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Oregon Updates Mortgage Lending Rules to Comply with Federal Disclosure Requirements
December 31, 2015By Laura Eckstein, J.D.The Oregon Department of Consumer and Business Services, Division of Finance and Corporate Securities, amended its recordkeeping requirements to accommodate the recent changes made by the Consumer Financial Protection Bureau (“CFPB”) to the federally-mandated mortgage disclosures. Since 2011 federal law has mandated that the CFPB establish a single disclosure scheme […]
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Fannie Mae Updates Selling Guide and QC Requirements
By Anna DeSimoneDecember 15, 2015 Fannie Mae issued Ann. SEL-2015-13. The Selling Guide has been updated to include changes to the following: Loans with Age-Related Resale Restrictions Manufactured Housing and RD-Guaranteed Section 502 Mortgage Loans Lender Quality Control Updates Pledge of Servicing Custody of eMortgages Early Delinquency Counseling Posting of Buyup/Buydown Grids Miscellaneous Selling Guide […]
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Massachusetts Amends Provisions Clearing Titles to Foreclosed Properties
By Laura Eckstein, J.D.December 2, 2015 Massachusetts amended provisions clearing title to foreclosed properties and foreclosure sales involving an arm’s length purchaser. These provisions are effective December 31, 2015.M.G.L. c. 244 § 15The amendments to chapter 244 of the General Laws strike out section 15 as appearing in the 2014 Official Edition, and add subsections […]
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Colorado Adopts Multiple Licensing Education Revisions for Mortgage Loan Originators
By Laura Eckstein, J.D.November 23, 2015 The Colorado Department of Regulatory Agencies, Division of Real Estate adopted multiple provisions regarding licensing education for mortgage loan originators. Such provisions include pre-licensing requirements, continuing education requirements, and renewal, reinstatement, and suspension of a license. These provisions are effective on March 1, 2016. Chapter 2: Requirements for Licensure2.1 […]
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FHA Adds Temporary Approval Provisions for FHA Condominiums
By Anna DeSimone November 13, 2015 HUD issued ML 2015-27: Additional Temporary Approval Provisions for Federal Housing Administration (FHA) Condominium Project Approval. This Mortgagee Letter: provides notice of revised calculation of FHA required owner-occupancy percentage; provides expansion of eligible condominium project insurance coverage; and provides revised requirements for obtaining condominium project recertification. It is anticipated […]
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North Carolina Enacts Provisions Regarding Registration System for Processors or Underwriters not Engaged in the Mortgage Business
By Brian CastineEffective as of November 1, 2015 the state of North Carolina has updated the registration system for individuals that are solely involved in processing or underwriting of residential mortgage loans. These provisions explicitly exclude those involved in the mortgage business. These updates include license issuance and renewal, applications fees, bond requirements, recordkeeping, and […]
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Financial Regulators Release Revised Management Booklet
By Anna DeSimone November 10, 2015 the Federal Financial Institutions Examination Council (FFIEC) members issued a revised Management booklet, which is part of the FFIEC Information Technology Examination Handbook (IT Handbook). The Management booklet, including the examination procedures, has been substantially revised. The booklet outlines the principles of sound governance and, more specifically, information technology […]
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Vermont Revises Rules Regarding Non-Discrimination in Financial Services
by Robert Harrison, J.D.November 5, 2015 Vermont Reg. B-2015-01 implements 8 V.S.A. § 10403 which prohibits discrimination by financial service providers based on sex, marital status, race, color, religion, national origin, age, sexual orientation, gender identity, or handicapping condition.The revised rule focuses on the notice that is required when adverse action is taken by a […]
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Fannie Mae Updates Rules for Condos, Co-ops and HomeReady Mortgages
By Anna DeSimone November 3, 2015, Fannie Mae released Selling Guide Announcement SEL-2015-12. The Selling Guide has been updated to include changes to the following: Refund of Loan-Level Price Adjustments Co-op Project Review Policy Update Project Eligibility Review Service for Established Condo Projects Updates to HomeReady Incorporation of Announcement SEL-2015-11 Delivery of Loans with More […]
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Texas Updates Regulations Regarding Mortgage Loan Companies and Plain Language Contract Provisions
By Laura Eckstein, JD Mortgage Loan Companies Duties and ResponsibilitiesEffective November 5, 2015, the Texas Department of Savings and Mortgage Lending adopted provisions regarding the duties and responsibilities of mortgage loan companies, mortgage bankers, and residential mortgage loan originators. Loan Status FormsAs amended, 7 TAC §80.201(a) requires that written confirmation of a conditional qualification must […]
