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Fannie Mae Implements Anti-Money Laundering Requirements
by: Anna DeSimone July 1, 2014, Fannie Mae issued Ann. SEL-2014-09: Anti-Money Laundering Requirements. Lenders are required to implement the policies in this Announcement no later than August 25, 2014. Pursuant to the Financial Crimes Enforcement Network’s (FinCEN) Final Rule effective April 28, 2014, Fannie Mae is defined as a “financial institution” under the Bank Secrecy Act […]
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Fannie Mae Updates Compliance with Laws and Responsible Lending
June 24, 2014, Fannie Mae published Ann. SEL-2014-07: Selling Guide Updates. The Selling Guide has been updated to include changes to the following: HomePath® Properties Incorporate Announcement SEL-2014-05, Lender Selling Representations and Warranties Framework Updates Federal Home Loan Banks as Grant and Community Seconds® Providers 2014 Area Median Incomes Miscellaneous Selling Guide Update Two of the updates are described below. Please refer […]
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Fannie Mae Updates Rep Framework Underwriting Eligibility and QC Performance
by: Anna DeSimone June 24, 2014, Fannie Mae published Ann. SEL-2014-07: Selling Guide Updates. The Selling Guide has been updated to include changes to the following: HomePath® Properties Incorporate Announcement SEL-2014-05, Lender Selling Representations and Warranties Framework Updates Federal Home Loan Banks as Grant and Community Seconds® Providers 2014 Area Median Incomes Miscellaneous Selling Guide Update Two of the updates are described […]
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Florida Amends Provisions Regarding Mortgage Brokerage and Lending Law
by: Lee Greenberg The state of Florida recently amended several provisions of FS 494, Florida’s Mortgage Brokerage and Lending Law, through the enactment of Senate Bill No. 1012. The new legislation becomes effective on July 1, 2014. Changed Definition of Loan Origination Fee The new law changed the definition of “loan origination fee.” Under the law, […]
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Louisiana Amends Consumer Credit Provisions – House Bill 766
by: Louis Danastorg Louisiana’s legislature amended and enacted provisions governing licensees of consumer credit and deferred presentment transactions relating to contract nullification, license requirements, record retention and loan payment plans. R.S. 9:3518.4 nullifies, voids, or otherwise makes unenforceable any consumer credit transaction made by a creditor that has not obtained a Louisiana license. An unlicensed […]
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HUD Publishes Reverse Mortgage Advertising Rules and HECM Insurance Limits
by: Anna DeSimone June 18, 2014 the Federal Housing Administration (FHA) published two Mortgagee Letters on the Home Equity Conversion Mortgage (HECM) program. HUD announced policy changes that reduce risk to the Mutual Mortgage Insurance (MMI) Fund and support sustainability of the HECM program. The changes published address risk associated with certain fixed interest-rate (fixed-rate) products […]
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Hawaii Enacts Escrow Depository Rule, Amends Mortgage Servicing Regs
by: Lee Greenberg Provisions Regarding Escrow Depositories The state of Hawaii recently enacted provisions regarding escrow depositories in Senate Bill 1067. The provisions become effective on July 1, 2014. The new law defines the powers and duties of the commissioner. Any person who violates the new law will be subject to an administrative fine of a […]
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Maryland Enacts Provisions Regarding the State Trust Act
by: Paul McSheffrey With House Bill 83, the Maryland legislature has recently enacted provisions regarding the State Trust Act. The Bill provides for the codification of Maryland’s trust laws at Title 14.5 of the Maryland Trust Act. The Act applies to express charitable or non-charitable trusts, as well as trusts created in accordance with a […]
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FHLB Clarifies VA Mortgage QM Rules for MPF Program
by: Anna DeSimone June 16, 2014 the Federal Home Loan Bank Board (FHLB) published PFI Advisory 06-16-14, Department of Veterans Affairs Safe Harbor Qualified Mortgages. The purpose of the Advisory was to reiterate and clarify the criteria for VA Mortgages sold under the MPF Program. Each VA Mortgage closed on or after 5/9/14, the effective date of […]
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South Carolina Amends Mortgage Satisfaction and Foreclosure Expedition
by: Louis Danastorg House Bill 3134-Satisfaction of Mortgage Recently, South Carolina’s legislature amended Section 29-3-330 of the South Carolina Code, relating to the methods by which certain parties may discharge or cancel a mortgage. A mortgagee of record, or its duly authorized representative, may satisfy or release a security instrument by any of the following […]
