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Georgia Adds Provisions Regarding TILA-RESPA Integrated Disclosures
October 30, 2015By Zachary Pearlstein, JDThe Georgia Department of Banking and Finance has recently added several provisions concerning the TILA-RESPA Integrated Disclosure requirements, effective November 16, 2015.(1) The new provisions state that every mortgage lender or mortgage broker must make the following disclosures in writing to applicants for residential mortgage loans: (a) within three business […]
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Florida Adopts Escrow Disbursement Provisions
By Robert Harrison, J.D. October 26, 2015 The escrow disbursement provisions adopted by the state of Florida requires any person disbursing escrow funds that are held as part of a real estate transaction, where at least one title policy is to be issued, to provide the parties to the transaction with certain information: 1. Certification statement […]
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California Updates Mortgage Loan Disclosure Statement Requirements
By Linaldo DonovanOctober 22, 2015The implementation of the TILA-RESPA Integrated Disclosure rule is now in effect as of October 3, 2015. Brokers and licensees should take notice of the requirements of Mortgage Loan Disclosure Statement (MLDS) under Real Estate Laws in California. MLDS is a disclosure required under Business and Professions Code (B&P) section 10240 […]
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CFPB Finalizes Rule to Improve Information About Access to Credit in the Mortgage Market
By Anna DeSimone Bureau Takes Steps to Simplify the Reporting Process for Financial Institutions October 15, 2015, the Consumer Financial Protection Bureau (CFPB) finalized a rule to improve information reported about the residential mortgage market. The rule will shed more light on consumers’ access to mortgage credit by updating the reporting requirements of the Home […]
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Freddie Mac Updates Servicing Rules and Increases Foreclosure Timelines in 34 States
By Anna DeSimone October 14, 2015, Freddie Mac Issued Bulletin 2015-18: Servicing. This Single-Family Seller/Servicer Guide (“Guide”) Bulletin announced: State foreclosure time lines and compensatory fees Increased State foreclosure time lines in 34 jurisdictions Extension of the temporary suspension of the assessment and billing of State foreclosure time line compensatory fees announced in Bulletin 2014-19 […]
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Fannie Mae Updates Servicing Rules and Foreclosure Timelines
By Anna DeSimoneOctober 14, 2015, Fannie Mae Issued Ann. SVC-2015-13: Servicing Guide Updates (Revised). Key topics of the announcement are highlighted below. The Servicing Guide has been updated to include the following: Updates to Short Sale Access Requirements Updates to Property Inspection Frequency Updates to Lender-Placed Insurance Requirements Revisions to Breach/Acceleration Letter Content Requirements Clarifications […]
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CFPB Provides Guidance on Marketing Services Agreements
By Anna DeSimoneOctober 8, 2015 the Consumer Financial Protection Bureau (CFPB) issued a bulletin providing guidance to the mortgage industry regarding marketing services agreements. The bulletin Highlights Risks of Agreements Violating Federal Prohibition on Mortgage Kickbacks. The press release is reproduced below:The bulletin offers an overview of the federal prohibition on mortgage kickbacks and referral […]
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Utah Adopts Provisions Regarding Residential Mortgage Practices and Licensing Rules
By Laura McCarthy, J.D.Effective immediately, the Utah Department of Commerce, Division of Real Estate has adopted provisions including, but not limited to, changes to existing sections regarding entity registration, instructor registration as well as licensee conduct. The changes to the Utah Residential Mortgage Practices and Licensing Rules are as follows:Section R162-2c-201 Registering entities must list […]
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Fannie Mae and Freddie Mac Issue TRID Advisories
By Anna DeSimone October 6, 2015, Fannie Mae issued LL-2015-06: Information Related to Know Before You Owe TILA-RESPA Integrated Disclosures. The letter was sent to all Single Family Sellers at the direction of the Federal Housing Finance Agency. Also on this date and at the direction of the FHFA, Freddie Mac issued an Industry Letter […]
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FDIC Issues Supervisory Expectations for Implementing TRID
By Anna DeSimone October 2, 2015 the FDIC issued FIL-43-2015 to provide guidance on its initial supervisory expectations in connection with its examinations of financial institutions for compliance with the TILA – RESPA Integrated Disclosure Rule (TRID) effective October 3, 2015.Statement of Applicability to Institutions Under $1 Billion in Total Assets: This Financial Institution Letter […]
