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Freddie Mac Updates Selling Guide and Clarifies TRID Instructions
By Anna DeSimone September 16, 2015, Freddie Mac issued Bulletin 2015-16: Selling Guide. The Single-Family Seller/Servicer Guide (“Guide”) Bulletin announced the following changes and, with the exception of certain topics unrelated to underwriting, the Bulletin is reproduced below in the format published by Freddie Mac: Mortgage eligibility and credit underwriting Removal of the requirement for a […]
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CFPB Updates Dodd-Frank Readiness Guide and RESPA-TILA Exam Procedures
By Anna DeSimone September 15, 2015, the Consumer Financial Protection Bureau (CFPB or Bureau) updated its Dodd-Frank Mortgage Rules Readiness Guide. The update was developed to help financial institutions come into and maintain compliance with the mortgage rules outlined in the Summary of the Rules in the Guide. The CFPB has designed this Guide for […]
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Massachusetts Updates Flood Insurance Regulations
By Margaret Wright, J.D.September 15, 2015 Massachusetts has finalized the recent amendments to 209 CMR 57 regarding the required purchase of flood insurance by a purchaser or owner of residential property located in a designated special flood area. These amendments are in effect as of September 11, 2015.Limitations on Required Flood InsuranceThe regulation places restrictions […]
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NH Amends Discharge of Mortgage by Affidavit Requirements
By Margaret Wright, J.D.The New Hampshire state legislature has recently amended the requirements of 224:1 Mortgages of Realty; Discharge by Affidavit (RSA:7-a Discharge by Affidavit) and 224:2 Penalty for Failure to Timely Discharge a Mortgage (RSA 479:8 Penalty). These amendments are effective January 1, 2016.RSA 479:8 has been amended to include a penalty provision where […]
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FFIEC Announces Streamline Reporting Initiative for Community Banks
By Anna DeSimone On September 8, 2015, the Federal Financial Institutions Examination Council (FFIEC) detailed steps regulators are taking to streamline and simplify regulatory reporting requirements for community banks and reduce their reporting burden. The objectives of this community bank burden-reduction initiative are consistent with the early feedback the FFIEC has received as part of […]
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Illinois Foreclosure Document Pilot Program
By Robert Harrison, J.DIllinois has enacted provisions for its Foreclosure Document Pilot Program through Senate Bill 1487. This bill requires recorders in a county with a population of over 3 million to implement a pilot program that will only allow documents to be recorded against a property in foreclosure by judicial order. This does not […]
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Fannie Mae Updates Self-Employment Income and Other Rules
August 25, 2015 Fannie Mae released Ann. SEL-2015-09: Selling Guide Updates. Below is the complete content from the announcement. Selling Guide Updates The Selling Guide has been updated to include changes to the following: Self-Employed Income Project Eligibility Review for Attached Planned Unit Developments HomeStyle® Renovation Cash Back Pair-offs on Mandatory Whole Loan Commitments Miscellaneous […]
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Fannie Mae Announces Improved Affordable Lending Product
August 25, 2015, Fannie Mae announced HomeReady™ mortgage, an innovative lending option aimed at helping creditworthy borrowers with lower and moderate incomes have access to an affordable, sustainable mortgage. HomeReady will replace Fannie Mae’s MyCommunityMortgage®. HomeReady features new functionality for lenders through Desktop Underwriter® to automatically flag potentially eligible loans and fully leverage Fannie Mae’s […]
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Vermont Amends Consumer Protection Laws
By Paul McSheffrey, J.D.The state of Vermont has recently made changes to several consumer protection laws. Senate Bill 73 amends rules including rent-to-own agreements, financial literacy, and the Security Breach Notice Act. Rent-to-Own AgreementsSenate Bill 73 modified 9 V.S.A. § 41b regarding rent-to-own agreements of merchandise. This section provides definitions, limits, and requirements for rent-to-own […]
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Rhode Island Amends Consumer Privacy Regulations
By Marlana Melendez, J.D. Consumer privacy laws and regulations seek to protect any individual from loss of privacy due to failures or limitations of corporate customer privacy measures. The state of Rhode Island recently passed House Bill 5769 which refers to consumer privacy in mortgage loan applications. The statute defines a “Mortgage Trigger Lead” for […]
