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FTC Issues Final Rule on Mortgage Advertising
by Margaret M. Wright, Esq.Associate Counsel On July 22, 2011 the Federal Trade Commission (FTC) published the Mortgage Acts and Practices- Advertising Final Rule “relating to unfair or deceptive acts and practices that may occur with regard to mortgage advertising.” 76 FR 43826. The Mortgage Acts and Practices- Advertising Rule (MAP Rule) amends Title 16, […]
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CFPB Rule for Alternative Mortgage Transaction Parity Act
by Marissa Aquila Blundell, Esq. Senior Counsel & Vice Presidentmarissa@bankersadvisory.com On July 22, 2011, the Consumer Financial Protection Bureau (CFPB) issued an interim final rule which preserved the ability of state housing creditors to make alternative mortgage transactions notwithstanding state law prohibitions. However, the rule incorporates amendments to the Alternative Mortgage Transaction Parity Act (AMTPA), required […]
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Fair Credit Reporting Act Risk-Based Pricing Regulations Update
by Marissa Aquila Blundell, Esq. Senior Counsel & Vice Presidentmarissa@bankersadvisory.com On July 6, 2011, the Federal Reserve Board (FRB) and Federal Trade Commission (FTC) published a final rule adding requirements to the Fair Credit Reporting Act (FCRA) Risk-Based Pricing regulations which were effective January 1, 2011. This article highlights the new requirements implemented in accordance with […]
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Dodd Frank Issues Rule on Adverse Action Notices
by Marissa Aquila Blundell, Esq. Senior Counsel & Vice Presidentmarissa@bankersadvisory.com The Federal Reserve Board (FRB) and Federal Trade Commission (FTC) issued a final rule on July 6, 2011 requiring creditors to provide additional information in adverse action notices if a credit score is used in making the credit decision. The new rule is effective 30 days […]
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Combating Mortgage Fraud in the Trenches
Proposed Suspicious Activity Report Requirements for Non-bank Residential Mortgage Lenders and Originators by Margaret Wright, Esq. Associate Counselmargaret@bankersadvisory.com Proposed Regulation The Treasury Department’s Financial Crimes Enforcement Network (FinCEN) is in the process of establishing the requirement for Suspicious Activity Report (SAR) filings for non-bank residential mortgage lenders and originators.Currently under the Bank Secrecy Act (BSA), only […]
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New Rules for USDA Rural Housing Loans Take Effect August 1, 2011
by Anna DeSimone, Presidentanna@bankersadvisory.com On May 31, 2011, The Department of Agriculture Rural Housing Service issued a final rule to implement two changes in the regulations for the Rural Housing Service (RHS) Section 502, Single Family Housing Guaranteed Loan Program (SFHGLP). The first change eliminates a lender’s published Department of Veterans Affairs (VA) rate for […]
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Freddie Mac Clarifies and Updates Underwriting Guidelines
by Sarah LagattollaDirector, Credit Risksarah@bankersadvisory.com Freddie Mac issued Bulletin 2011-10 on May 25, 2011 updating selling requirements pertaining to mortgage and property eligibility and credit underwriting as well as selling and servicing requirements for mortgages registered with MERS. Assets as a basis for mortgage qualification Freddie Mac has updated their selling guide to allow for […]
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The New Consumer Financial Protection Bureau
by Rachel Horman, Esq. Assistant Vice President & Senior Counselrachel@bankersadvisory.com The Consumer Financial Protection Act of 2010 (Title X of the Dodd-Frank Act) (“the Act”) established the Bureau of Consumer Financial Protection. On July 21, the rulemaking powers for most consumer financial protection laws will be consolidated and transferred from the following agencies to the […]
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New Uniform Appraisal Dataset (UAD) Rules
by Anna DeSimone, Presidentanna@bankersadvisory.com Effective for residential property appraisals with an effective data (date of inspection) on or after September 1, 2011, appraisal reports must be completed in compliance with the Uniform Appraisal Dataset (UAD). The rule applies to all conventional mortgage loans sold to Fannie Mae or Freddie Mac. The UAD is a component […]
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Eligibility for Ginnie Mae Approval
by Anna DeSimone, Presidentanna@bankersadvisory.com On May 18, 2011, the Government National Mortgage Association (Ginnie Mae) updated Chapter 7, Application for Approval as A Ginnie Mae Issuer, in Ginnie Mae’s Mortgage-Backed Securities Guide 5500.3, Rev. 1. On the same date, Ginnie Mae revised Chapter 6 of the Handbook, Fees, which describes the fees the Issuer must […]
