. Previous to this […]
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Fannie Mae Reschedules DU 10.0 and Credit Trending Data to September 24, 2016
On June 20, 2016, Fannie Mae issued a statement with their DU Release Notes that Desktop Underwriter® (DU®) Version 10.0 release has been rescheduled for the weekend of September 24, 2016. The information contained in the Release Notes that is specific to trended credit data is provided below: Trended Credit Data Credit reports currently used […]
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Idaho Updates the Residential Mortgage Practices Act
By Julio Suarez, J.D.Effective as of March 25, 2016 Idaho adopted provisions updating its Residential Mortgage Practices Act (the Act). These updates include federal law reincorporation and streamlined processes for lenders as well as brokers. Provided InformationThe amendments incorporated into the Act allow for temporal requirements to shift along with the regulations and laws. Previously, […]
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Fannie Mae Updates Credit Data Trending and Other Guide Topics
By Anna DeSimone May 31, 2016, Fannie Mae issued Ann. SEL-2016-04: Selling Guide Updates. The complete announcement has been reproduced below: The Selling Guide has been updated to include changes to the following: Modifications of Single-Closing Conversion of Construction-to-Permanent Loans DU Version 10.0 Risk Factors and Credit Data Changes Lender Self-Report Obligations Related to Compliance […]