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Fannie Mae Updates Lender-placed Insurance Requirements
by: Emily RossFannie Mae recently released updates to its lender-placed insurance requirements. These updates must be implemented by June 1, 2014. Servicers must work with their lender-placed, or force-placed, insurance providers to implement these changes by the required change date, but are encouraged to do so before this date. Fannie Mae has adopted the definition […]
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Arkansas Modifies Fair Mortgage Lending Act Provisions
by: Matthew DaileyOn January 10, the Arkansas Securities Department finalized amendments to the Rules of the Fair Mortgage Lending Act. The provisions are effective as of February 9, 2014. The following is a summary of the changes. RULE 5010-1 Licensee Duties-Servicing For new loans and transferred loans, payment instructions must be in the form and […]
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Oregon Adopts Consumer Finance Licensing Rules
by: Paul McSheffreyThe Oregon Department of Consumer and Business Services has adopted rules establishing the process for accepting consumer finance licensing applications, renewals, and administrative actions via the Nationwide Mortgage Licensing System. The Division of Finance and Corporate Securities has enacted 41-730-0010 regarding definitions, 441-730-0025 regarding license applications, and 441-730-0030 regarding charges to be paid. […]
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Michigan Updates Security Freeze Act
by: Zachary PearlsteinEffective January 3, 2014, the state of Michigan has added provisions under the Security Freeze Act. A “security freeze” is a restriction placed on a consumer’s credit report at the request of the consumer, which prohibits a consumer reporting agency from releasing the consumer’s credit report (or any information derived from the consumer’s […]
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Washington Amends Mortgage Originator and Escrow Agent Rules
by: Margaret WrightThe Washington Department of Financial Institutions has issued amendments effective January 1, 2014 to the Mortgage Broker Practices Act, Consumer Loan Act and Escrow Agent Registration Act. Mortgage Broker Practices Act and Consumer Loan Act The Mortgage Broker Practices Act and Consumer Loan Act sections concerning loan originator pre-licensing education and testing requirements […]
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Agencies Amend HPML Appraisal Rules
by: Margaret WrightOn December 12, 2013 the Agencies issued the final rule to amend the upcoming HPML Appraisal Rule which is effective on January 18, 2014. The final rule in part amends the transactions exempted under the rule by adding additional exemptions based on loan amount, certain refinance transactions and amends the current manufactured home […]
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Wisconsin Enacts Provisions Regarding Mortgage Satisfaction and Real Estate Transfer Fees
by: Matthew DaileyThe state of Wisconsin enacted provisions relating to mortgage satisfaction and an exception to the real estate transfer fee. The bill replaces the old provisions with mortgage satisfaction provisions that are similar to the Uniform Residential Mortgage Satisfaction Act (URMSA). These provisions are effective immediately. Under the bill, a creditor who has a […]
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New Jersey Issues High Cost Loan and Mortgage License Renewal Bulletins
by: Margaret WrightThe New Jersey Department of Banking recently issued two Bulletins concerning high cost home loans and Residential Mortgage Act 2014 licensing information. High Cost Home Loan Definition Bulletin No. 13-20 addresses the NJ Home Ownership Security Act of 2002’s required annual review and maximum principal amount adjustment for determination of a high cost […]
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Inter-agencies Issue Statement on Supervisory Approach for QM and Non-QM loans
by: Anna DeSimoneDecember 13, 2013 the Board of Governors of the Federal Reserve System Federal Deposit Insurance Corporation National Credit Union Administration Office of the Comptroller of the Currency issued a Statement on Supervisory Approach for Qualified and Non-Qualified Mortgage Loans. The statement is provided below. The agencies are issuing this statement to clarify safety-and-soundness […]
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FHA Issues New Manual Underwriting Requirements
by: Anna DeSimoneDecember 11, 2013, HUD published in the Federal Register its final notice entitled, “Federal Housing Administration (FHA) Risk Management Initiatives: New Manual Underwriting Requirements.” The manual underwriting requirements are applicable for purchase transactions and all credit qualifying FHA refinance transactions. The effective date of the new manual underwriting requirements shall be announced by […]
