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Virginia Recording and Title Provisions Amended
By Paul McSheffrey, J.D.Tenancy by the EntiretiesThe Virginia legislature has recently adopted changes to statutes regarding tenants by the entireties. Under 55-20.2(B) property held by a husband and wife as tenants by the entireties and conveyed to their revocable or irrevocable trusts shall have the same immunity from the claims of their separate creditors as […]
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Fannie Mae Updates Prior to Closing Debt Payoff, Clarifies Asset Verification and Other Rules
May 26, 2015, Fannie Mae issued Ann. SEL-2015-06: Selling Guide and Other Updates. The Selling Guide has been updated for the following: • Payoff of Revolving Debt At or Prior to Closing • Extension of DU Refi Plus™ and Refi Plus™ • Manufactured Housing Affidavit of Affixture • Clarification of CLTV and HCLTV Ratio Requirements for Project Reviews on […]
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CFPB Issues Letter to Congress to Allow Enforcement Grace Period
On May 20 2015, a letter was sent by Congress to Richard Cordray, Director of the Consumer Financial Protection Bureau, asking for the grace period through the end of 2015, claiming the industry was not prepared for the rule’s implementation. The letter was signed by 255 Members of Congress. To read the letter and see […]
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Oklahoma Adds Provisions Regarding Title Insurance
By Zachary Pearlstein, J.D.Effective November 1, 2015, the State of Oklahoma has updated its regulations concerning title insurance. The new provisions allow title insurance companies to execute and record certain records. When a mortgagee fails to execute and deliver a release of mortgage to the mortgagor (or designated agent) within 60 days of the receipt […]
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Kentucky Enacts the Uniform Voidable Transactions Act
By Margaret Wright J.D.The Kentucky Legislature has recently enacted the Uniform Voidable Transactions Act concerning creditor claims where the debtor has subsequently transferred the asset or incurred obligation under certain circumstances. The Act takes effect January 1, 2016.Under the Act, voidable transactions are outlined as follows:(1) A transfer made or obligation incurred by a debtor […]
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Utah Enacts and Amends Reverse Mortgage Act
By Marlana Melendez, J.D.The Legislature of the state of Utah recently enacted its Reverse Mortgage Act. This act enacts and amends provisions relating to Reverse Mortgages (RM). Some of the highlighted provisions define key terms, provide requirements for reverse mortgages including disclosures, addresses loan proceeds, priority, foreclosure, and lender default. Additionally, the act was amended […]
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CFPB Releases Updated Mortgage Origination Examination Procedures
By Anna DeSimoneMay 4, 2015, the Consumer Financial Protection Bureau (CFPB) released an update to the bureau’s Mortgage Origination examination procedures. The update offers financial institutions and other industry participants valuable guidance on how the CFPB will conduct examinations for compliance with the TILA-RESPA Integrated Disclosure Rule which will become effective August 1, 2015. The […]
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OCC Issues Revised Interagency Examination Procedures for Consumer Compliance
By Anna DeSimoneMay 1, 2015 the Office of the Comptroller of the Currency (OCC) issued OCC Bulletin 2015-27 announcing Revised Interagency Examination Procedures for Consumer Compliance. The bulletin is addressed to: National Banks, Federal Savings Associations and Federal Branches and Agencies. The Task Force on Consumer Compliance of the Federal Financial Institutions Examination Council recently […]
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Federal Reserve Issues New Examination Procedures for RESPA and TIL
By Anne DeSimoneApril 30, 2015, The Board of Governors of the Federal Reserve System, Division of Consumer and Community Affairs issued Bulletin CA 15-3 announcing the Revised Interagency Examination Procedures for Regulation Z and Regulation X. Applicability to Community Banking Organizations: This guidance applies to institutions supervised by the Federal Reserve with total consolidated assets […]
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Six Federal Agencies Issue Final Rule for Appraisal Management Companies
By Anna DeSimoneApril 30, 2014. Six federal financial regulatory agencies issued a final rule that implements minimum requirements for state registration and supervision of appraisal management companies (AMCs). The Joint Release was issued by the following federal agencies:Office of the Comptroller of the CurrencyBoard of Governors of the Federal Reserve SystemFederal Deposit Insurance CorporationConsumer Financial […]
