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Texas Adopts Provisions Concerning Home Equity Lending
The Finance Commission of Texas and Credit Union Commission adopted provisions concerning home equity lending, which will be effective on November 24, 2016. The provisions include sections concerning 3% fee limitation, security of the equity loan, pre-closing disclosures, one year prohibition, and authorized lenders.
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Florida Adopts Mortgage Loan Originator Licensing Provisions
Florida has adopted provisions regarding loan originator license applications, renewals, and reactivation. The purpose of the amendments is to streamline the process for individuals seeking to be licensed as loan originators. The provisions are effective as of November 24, 2016.
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Ohio Mortgage Loan Prepayment Penalty Adjustment for 2017
The Ohio Department of Commerce has issued the loan prepayment penalty adjustment for 2017. This adjustment is based on the annual percentage change in the consumer price index. The adjustment is effective January 1, 2017.
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FFIEC Issues Final Revisions to Consumer Compliance Rating System
November 8, 2016, the Federal Financial Institutions Examination Council (FFIEC) issued Financial Institution Letter FIL-75-2016, Final Guidance on the Uniform Interagency Consumer Compliance Rating System. The letter announces the issuance of final revisions to the Uniform Interagency Consumer Compliance Rating System (CC Rating System).
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CFPB Revises Gramm-Leach-Bliley Act Examination Procedures
Institutions no longer required to provide annual privacy notice if certain criteria is met October 28, 2016 the Consumer Financial Protection Bureau (CFPB) announced a revision to the bureau’s examination procedures concerning the Gramm Leach Bliley Act. Examiners reviewing compliance with GLBA’s implementing Regulation P [12 CFR 1016] will now find that the revised examination […]
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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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Michigan Modification to Mortgage Loan Originator Fees
Michigan’s Department of Insurance and Financial Services updated its annual licensing fees for the Mortgage Brokers, Lenders and Servicers Licensing Act and the Secondary Mortgage Act. The current fees will remain in place for the remainder of 2016. The new fees, as outlined below, will be effective between January 1 and December 31, 2017.
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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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CFPB Issues Updated TRID Compliance Guides
October 2016, the Consumer Financial Protection Bureau (CFPB) published two updated guides pertaining to the Truth in Lending Integrated Disclosure (TRID) rule, a Guide to Forms booklet and a Small Entity Compliance Guide. The Small Entity Compliance Guide reflects a number of changes made since the original publication was issued in April 2014.
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Montana Implements Provisions Concerning Renewal Fees and Licensing Definition
The Montana Department of Administration amended its provisions by reducing its licensing renewal fees for 2017 by 50%. This temporary rule is set to expire on March 1, 2017. In addition, the Department also adopted a new rule pertaining to the clarification of the definition of “regularly engage.” The provision regarding this new rule is effective on October 15, 2016.
