Real Estate Lending
-
CFPB Finalizes Rule to Improve Information About Access to Credit in the Mortgage Market
By Anna DeSimone Bureau Takes Steps to Simplify the Reporting Process for Financial Institutions October 15, 2015, the Consumer Financial Protection Bureau (CFPB) finalized a rule to improve information reported about the residential mortgage market. The rule will shed more light on consumers’ access to mortgage credit by updating the reporting requirements of the Home […]
-
FDIC Issues Supervisory Expectations for Implementing TRID
By Anna DeSimone October 2, 2015 the FDIC issued FIL-43-2015 to provide guidance on its initial supervisory expectations in connection with its examinations of financial institutions for compliance with the TILA – RESPA Integrated Disclosure Rule (TRID) effective October 3, 2015.Statement of Applicability to Institutions Under $1 Billion in Total Assets: This Financial Institution Letter […]
-
Conference of State Bank Supervisors and AARMR Issue Examination Guidance
September 29, 2015By Anna DeSimoneSeptember 29, 2015 the Conference of State Bank Supervisors (CSBS) and the American Association of Residential Mortgage Regulators (AARMR) issued an industry bulletin from the Multi-state Mortgage Committee (MMC). The bulletin was issued to mortgage lenders in order to make their supervisory expectations regarding the use of electronic examination tools clear. […]
-
CFPB Issues Final Rule Regarding Annual Threshold Adjustments for 2016 HOEPA and QM Loans
By Anna DeSimone September 22, 2015 the Consumer Financial Protection Bureau (CFPB) issued a final rule amending the regulatory text and official interpretations for Regulation Z, implemented under the Truth in Lending Act (TILA). The regulation requires annual updating of the dollar amounts of thresholds pertaining to the Home Equity Protection Act (HOEPA) loans and […]
-
CFPB Finalizes Rule to Facilitate Access to Credit in Rural and Underserved Areas
Bureau Extends Provisions to Cover More Community Banks, Credit Unions, and Other CreditorsSeptember 22, 2015 the Consumer Financial Protection Bureau (CFPB) finalized several changes to its mortgage rules to facilitate responsible lending by small creditors, particularly in rural and underserved areas. The new rule, which was proposed in January, will increase the number of financial […]
-
CFPB Updates Dodd-Frank Readiness Guide and RESPA-TILA Exam Procedures
By Anna DeSimone September 15, 2015, the Consumer Financial Protection Bureau (CFPB or Bureau) updated its Dodd-Frank Mortgage Rules Readiness Guide. The update was developed to help financial institutions come into and maintain compliance with the mortgage rules outlined in the Summary of the Rules in the Guide. The CFPB has designed this Guide for […]
-
FFIEC Announces Streamline Reporting Initiative for Community Banks
By Anna DeSimone On September 8, 2015, the Federal Financial Institutions Examination Council (FFIEC) detailed steps regulators are taking to streamline and simplify regulatory reporting requirements for community banks and reduce their reporting burden. The objectives of this community bank burden-reduction initiative are consistent with the early feedback the FFIEC has received as part of […]
-
Fannie Mae Updates Self-Employment Income and Other Rules
August 25, 2015 Fannie Mae released Ann. SEL-2015-09: Selling Guide Updates. Below is the complete content from the announcement. Selling Guide Updates The Selling Guide has been updated to include changes to the following: Self-Employed Income Project Eligibility Review for Attached Planned Unit Developments HomeStyle® Renovation Cash Back Pair-offs on Mandatory Whole Loan Commitments Miscellaneous […]
-
Fannie Mae Announces Improved Affordable Lending Product
August 25, 2015, Fannie Mae announced HomeReady™ mortgage, an innovative lending option aimed at helping creditworthy borrowers with lower and moderate incomes have access to an affordable, sustainable mortgage. HomeReady will replace Fannie Mae’s MyCommunityMortgage®. HomeReady features new functionality for lenders through Desktop Underwriter® to automatically flag potentially eligible loans and fully leverage Fannie Mae’s […]
-
Fannie Mae Announces DU Changes for Government Loans
By Anna DeSimoneJuly 23, 2015 Fannie Mae published DU Release Notes: DU for Government Loans Release Notes September 2015. The announcement is reproduced below: During the weekend of September 12, 2015, Desktop Underwriter for government loans will be updated to include the changes below: Implementation of the October 2014 changes Changes to comply with FHA’s […]