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OCC Issues new Mortgage Banking Section of its Examination Handbook
by: Anna DeSimoneOn February 7, 2014 the Office of the Comptroller of the Currency (OCC) issued the “Mortgage Banking” booklet of the Comptroller’s Handbook. This updated booklet replaces a similarly titled booklet issued in March 1996 (and examination procedures issued in March 1998). The updated “Mortgage Banking” booklet also replaces Section 750, “Mortgage Banking,” issued […]
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Iowa Updates HOME Program and Military Home Ownership Assistance
by: Louis Danastorg REG: IAC 265 HOME Investment Partnerships Program and Military Service Member Home Ownership Assistance Program Iowa has recently updated the HOME Investment Partnerships Program to clarify certain rules. Also, Iowa adopted the Military Service Member Home Ownership Assistance Program to implement Iowa Code sections 16.5(1)”r” and 16.54. The purpose of these […]
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Quality Control Requirements: Recap of Fannie Mae Rules
by: Anna DeSimoneThis article was originally published by the Compliance Monitor on July 30, 2013. However, due to the majority of mortgage bankers drafting their QC policies for the year ahead, I thought it would be helpful to revisit this important information. Please email me directly at anna@bankersadvisory.com to obtain information on our recently updated quality […]
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Oregon Amends Provisions Regarding Foreclosure Avoidance Notice
by: Zachary PearlsteinEffective January 31, 2014, the Oregon Department of Justice has revised provisions concerning the foreclosure avoidance measure notice. This update implements the foreclosure avoidance measure notice provisions of Oregon Laws 2013, chapter 304. It provides the form and content of the notice that is to be issued by a beneficiary, when the beneficiary […]
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CFPB Issues Report on Mortgage Servicing Problems in 2013
by: Anna DeSimoneJanuary 30, 2014 the Consumer Financial Protection Bureau (CFPB) issued a report highlighting problems like unfair and deceptive practices in the mortgage servicing market uncovered through the Bureau’s supervision program in 2013. The report also notes that, between July and October 2013, consumers received $2.6 million as result of overall non-public supervisory activities […]
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New Jersey Enacts Provisions Regarding Foreclosure Consultants
by: Matthew DaileyThe New Jersey Department of Banking and Insurance enacted provisions to the New Jersey Residential Mortgage Lending Act regarding foreclosure consultants. These provisions were proposed on May 6, 2013 and are effective as of January 6, 2014. The state of New Jersey has addressed foreclosure issues by proposing new rules creating the requirement […]
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Recent Changes to Illinois Registration Fees and NMLS Requirements
by: Nicole LegereThe Illinois Division of Banking recently adopted several changes to the registration fee requirements for loan originators. These changes included the addition of an exempt entity registration fee. There were also requirements added regarding the use of the Nationwide Mortgage Licensing System (NMLS) unique identifier on various loan documents. The new requirements became […]
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HUD Releases New Guidance for Manual Underwriting Changes
by: Anna DeSimoneOn January 21, 2014, HUD published ML 2014-02: Manual Underwriting. The Mortgagee Letter provides policy guidance for revised manual underwriting requirements published in Final Federal Register Notice FR- 5595-N-01 on December 11, 2013. Please refer to my article published December 12, 2013 in the Compliance Monitor: FHA Manual Underwriting Changes Announced This guidance […]
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CFPB Announces Increase in Higher-Priced Mortgage Loans Escrow Account Asset-Size Threshold
by: Anna DeSimoneDecember 30, 2013 the Consumer Financial Protection Bureau (CFPB) issued a final rule adjusting the asset-size threshold for certain creditors to qualify for an exemption from the requirement to establish an escrow account for a higher-priced mortgage loan under Regulation Z, which implements the Truth in Lending Act (TILA). The rule is effective […]
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CFPB Announces Increase in HMDA Asset-Size Exemption Threshold to $43 Million
by: Anna DeSimoneDecember 30, 2013 the Consumer Financial Protection Bureau (CFPB) issued a final rule adjusting the asset-size exemption threshold for banks, savings associations, and credit unions under Regulation C, which implements the Home Mortgage Disclosure Act (HMDA). The rule is effective as of January 1, 2014 and will apply to data collection in […]
