Real Estate Lending
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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.
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Oregon Implements Provisions Concerning Commercial Construction Lending Exemption
The Oregon Department of Consumer and Business Services implemented provisions concerning commercial construction lending exemption under its licensing of mortgage loan originator regulation. These provisions are effective immediately.
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California Updates Various Provisions
California has passed Assembly Bill 1650 which amends its real estate licensee advertising requirements to require additional disclosures. Existing law requires that, where a real estate licensee publishes, circulates or distributes in any newspaper or periodical or by mail any matter pertaining to any activity for which a license is required, that the advertisement disclose: that the licensee is performing an act for which a real estate license is required, the licensee’s license identification number, and, in the event the licensee is also a mortgage loan originator, his or her NMLS license number.
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HARP Extended through September 2017, Streamlined Refinance Program for High LTV Borrowers Announced
August 25, 2016, the Federal Housing Finance Agency (FHFA) announced that Fannie Mae and Freddie Mac (the Enterprises), at FHFA’s direction, will implement a new refinance offering aimed at borrowers with high loan-to-value (LTV) ratios. The FHFA announcement is provided below:
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Maine Aligns State and Federal Provisions Regarding Alternative Mortgage Transactions
The Maine Department of Professional and Financial Regulation adopted provisions, effective immediately, that will help to unify the Bureau of Financial Institutions and Bureau of Consumer Credit Protection’s Alternative Mortgage Transactions joint rule with the CFPB’s Regulation D.
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Illinois Amends: Uniform Real Property Electronic Recording Act, Residential Real Property Disclosure Act, and Making Home Affordable Program
The state of Illinois has amended various laws in recent weeks. Many of the amendments only make minor changes to existing law but this article will explore some of the important changes.
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Rhode Island Amends Foreclosure and Homestead Exemption Statutes
The State of Rhode Island has recently passed an act relating to Mortgage Foreclosure and Sale. Rhode Island has amended RIGL Ch. 34-27 Mortgage Foreclosure and Sale by adding Section 34-27-8 Requirement of affidavit from certain tax exempt entities. The amended statute affects the sale of residential property by a mortgagee.