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CFPB Clarifies Mortgage Servicing Rules
by: Anna DeSimoneOn October 15, 2013 the Consumer Financial Protection Bureau (CFPB) released a bulletin and interim final rule to provide greater clarity to the market concerning mortgage servicing rules that take effect in January 2014 in an effort to resolve interpretive issues prior to the January implementation. The clarifications address communications with borrowers, including […]
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Oregon Amends Provisions Regarding Homesteads and Reverse Mortgages
by: Paul McSheffreyThe Oregon Legislative Assembly has amended provisions regarding homesteads and reverse mortgages with Enrolled House Bill 2489. The Bill amends ORS 311.668, 311.672, 311.689, and 311.695. A summary of these changes follows. The Bill provides that the amendments to ORS 311.700 by section 16, chapter 723, Oregon Laws 2011, relating to reverse […]
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HUD Clarifies Loss Mitigation During Foreclosure Process
by: Anna DeSimoneNovember 1, 2013 HUD issued Mortgagee Letter 2013-40 to clarify the Department’s requirements delineated in 24 CFR 203.502 and to communicate expectations for servicers who are engaging in loss mitigation during the foreclosure process. Mortgagees must implement the requirements in this Mortgagee Letter by January 1, 2014.The policies set forth in the Mortgagee […]
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Massachusetts Amends Debt Collector and Third Party Loan Servicer Laws
by: Margaret WrightMassachusetts’s “Conduct of the Business of Debt Collectors and Loan Servicers“, 209 CMR 18, has been amended in order to further clarify and establish standards of conduct for debt collectors and third party loan servicers. Summarized below are the key amendments effective as of October 11, 2013. Third Party Loan Servicer Amendments Mortgage […]
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OCC Issues Guidance for Third Party Vendor Management
by: Anna DeSimoneOctober 30, 2013 the Office of the Comptroller of the Currency (OCC) issued updated guidance on third-party risks and vendor management. The guidelines note eight specific areas where banking institutions are expected to make improvements to their vendor management programs related to third-party relationships. Risk Management Guidance The OCC recommends banking institutions better […]
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Texas Amends Application Procedures and Adopts Consumer Loan Rules
by: Matthew DaileyThe Finance Commission of Texas adopted amendments to 7 TAC §§2.101 – 2.105 and new §2.201 and §2.202, concerning residential mortgage loan originators applying for licensure with the Office of Consumer Credit Commissioner (OCCC) under the Secure and Fair Enforcement for Mortgage Licensing Act. Also, the commission has adopted §83.606, regarding Maximum Term […]
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Oklahoma Modifies SAFE Act Provisions
by: Paul McSheffrey Changes are effective November 1, 2013 The Oklahoma legislature has recently updated certain provisions of 59 O.S. 2011, its Secure and Fair Enforcement for Mortgage Licensing Act (SAFE Act). The changes come through Enrolled House Bill No. 1828. The Bill has several additions as well as numbering and formatting changes. A definition […]
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Federal Regulators Provide Guidance on Qualified Mortgage Fair Lending Risks
by: Anna DeSimoneOctober 22, 2013,Five federal regulatory agencies issued a statement to address industry questions about fair lending risks associated with offering only Qualified Mortgages. Those agencies are:Board of Governors of the Federal Reserve SystemConsumer Financial Protection BureauFederal Deposit Insurance CorporationNational Credit Union AdministrationOffice of the Comptroller of the Currency According to the CFPB, creditors have […]
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California Enacts Provisions Regarding Furnishing Consumer Credit Reports on Adverse Action
by: Lee GreenbergThe state of California recently enacted provisions to the Civil Code regarding the furnishing of consumer credit reports following an adverse action in Assembly Bill No. 1091. The legislation becomes effective on January 1, 2014.Under existing state law, a consumer credit reporting agency is required to allow the consumer to visually inspect all […]
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Colorado Repeals Various Provisions and Adopts New Amended Provisions Regarding Professional Standards and Mortgage Call Reports
by: Lee GreenbergThe Colorado Division of Real Estate recently repealed several provisions and adopted new amended provisions in their place regarding the professional standards of Mortgage Loan Originators and Mortgage Companies. In addition, the Division of Real Estate updated its provisions regarding call reports under the NMLS. The new legislation becomes effective on November 14, […]
