Real Estate Lending

  • CFPB Issues Letter to Congress to Allow Enforcement Grace Period

    On May 20 2015, a letter was sent by Congress to Richard Cordray, Director of the Consumer Financial Protection Bureau, asking for the grace period through the end of 2015, claiming the industry was not prepared for the rule’s implementation.  The letter was signed by 255 Members of Congress. To read the letter and see […]

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  • CFPB Releases Updated Mortgage Origination Examination Procedures

    By Anna DeSimoneMay 4, 2015, the Consumer Financial Protection Bureau (CFPB) released an update to the bureau’s Mortgage Origination examination procedures.  The update offers financial institutions and other industry participants valuable guidance on how the CFPB will conduct examinations for compliance with the TILA-RESPA Integrated Disclosure Rule which will become effective August 1, 2015.  The […]

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  • OCC Issues Revised Interagency Examination Procedures for Consumer Compliance

    By Anna DeSimoneMay 1, 2015 the Office of the Comptroller of the Currency (OCC) issued OCC Bulletin 2015-27 announcing Revised Interagency Examination Procedures for Consumer Compliance.   The bulletin is addressed to:  National Banks, Federal Savings Associations and Federal Branches and Agencies. The Task Force on Consumer Compliance of the Federal Financial Institutions Examination Council recently […]

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  • Federal Reserve Issues New Examination Procedures for RESPA and TIL

    By Anne DeSimoneApril 30, 2015, The Board of Governors of the Federal Reserve System, Division of Consumer and Community Affairs issued Bulletin CA 15-3 announcing the Revised Interagency Examination Procedures for Regulation Z and Regulation X. Applicability to Community Banking Organizations: This guidance applies to institutions supervised by the Federal Reserve with total consolidated assets […]

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  • CFPB Issues Guidance on Housing Counselor Requirement

    Final Interpretive Rule Includes Additional Instructions for Providing Housing Counselor Information April 15, 2015, the Consumer Financial Protection Bureau (CFPB) issued a final interpretive rule on how to provide mortgage applicants with a list of local homeownership counseling organizations. The interpretive rule restates guidance the CFPB issued in 2013, and provides further guidance for lenders who […]

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  • CFPB Releases ‘Know Before You Owe’ Toolkit

    March 31, 2015 the Consumer Financial Protection Bureau (CFPB) released a new toolkit that guides consumers through the process of shopping for a mortgage and buying a house. Developed as part of the CFPB’s “Know Before You Owe” mortgage initiative, the toolkit was designed to help consumers take full advantage of the new Loan Estimate […]

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  • Fannie Mae Clarifies Self Employed Income Policy

    By Anna DeSimone  March 24, 2015 Fannie Mae issued a Notice that clarified its recently-updated Self Employed Income Policy.   On December 16, 2014, Fannie Mae issued Selling Guide Announcement SEL-2014-16, listing a number of topics that were updated in the Selling Guide, including Self Employed Income.  The updates were originally to take effect April […]

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  • Fannie Mae Issues Loan Level Pricing Adjustment Update

    March 17, 2015 Fannie Mae released Selling Notice: LLPA Matrices Update.  The information contained on the notice is provided below:On November 10, 2014, Fannie Mae released Announcement SEL-2014-13, Selling Guide Updates, and announced changes to the policy that pertains to how loan-level price adjustments (LLPAs) are applied to mortgage loans with more than one borrower, […]

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  • FHLB Updates Mortgage Partnership Finance Xtra Underwriting Guidelines

    March 11, 2015, The Federal Home Loan Bank Mortgage Partnership Finance (MPF) program issued MPF Xtra® PFI Notice 2015-1.   The notice was effective on March 11, 2015 unless otherwise noted and pertained to the PFI MPF® Program Management, Origination Management, and Underwriting Management.  The Notice included the following statement:  The MPF Xtra Manual and the […]

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  • Fannie Mae Updates Rules for Condos and Borrowers Without Credit Scores

    February 24, 2015 Fannie Mae released Ann. SEL-2015-02, Selling Guide Update. The Selling Guide has been updated to include changes to the following:• Clarifications of Project Standards Policies • Reorganization of Co-op Topics • Updated Effective Dates for Pricing and Credit Score Delivery in Announcement SEL-2014-13• Lender Breach of Contract Miscellaneous Selling Guide UpdatesEach of the updates is described […]

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