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Missouri Modifies Provisions Regarding Real Estate Loan Reporting
by: Lee Greenberg, Esq. The state of Missouri recently modified several provisions regarding the reporting of residential real estate loans through the enactment of Senate Bill No. 235. The new law has an effective date of August 28, 2013. The current law requires the directors of the Division of Finance and the Division of Credit […]
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CFPB Issues Clarification of Escrows Rule
by: Marissa Aquila Blundell, Esq.On May 16, 2013, the Consumer Financial Protection Bureau (CFPB) published clarifying and technical amendments to its Escrow Requirements under the Truth in Lending Act (Escrows Rule) which takes effect on June 1, 2013. With this amendment, the CFPB addresses a problem inadvertently created when it removed language applying ability-to-repay requirements […]
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Maryland Enacts Mortgage Assistance Relief Services Act
by: Paul McSheffrey, Esq. The Maryland General Assembly has recently enacted the Maryland Mortgage Assistance Relief Services Act with the passage of House Bill 291. The Bill repeals and adds to various Maryland Commercial and Real Property laws. The intent of the Maryland General Assembly was to provide within State law, the consumer protections available […]
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Changes and Additions to Vermont’s Foreclosure Mediation Program
by: Emily Ross, Esq.With House Bill 431, the Vermont Legislature recently made changes to the Vermont mediation program established in 2010 to comply with the mediation requirement of HAMP. HAMP, or the Home Affordable Modification Program is a federal program set up as a result of the mortgage crisis that allows homeowners having trouble paying […]
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HUD/FHA Resources for Oklahoma Counties Impacted by Severe Storms and Tornadoes
by: Michelle PetersDue to the severe storms and tornadoes that occurred on May 20, 2013, Cleveland, Lincoln, McClain, Oklahoma, and Pottawatomie counties in Oklahoma were identified as Presidentially Declared Major Disaster Areas. The Federal Housing Administration has issued reminders mortgagees in order to provide assistance to borrowers with FHA-Insured single family mortgages. Mortgagees should refer to […]
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HUD Issues Rules for Borrower Minimum Investment Funded by Government Entity
by: Michelle Peters On May 10, 2013, HUD issued FHA Single Family Mortgagee Letter ML 2013-14: Mortgagee Letter Minimum Cash Investment and Secondary Financing Requirements – Acceptable Documentation for Funds Provided by Federal, State, or Governments, their Agencies or Instrumentalities (Government Entity). The letter provides standards of required documentation that mortgagees must provide in order […]
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Indiana Enacts Senior Consumer Protection Act
by Zachary Pearlstein, Esq.The state of Indiana has recently expanded The Senior Consumer Protection Act, with revisions that become effective on July 1, 2013. The new provisions simplify and modernize the law, with the goal of protecting senior consumers from financial exploitation from persons who, by deception or intimidation, obtain control over the property or […]
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Fannie Mae & Freddie Mac Will Only Purchase Qualified Mortgages in 2014
by: Anna DeSimoneOn May 2, 2013, the Federal Housing Finance Agency (FHFA) directed Freddie Mac and Fannie Mae (“GSEs”) to limit future purchases to:Mortgages that are “qualified mortgages” under the final rule, including those meeting the special or temporary qualified mortgage requirements Mortgages that are exempt from the ability to repay requirements, such as investor […]
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Massachusetts Division of Banks Revises Examination Procedures
by: Marissa Aquila Blundell, Esq.On April 1, 2013, the Massachusetts Division of Banks (DOB) began to utilize revised examination procedures as part of its non-depository supervision program. The DOB has aligned its examination process with the procedures the Consumer Financial Protection Bureau (CFPB) uses to determine compliance with federal regulations during the mortgage origination process. […]
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Fannie Mae Issues Quality Control Self-Assessment Tool
by: Anna DeSimoneMay 9, 2013 Fannie Mae issued guidance for lenders to manage risk and comply with Fannie Mae’s Selling Guide requirements. The guidance includes highly suggested practices for quality control and includes an 8-page Quality Control Self-Assessment worksheet. With increased focus on QC during the manufacturing process, Fannie Mae has published additional guidance “Beyond […]
