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Georgia Makes Revisions to Chapter 80 Regulations
by: Zachary PearlsteinEffective immediately, the Georgia Department of Banking and Insurance has issued final revisions to Chapter 80, which seeks to promote safe and fair mortgage lending. These revisions relate principally to branch manager qualifications, loan processors acting as brokers, and fees and charges. Branch Manager Qualifications: A branch manager is defined as an individual […]
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HUD Releases Qualified Mortgage Definition
by: Anna DeSimoneDecember 11 2013 the U.S. Department of Housing and Urban Development (HUD) released its final rule which defines a ‘Qualified Mortgage (QM)’ that is insured, guaranteed or administered by HUD. The final rule will be effective on January 10, 2014 and will apply to mortgages with a case number assignment on or after […]
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Iowa Amends Mortgage Filing and Transfer Rules
by: Louis Danastorg Senate File 445-Transfers of Real Estate and Filing of a Mortgage Release Certificate Effective immediately, Iowa’s General Assembly has amended Iowa’s Code relating to the execution, filing and recording of a mortgage release certificate. Application:The title guaranty division in the Iowa finance authority may execute and record a certificate of release in […]
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CFPB Updates its Rulemaking Agenda
by: Anna DeSimoneDecember 3, 1013 the Consumer Financial Protection Bureau (CFPB) posted a semi-annual update to its Rulemaking Agenda. A summary of the CFPB announcement is provided below: The fall 2013 agenda reflects that the CFPB is continuing to work on rulemakings mandated by the Dodd-Frank Act and significant issues in other major markets for […]
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CFPB Confirms Qualified Mortgage Rule Begins January 10th
by: Anna DeSimoneDespite letters from numerous trade associations, signatures from 117 members of Congress and 20 Senators strongly asking for a delay to the QM Rule, the CFPB has not issued any direct statements to lenders. The following letter was issued to the general public by Richard Cordray at 3 p.m. on Friday, December 6, […]
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Arkansas Amends Provisions Regarding Notarial Acts
by: Matthew DaileyThe Arkansas Secretary of State amended its provisions regarding notarial acts in the state. Under a 2013 Bill, Reg. 116.00.13 introduces the implementing of a system allowing for the electronic notarization of documents by a notary specifically commissioned to electronically notarize documents in the State of Arkansas. These provisions became effective on November […]
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FHFA Announces Overhaul of Fannie Mae and Freddie Mac Mortgage Insurance Master Policy Requirements
by: Anna DeSimoneDecember 2, 2013 the Federal Housing Finance Agency (FHFA) announced that Fannie Mae and Freddie Mac have completed the first major overhaul of mortgage insurance master policy requirements in many years. FHFA’s 2013 Conservatorship Scorecard calls for Fannie Mae and Freddie Mac to develop aligned requirements for master policies. Through this ongoing effort, […]
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Iowa Amends Banking and Financial Services Laws
by: Louis Danastorg Senate Bill 181: Relating to Matters under the Purview of the Banking Division of the Department of Commerce Recently, Iowa’s General Assembly enacted amendments and revisions to specific code provisions relating to public funds, state banks, debt management services, the Uniform Money Services Act, currency exchanges, delayed deposits, mortgage licensing, professional […]
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CFPB Finalizes “Know Before You Owe” Mortgage Forms
by: Anna DeSimoneNovember 20, 2013 the Consumer Financial Protection Bureau (CFPB) issued a rule requiring mortgage lenders to provide borrowers with two new mortgage disclosure forms that will replace the existing Initial Truth in Lending disclosure, the Good Faith Estimate and the Final Truth in Lending Disclosure. The final rule takes effect on August 1, […]
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HUD Issues Lender Self-Reporting Requirements
by: Anna DeSimone On November 13, 2013, HUD issued ML 2013-41. The Mortgagee Letter clarifies the self-reporting requirements of all Single Family FHA-approved lenders, including: What must be reported to FHA Timeframe for lenders’ internal reporting to senior management Timeframe for lenders’ external reporting to FHA; How findings should be reported to FHA; FHA’s review […]
