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Recent Changes in Minnesota and Indiana Mortgage Law
by: Emily Ross, Esq. MinnesotaMinnesota recently amended the statutes controlling the procedure for release of mortgage liens on real property. In addition to small procedural changes to the statute, additional language was added to allow partial releases of liens to follow the same procedure as full releases. The statute states that a certificate of release […]
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CFPB Publishes Small Entity Guide for QM and ATR
by: Anna DeSimoneApril 10, 2013 the Consumer Financial Protection Bureau (CFPB) published a Small Entity Compliance Guide for the Ability-to-Repay and Qualified Mortgage Rule. The CFPB’s goal is to provide a comprehensive rule summary in a plain language and FAQ format. This guide will be followed by a series of additional guides for each of […]
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CFPB Publishes Compliance Guides on Ability-to-Repay and QM Rule
by: Anna DeSimone April 10, 2013 the Consumer Financial Protection Bureau (CFPB) published a Small Entity Compliance Guide for the Ability-to-Repay and Qualified Mortgage Rule. The CFPB’s goal is to provide a comprehensive rule summary in a plain language and FAQ format. This guide will be followed by a series of additional guides for each […]
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CFPB Releases Consumer Complaint Data
by: Anna DeSimone On March 28, 2013 the Consumer Financial Protection Bureau (CFPB) went live with the nation’s largest public database of federal consumer financial complaints, opening up to consumers across the country information on more than 90,000 individual complaints on financial products and services. The March 2013 launch expanded the CFPB’s Consumer Complaint Database […]
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Fannie Mae & Freddie Mac QC and Rep & Warranty Framework
by: Anna DeSimoneNow that mortgage lenders are delivering loans to Fannie Mae and Freddie Mac commencing with January 2013 originations, I am providing a recap of three articles I published last fall when the Federal Housing Finance Agency (FHFA) announced the new representation and warranty framework. The FHFA ruling applies to conventional loans sold or […]
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OCC Proposes to Extend Consumer Privacy Information Collection
by: Anna DeSimoneThe Office of the Comptroller of the Currency (OCC) is soliciting comments concerning its information collection titled, Privacy of Consumer Financial Information (Regulation P). The OCC is also giving notice that it has sent the collection to OMB for review. Written comments should submitted by April 22, 2013. There have been no changes […]
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CFPB Monitors Mortgage Servicing Transfer Activity
by: Anna DeSimoneCFPB warns bank and nonbank servicers about legal protections for consumers when transferring loans The Consumer Financial Protection Bureau (CFPB) issued a bulletin in February 2013 advising mortgage companies about their legal obligations that protect consumers during loan transfers between mortgage servicers. The bureau advises, when handing over the processing of loans, mortgage […]
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Illinois Revises Foreclosure Laws
by: Nicole Legere, Esq. Amendments to Illinois Foreclosure Law The state of Illinois recently amended sections 7.30 and 7.31 of the Housing Development Act resulting in a number of changes to its foreclosure laws. The changes include revisions to the definitions of approved counseling and abandoned residential property, an update to the foreclosure process […]
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CFPB and Agencies Issue Final Rule on Appraisals for HPMLs
by: Anna DeSimoneSix federal financial regulatory agencies issued a final rule that establishes new appraisal requirements for “higher-priced mortgage loans.” The rule is being issued by the Board of Governors of the Federal Reserve System, the Consumer Financial Protection Bureau, the Federal Deposit Insurance Corporation, the Federal Housing Finance Agency, the National Credit Union Administration, […]
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Fannie Mae Introduces New Policies on Lender Incentives and Flood Insurance
by: Michelle PetersOn January 29, 2013 Fannie Mae announced two new policies. The first new policy is in regards to Lender Incentives for Borrower and the second new policy is in regards to Private Flood Insurance Policies. The scope of this announcement addresses lender inquiries regarding allowable incentives for borrowers to refinance their current mortgage […]
