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FHFA, Fannie Mae, and Freddie Mac Announce Independent Dispute Resolution Program
By Anna DeSimone February 2, 2016, the Federal Housing Finance Agency (FHFA) announced that Fannie Mae and Freddie Mac have implemented an independent dispute resolution (IDR) process for resolving repurchase disputes. The IDR process is the final piece of the Representation and Warranty Framework for Lenders and is available on loans delivered to Fannie Mae […]
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New Jersey Enacts Escrow Agent and Foreclosure Provisions
By Linaldo Donovan New Jersey Enacts Provisions Regarding Escrow Agent Evaluation Services The state of New Jersey enacted provisions by making it an unlawful practice under its Consumer Fraud Act for an escrow agent evaluation service to prepare a report for use by a mortgage lender in evaluating the capacity of an escrow agent to […]
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Changes Related to the Use of the Freddie Mac Primary Mortgage Market Survey for Subprime Loans in New York
By Theresa M. Dydzak, J.D. Effective January 1, 2016, Federal Home Loan Mortgage Corporation ceased publication of regional breakout figures in its weekly Primary Mortgage Market Survey for 30 and 15 year fixed rate mortgages as well as 5/1hybrid and 1 year adjustable rate mortgages. These figures were used to determine if loans should be […]
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Illinois Amends Law Regarding the Abandoned Residential Property Municipality Relief Fund
By Robert Harrison, J.D.The State of Illinois has amended its Code of Civil Procedure Section 15-1507.1. The amendment makes two changes; the repeal date of the section is changed from March 2, 2016 to March 2, 2017 and the inoperative date of Subsections 15-1507.1 (a) and (b) is changed from January 1, 2016 to January […]
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FHFA Issues Final Rule Regarding Federal Home Loan Bank Membership
By Anna DeSimone January 20, 2016, the Federal Housing Finance Agency (FHFA) issued a final rule revising its regulations governing Federal Home Loan Bank Membership. This final rule adopts several provisions including, but not limited to: Preventing the circumvention of the statute’s membership restrictions by ineligible entities by defining the term “insurance company” to exclude […]
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Montana Revises Record Keeping and Reporting Requirements
By Margaret Wright, J.D.January 14, 2016 Effective December 24, 2015 the Montana Department of Administration adopted the November proposed amendments concerning record keeping requirements for mortgage brokers and mortgage lenders and reporting forms for mortgage servicers. The requirements of ARM 2.59.1710 and 2.59.1724 regarding maintenance of records and ARM 2.59.1743 regarding servicer reporting forms have […]
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Changes under the California Finance Lenders Law and California Residential Mortgage Lending Act
By Linaldo Donovan January 11, 2016 The California Department of Business Oversight adopted provisions under the Finance Lenders Law and Residential Mortgage Lending Act that provides that certain non-depository lenders, brokers and servicers who are subsidiaries and affiliates of depository institutions are not exempt from licensure when engaged in the business of originating, brokering or […]
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CFPB Publishes Construction Loan Fact Sheet for TRID
By Anna DeSimone January 10, 2016 the Consumer Financial Protection Bureau (CFPB) published a two-page Fact Sheet entitled Know Before You Owe Mortgage Disclosures and Construction Loans. The information provided is formatted for both consumers and professionals and reproduced below:Construction Loans Are Covered by the Know Before You Owe Mortgage DisclosuresMost construction loans that are […]
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CFPB Seeks Public Input on HMDA Resubmission Guidelines
On January 7, 2016, the Consumer Financial Protection Bureau (CFPB) announced it is seeking public feedback on the resubmission of mortgage lending data reported under the Home Mortgage Disclosure Act (HMDA). The CFPB press release is reproduced in this newsletter. Please refer to the Compliance Monitor article dated October 21, 2015 announcing the new HMDA […]
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Nevada Adopts Mortgage Servicer Regulations
On January 6, 2016, Nevada has adopted license regulations for its mortgage servicers. These measures are in effect as of January 1, 2016. Who must obtain a license? The regulations require anyone who advertises, presents themselves or operates as a mortgage servicer to obtain a license issued according to NRS 645F and the Nevada Mortgage […]
