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HMDA Platform Beta Launch
On December 11, 2018, the Bureau of Consumer Financial Protection (BCFP)launched a beta release of the platform financial institutions will utilize in2019 to report data collected pursuant to the Home Mortgage Disclosure Act (HMDA) in 2018.
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Fannie Mae released Selling Guide Announcement SEL -2018-09
On December 4, 2018, Fannie Mae released Selling Guide Announcement SEL -2018-09 describing changes made to the following key topics: Self-employment income calculation – enforcement relief when using approved vendor tool Commissions and unreimbursed business expenses – updated policy based on tax law changes Appraisal waiver policy – for loans in process at time of […]
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State of Washington Issues Guidance Regarding Trust Accounts under MBPA
The Washington Department of Financial Institutions (DFI) has recently issued interim guidance on the use of a trust account when receiving reimbursement for payments to third-party service providers. The DFI plans to implement this guidance through rulemaking in 2019.
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Pennsylvania Updates “Base Figure” for 2019
The Pennsylvania Department of Banking and Securities has updated its definition of “base figure” under the Loan Interest and Protection Law.
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Rhode Island Adopts Provisions Regarding Mortgage Foreclosure Disclosures
The Rhode Island Department of Business Regulation has recently adopted provisions relating to mortgage foreclosure disclosures, which are effective immediately.
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Rhode Island Adopts Provisions Regarding Home Loan Protection Act
The Rhode Island Department of Business Regulation has recently adopted provisions regarding its Home Loan Protection Act. These updates include procedures, clarification, and guidance to mortgagees, and are effective as of October 18, 2018.
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Colorado Adopts Pre-Licensing Provision
The Colorado Department of Regulatory Agencies, Division of Real Estate, has adopted a provision regarding pre-licensing education requirements. This provision is effective as of November 14, 2018.
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Fannie Mae Updates Selling Guide
On October 2, 2018, Fannie Mae made the following updates to its Selling Guide: Outsourcing of Mortgage Processing and Third-Party Originations, Employment-Related Assets as Qualifying Income, and more.
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California Amends Provisions Regarding Consumer Privacy Act
The amendment clarifies that the California Consumer Privacy Act, which was set to become operative on January 1, 2020, will go in effect immediately upon the bill being signed into law in order to prevent confusion created by the enactment of conflicting local laws regarding the collection and sale of personal information prior to the January 1, 2020 operative date.
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California Amends Provisions Regarding Foreclosure
The State of California amended its provisions relating to foreclosure as well as made changes to its Homeowner Bill of Rights. These provisions are effective on January 1, 2019.
