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CFPB Proposes Rule to Promote More Effective Privacy Disclosures
by: Anna DeSimoneMay 6, 2014 the Consumer Financial Protection Bureau (CFPB) proposed a rule to promote more effective privacy disclosures from financial institutions to their customers. The rule would allow companies that limit their consumer data-sharing and meet other requirements to post their annual privacy notices online rather than delivering them individually. The rule would […]
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VA Clarifies Policy on Unallowable Origination Fees
by: Anna DeSimoneMay 7, 2014 the Department of Veterans Affairs issued CIRC. 26-14-13: Policy Clarification on Unallowable Fees. The purpose of the Circular is to clarify the Department of Veterans Affairs (VA) policy on the treatment of unallowable fees when lenders charge a loan origination fee that is less than one percent of the loan amount […]
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FDIC Releases Resource Guide to Help Financial Institutions Evaluate Opportunities to Collaborate with Community Development Financial Institutions
by: Anna DeSimoneMay 8, 2014 the FDIC announced in Financial Institution Letter FIL-26-2014 that the agency has produced a resource guide, Strategies for Community Banks to Develop Partnerships with Community Development Financial Institutions. The guide was created to help inform FDIC-supervised institutions of strategies to meet community credit and development needs and receive consideration under […]
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State of Georgia Modifies Loan Originator Licensing Requirements
by: Zachary PearlsteinGeorgia has recently updated its mortgage lender and broker licensing requirements, effective immediately. The state has exempted employees of certain nonprofit corporations, which promote affordable housing, from mortgage loan originator licensing requirements. The updated provisions state that employees of bona fide nonprofit corporations, who act as loan originators only for such corporations, and […]
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CFPB Proposes Minor Changes to Mortgage Rules
by: Anna DeSimoneProposal Would Assist Nonprofits and Allow for Refunds of Excess Points and Fees for Qualified Mortgages April 30, 2014 the Consumer Financial Protection Bureau (CFPB) proposed minor adjustments to its mortgage rules to ensure access to credit. The proposal includes two changes that would help certain nonprofit organizations continue to provide mortgage credit […]
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Arizona Enacts Changes to Mortgage Regulations
by: Matthew Dailey Arizona Enacts Bills Modifying Purchase Money Mortgage Liability, Loan Originators and Escrow Protection Letters The state of Arizona recently enacted two House bills and one Senate bill amending the laws regarding the mortgage industry. Arizona Updates Provisions Regarding Purchase Money Mortgages The state of Arizona updated its provisions relating to liens of […]
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Texas Adopts Provisions Regarding Loan Status Forms
by: Matthew Dailey The Texas Department of Savings and Mortgage Lending adopted provisions regarding loan status forms. These provisions are effective on May 1, 2014. When conditional qualification is given to a mortgage applicant by an originator, the form must resemble Form A under 7 TAC s.80.201(a). Most importantly, written confirmation is needed from the […]
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Wisconsin Amends Provisions Regarding Mortgage Loan Originators
by: Matthew DaileyThe state of Wisconsin recently enacted Senate Bill 534 on April 23 amending its provisions regarding the regulation of mortgage loan originators, mortgage brokers, and mortgage bankers. The bill also touches on branch offices, loan processors or underwriters, independent contractors and loan financing. These provisions are effective after the publication date of April […]
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New York Adopts Credit Exposure Provisions
by: Margaret WrightOn April 9, 2014, the New York Department of Financial Services adopted an emergency rule regarding credit exposure arising from derivative transactions. The April 9, 2014 emergency rule is effective immediately, however is set to expire June 22, 2014. Beginning in January 2013, similar emergency rules have been adopted concerning the same topic; […]
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Iowa Enacts Provisions Regarding Uniform Power of Attorney Act
by: Paul McSheffreyWith Senate File 2168, the Iowa legislature has enacted the Uniform Power of Attorney Act. Beginning with the new section 633B.101, the act covers various subjects relating to powers of attorney including execution, jurisdiction, nomination of a conservator or guardian, when effective, termination, duties of a principal’s agent, and judicial relief available. The […]
