Real Estate 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 Creates the D.O.L.L.A.R. Deed Program
Ohio has created a program which provides a loss mitigation alternative for borrowers in default on their mortgage. This creative program gives those struggling to pay their mortgages an unconventional way to maintain and reclaim rights and possession of their real property. Sections 5315.01, 5315.02, 5315.03, 5315.04, and 5315.05 of the Revised Code create the D.O.L.L.A.R. Deed Program.
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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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FHA Publishes Update to Handbook 4000.1
June 30, 2016, HUD issued a Transmittal Memorandum to the following entities: All FHA Approved Mortgagees All Direct Endorsement Underwriters All FHA Roster Appraisers All FHA Roster Inspectors All FHA Approved 203(k) Consultants All HUD Approved Housing Counselors All HUD Approved Nonprofit Organizations All Governmental Entity Participants All Real Estate Brokers All Closing Agents The […]
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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 […]
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U.S. House Passes Bill to Change SAFE Licensing Rules
By Anna DeSimone SAFE Transitional Licensing Act of 2015 moves to SenateMay 22, 2016, the United States House of Representatives passed a bill named the SAFE Transitional Licensing Act of 2015. The act will permit registered loan originators to move to another state to continue originating loans for as long as 120 days while applying […]
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Connecticut Amends Provisions Regarding Housing Discrimination and Fair Housing Laws
Connecticut amended its provisions by requiring the Commission on Human Rights and Opportunities to create a one-page disclosure form containing information on housing discrimination and Federal and state fair housing laws. Additionally, it requires persons offering residential property containing two or more units for sale, exchange, or for lease with an option to buy, to […]
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Georgia Modifies Provisions Regarding Banking and Finance
Georgia modified multiple provisions relating to banking and finance. These provisions are effective on July 1, 2016. Mortgage Lenders and Brokers The amendments replaced the phrase “Nationwide Mortgage Licensing System and Registry” with “Nation-wide Multistate Licensing System and Registry” in the following code sections: Code Section 7-1-1000, relating to definitions relative to mortgage lenders and […]
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FFIEC Seeks Comments on Proposed Revisions to Uniform Interagency Consumer Compliance Rating System
The Federal Financial Institutions Examination Council (FFIEC) released press release seeking public comment on its proposal to revise the existing Uniform Interagency Consumer Compliance Rating System to reflect regulatory, supervisory, technological, and market changes since the system was established. The press release is reproduced below. The Consumer Compliance Rating System is a supervisory policy for […]