-
Maryland Revises Foreclosure Procedures for Residential Property
By Paul McSheffrey, J.D. The Maryland Commissioner of Financial Regulation has recently amended provisions under COMAR 09.03.12 relating to foreclosure procedures for owner-occupied residential property. These changes conform Maryland regulations with recent changes to federal regulations. There are now Notice of Intent to Foreclose forms that conform to new federal regulations regarding the foreclosure referral […]
-
CFPB Issues Supervisory Compliance Bulletin
By Anna DeSimone Bulletin Reminds Companies of Existing Legal Responsibilities Regarding Treatment of Confidential Supervisory Information January 27, 2015 the Consumer Financial Protection Bureau (CFPB) issued a bulletin to remind supervised financial institutions, including nonbank companies that may be unfamiliar with federal supervision, of existing regulatory requirements regarding confidential supervisory information. The CFPB supervises companies […]
-
CFPB Finalizes Minor Changes to “Know Before You Owe” Mortgage Rules
By Anna DeSimone, PresidentChanges Address Mortgage Disclosures After Locking Interest Rates and Information on Construction Loans January 20, 2014, the Consumer Financial Protection Bureau (CFPB) finalized two minor modifications to the “Know Before You Owe” mortgage disclosure rules. The changes finalized January 20th which were proposed in October 2014, address when consumers will receive updated disclosures […]
-
FHA Reduces Mortgage Insurance Premium as of January 26th
By Anna DeSimone, President January 9, 2015, HUD issued Mortgagee Letter 2015-01, “Reduction of Federal Housing Administration (FHA) annual Mortgage Insurance Premium (MIP) rates and Temporary Case Cancellation Authority.” The purpose of the mortgagee letter is to communicate revised annual MIP rates for FHA Title II forward mortgages and provide opportunity for cancellation of existing […]
-
Fannie Mae Updates Underwriting Rules for Self-Employed Income
By Anna DeSimone, President December16, 2014, Fannie Mae issued Selling Guide Announcement SEL-2014-16. The Selling Guide has been updated to include changes to the following: Self-Employed Income Servicing Execution Tool Solar Panels Adjustments to Comparable Sales Flood Insurance for Nonresidential Detached Structures Cure Provision for Points and Fees Payment Calculation for Student Loans Nonstandard Repayment […]
-
CFPB Issues Lender Guidance on Social Security Income Discrimination
by Anna DeSimone, President On November 18, 2014, the Consumer Financial Protection Bureau (CFPB) issued a bulletin to help lenders avoid imposing illegal burdens on consumers receiving disability income who apply for mortgages. The CFPB is reminding lenders that requiring unnecessary documentation from consumers who receive Social Security disability income may raise fair lending risk. […]
-
Fannie Mae Updates Selling Reps Framework and Compliance with Laws
By Anna DeSimone, PresidentOn November 20, 2014, Fannie Mae issued Selling Guide Announcement SEL-2014-14. With this Announcement, Fannie Mae, jointly with Freddie Mac and at the direction of the Federal Housing Finance Agency (FHFA), is announcing a number of significant enhancements to the selling representations and warranties framework introduced in Announcement SEL-2012-08, New Lender Selling […]
-
Fannie Mae Publishes New Servicing Guide
by Anna DeSimone, President November 12, 2014, Fannie Mae released the announcement: SVC-2014-20: Introducing the New Single-Family Servicing Guide. The new guide will replace the 2012 Servicing Guide (as updated by Announcements) in its entirety. Goals of the New Servicing GuideFannie Mae’s goals in creating the newly restructured and rewritten Servicing Guide were to make […]
-
CFPB Issues Lender Guidance on Disability Income Discrimination
by Anna DeSimone, President November 18, 2014, the Consumer Financial Protection Bureau (CFPB) issued a bulletin to help lenders avoid imposing illegal burdens on consumers receiving disability income who apply for mortgages. The CFPB is reminding lenders that requiring unnecessary documentation from consumers who receive Social Security disability income may raise fair lending risk. The […]
-
Fannie Mae Updates Selling Guide
by Anna DeSimone, President On November 10, 2014 Fannie Mae issued SEL-2014-13. Outlined below is the complete announcement published by Fannie Mae. The Selling Guide has been updated to include changes to the following: • Project Standards Policy Updates • Fidelity/Crime and Liability Insurance for Certain Projects• Cash-Out Refinance Transactions – Maximum LTV, CLTV, and […]
