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State of Maine Enacts Provisions to Prevent Abusive Debt Collection Practices
by Robert Harrison, J.D.October 1, 2015 The State of Maine amended provisions in regards to debt collection practices. Specifically, House Paper 753 aims to prevent abusive debt collection practices. Payment schedules and settlements agreements must be in writing Debt collectors may not enter into a payment schedule or settlement agreement unless: the payment schedule or […]
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Montana Adopts Rule Temporarily Reducing Licensing Renewal Fees
By Brian CastineEffective as of September 25, 2015 the Department of Administration of the State of Montana has enacted a rule that temporarily reduces licensing renewal fees for 2016. This rule expires on March 17 2016. The department has amended ARM 2.59.1738, as proposed on July 30, 2015. The licenses that are the subject of […]
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HUD Sets New Standards for Energy Efficient Homes Stretch Ratio Policy
By Anna DeSimoneSeptember 30, 2015, HUD issued Mortgagee Letter 2015-22, New Standards for Energy Efficient Homes (EEH) “Stretch Ratio” Policy: Incorporating the Department of Energy’s (DOE) Home Energy Score.PurposeThis Mortgagee Letter updates the Federal Housing Administration’s (FHA) EEH program, minimum energy efficiency standard, to the most recent International Energy Conservation Code (IECC) adopted by HUD […]
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Fannie Mae Updates HomeReady Mortgage and other Selling Guide Topics
By Anna DeSimone September 29, 2015, Fannie Mae issued SEL-2015-10: Selling Guide Updates. The Selling Guide has been updated to include changes to the following: HomeReady™ Mortgage Homeownership Education and Housing Counseling High-Balance Mortgage Loan Eligibility Non-Occupant Borrower Policies in Desktop Underwriter® Miscellaneous Selling Guide Updates Key highlights of the update are reproduced from the […]
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Conference of State Bank Supervisors and AARMR Issue Examination Guidance
September 29, 2015By Anna DeSimoneSeptember 29, 2015 the Conference of State Bank Supervisors (CSBS) and the American Association of Residential Mortgage Regulators (AARMR) issued an industry bulletin from the Multi-state Mortgage Committee (MMC). The bulletin was issued to mortgage lenders in order to make their supervisory expectations regarding the use of electronic examination tools clear. […]
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Missouri Modifies Provisions Regarding Fees
By Zachary Pearlstein, J.D.Effective immediately, the General Assembly of Missouri has updated several sections of the Missouri Revised Statutes relating to financial transactions. The Assembly has increased various fees, which have been underlined below.Section 361.7071. Each application for a license pursuant to sections 361.700 to 361.727 shall be in writing and under oath to the […]
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Freddie Mac Updates Servicing Guidelines
September 25, 2015 By Anna DeSimone Freddie Mac has recently issued two Bulletins announcing changes to the Single Family Seller/Servicer Guide. The two bulletins pertain to servicing rules, as summarized below. Summaries Bulletin 2015-14: Servicing (08/12/15) All of the changes announced in this Bulletin are effective immediately unless otherwise noted. DEFAULT MANAGEMENT Settlement automation process […]
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CFPB Issues Final Rule Regarding Annual Threshold Adjustments for 2016 HOEPA and QM Loans
By Anna DeSimone September 22, 2015 the Consumer Financial Protection Bureau (CFPB) issued a final rule amending the regulatory text and official interpretations for Regulation Z, implemented under the Truth in Lending Act (TILA). The regulation requires annual updating of the dollar amounts of thresholds pertaining to the Home Equity Protection Act (HOEPA) loans and […]
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CFPB Finalizes Rule to Facilitate Access to Credit in Rural and Underserved Areas
Bureau Extends Provisions to Cover More Community Banks, Credit Unions, and Other CreditorsSeptember 22, 2015 the Consumer Financial Protection Bureau (CFPB) finalized several changes to its mortgage rules to facilitate responsible lending by small creditors, particularly in rural and underserved areas. The new rule, which was proposed in January, will increase the number of financial […]
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Colorado Amends Laws Regarding Internet or Electronic Foreclosure Sales
September 21, 2015By Paul McSheffrey, J.D.Recently enacted Colorado House Bill 15-1142 amends provisions regarding foreclosure sales by public trustee. The changes concern the option for a trustee to conduct a foreclosure sale via the internet or other electronic method. Colorado Revised Statutes, 38-37-104 (1)(b)(X) revises the maximum fee that a public trustee may charge. A […]
