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Rhode Island Amends Fair Housing Practices Act
By Brian CastineEffective July 13, 2015, the state of Rhode Island modified its provisions regarding its state Fair Housing Practices Act by adding military status discrimination as an unlawful housing practice.Sections 34-37- through 34-37-9 of the General Laws entitled “Rhode Island Fair Housing Practices Act” are hereby amended to include military status as a veteran […]
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Nevada Adopts Provisions Regarding Foreclosure Mediation Program
By Zachary Pearlstein, J.D.The State of Nevada has recently updated various provisions regarding the foreclosure mediation program, including provisions that will abolish the program on June 30th, 2017. Nevada law has created a foreclosure mediation program, which states that unless waived, mediation must be conducted as a condition of a judicial foreclosure proceeding, or the […]
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CFPB Issues Private Mortgage Insurance Cancellation & Termination Guidance
By Anna DeSimone August 4, 2015 the Consumer Financial Protection Bureau (CFPB) issued a bulletin providing guidance to mortgage servicers regarding the cancellation and termination of private mortgage insurance. The bulletin explains certain requirements of the Homeowners Protection Act and is intended to help servicers comply with the law. The CFPB has identified substantial industry […]
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Texas Adopts Provisions Regarding Basic Manual for the Writing of Title Insurance
By Matthew Dailey, J.D.July 27, 2015 The Texas Department of Insurance adopted amendments to the Basic Manual of Rules, Rates and Forms for the Writing of the Title Insurance in the State of Texas. The amendments create an addendum to the Closing Disclosure form under Regulation Z. These provisions are effective on August 1, 2015.28 […]
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Fannie Mae Announces DU Changes for Government Loans
By Anna DeSimoneJuly 23, 2015 Fannie Mae published DU Release Notes: DU for Government Loans Release Notes September 2015. The announcement is reproduced below: During the weekend of September 12, 2015, Desktop Underwriter for government loans will be updated to include the changes below: Implementation of the October 2014 changes Changes to comply with FHA’s […]
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CFPB Finalizes TRID Two Month Extension
By Anna DeSimone On July 21, 2015, the Consumer Financial Protection Bureau (CFPB) issued a final rule moving the effective date of the Know Before You Owe mortgage disclosure rule, also called the TILA-RESPA Integrated Disclosures rule, to October 3, 2015.The rule requires easier-to-use mortgage disclosure forms that clearly lay out the terms of a […]
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New Hampshire Increases Homestead Exemption Amount
By Margaret Wright, J.D.The New Hampshire Legislature has enacted House Bill 147 amending RSA 480:1 and RSA 529:20 to reflect an increase in the homestead exemption amount for every person from $100,000 to $120,000. This amendment is effective as of January 1, 2016. A homestead is a dwelling owned and used as the principal place […]
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Rhode Island Amends Banking Regulation 6
By Marlana Melendez, J.D. The Department of Business Regulation adopts the following amendment to Banking Regulation 6. The amendment applies to Lenders, Loan Brokers, and Small loan lenders as defined by the Rhode Island General Laws. Additionally, this amendment adds provisions regarding net branching, insurance claim check agents, mortgage loan originators, financial responsibility and criminal […]
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Freddie Mac Updates Credit and Underwriting Rules
By Anna DeSimone July 15, 2015, Freddie Mac published Bulletin 2015-12, Selling Guide Updates. Highlights of the Bulletin are provided:Credit and Underwriting Topics: Maximum Number of Financed Properties Use of Income from Investment Properties Minimum monthly payment required to be included in the DTI when student loans are deferred or in forbearance Interested party contributions […]
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FHLB Mortgage Partnership Program Issues Reminder for TRID Compliance
By Anna DeSimoneJuly 13, 2015, the Federal Home Loan Bank (FHLB) issued PFI Advisory 7-13-15 entitled: The MPF Program Reminds PFIs to be Prepared for the TILA-RESPA Integrated Disclosure Rule, Coming Soon. Even though the CFPB is considering a new effective date for the TILA-RESPA Integrated Disclosure rule (“Rule”), the time to comply with the […]
