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Delaware Amends Provisions Regarding Satisfaction of Mortgage
The state of Delaware amended its provisions relating to the authorization to satisfy a mortgage. These provisions are effective immediately.
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CFPB Finalizes Equal Credit Opportunity Act Regulation
September 20, 2017, the Consumer Financial Protection Bureau (CFPB) modified Equal Credit Opportunity Act (Regulation B) regulations to provide additional flexibility for mortgage lenders in the collection of consumer ethnicity and race information.
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Illinois Amends Predatory Lending Database Program Requirements
Illinois has modified the Predatory Lending Database Program of the Residential Real Property Disclosure Act, effective immediately.
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Freddie Mac Announces Credit Underwriting Changes
September 14, 2017, Freddie Mac issued Guide Bulletin 2017-20, announcing updates to several topics in the Single-Family Seller/Service Guide. This article includes a detailed description of changes pertaining to Credit Underwriting and a brief summary of other changes announced in the Bulletin. Assets as a basis for repayment of obligations The changes include, but are […]
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North Carolina Enacts Prohibition on Attorneys Serving as Trustees from Representing Noteholders or Borrowers while Initiating a Foreclosure Proceeding
North Carolina recently enacted House Bill 770, effective immediately. The Bill amends North Carolina General Statues § 45-10, Substitution of trustees in mortgages and deeds of trust.
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CLA-Bankers Advisory at the MBA’s Risk Management, QA & Fraud Prevention Forum in Miami, FL
Sarah Lagattolla, VP-Quality Control Services Director, and Kathleen Olson, Business Development Manager, for CLA-Bankers Advisory will be attending the MBA’s Risk Management, QA & Fraud Prevention Forum in Miami September 24th – 26th.
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Delaware Amends Recording Requirements for Mortgagee Changes of Notice Address
The Delaware state legislature has enacted Senate Bill No. 32 concerning the requirements for the recording of a mortgagee’s change of address for purposes of notice.
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Equifax Provides Tool for Consumers to Check Impact of Security Breach
September 7, 2017, Equifax Inc. announced a cybersecurity incident potentially impacting approximately 143 million U.S. consumers. Criminals exploited a U.S. website application vulnerability to gain access to certain files. Based on the company’s investigation, the unauthorized access occurred from mid-May through July 2017. The company has found no evidence of unauthorized activity on Equifax’s core […]
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Illinois Amends Several Real Estate Provisions
Illinois has recently made several changes to various real estate provisions concerning arrearage payments, foreclosure, the county recorder fee schedule and the Condominium Property Act.
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CFPB Clarifies HMDA Reporting Thresholds for Community Banks and Credit Unions
On August 24, 2017, the Consumer Financial Protection Bureau (CFPB) issued a rule amending the 2015 updates to the Home Mortgage Disclosure Act (HMDA) rule. The CFPB has temporarily changed reporting requirements for banks and credit unions that issue home-equity lines of credit, and clarified the information that financial institutions are required to collect and report about their mortgage lending.
