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www.allregs.com

Current Compliance Headlines
Last Updated Tuesday, August 31, 2010 12:06 PM Texas Time

The Mortgage Educator
The Secure and Fair Enforcement for Mortgage Licensing Act seems to be keeping at least two education providers busy. One educational offering provides a good dose of mortgage compliance training.

An 8-hour continuing education course was released by Hondros Learning last month.

The Mortgage Loan Originator Refresher meets SAFE act requirements and is available to mortgage pre-licensing students for exam preparation, according to the Columbus, Ohio-based firm.
read full story

www.streetlinks.com

Law Eliminates Federal Pre-emption
One of the many things the financial reform law does is eliminate federal pre-emption for mortgage lending subsidiaries -- leaving banks with two options.

In-Depth Look at New Rules
A dizzying number of mortgage rules issued this week impact disclosures, compensation and servicing. Proposals were also made for reverse mortgages. Here is a comprehensive review of the rules.

Brokers Cheer Fed Rule
Mortgage brokers hailed the Federal Reserve Board's final rule on loan originator compensation.

ARM, Reverse Rules Released
WASHINGTON -- In just a few months, mortgage lenders will be required to provide new disclosures for adjustable-rate mortgages. New disclosure requirements for reverse mortgages are also on the horizon.

Changes in FHA Premiums Delayed
Strong feedback from the mortgage industry prompted the U.S. Department of Housing and Urban Development to delay the implementation of new mortgage insurance premiums. Lenders are concerned that they won't have enough time to make changes to their systems that impact regulatory disclosures.

HVCC Being Replaced
A new appraisal rule that replaces the current appraisal code is expected to increase the cost of appraisals and the risk of liability for non-compliance.

VA RESPA Guidance Issued
The U.S. Department of Veterans Affairs issued guidance long-awaited by the mortgage industry regarding the disclosure of fees, particularly fees that may not be charged to the borrower, with a VA guaranteed loan in view of the revised approach to disclosing fees under the Real Estate Settlement Procedures Act.

Review of Final SAFE Rule
The federal banking agencies including the Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the Office of Thrift Supervision, the Farm Credit Administration, and the National Credit Union Administration jointly issued their final rule regarding the registration requirements for mortgage loan originators of financial institutions and certain affiliates of those institutions.

HOEPA Threshold Raised
The dollar amount of loan fees that trigger a high-cost loan classification is being increased.

Financial Regulation News | Regulatory Actions | Mortgage Regulations Table
Bank and mortgage regulators, regulations and regulatory actions. Coverage of regulatory legislation and testimony.

Mortgage Compliance news | Mortgage Compliance Newsletter
News about complying with mortgage laws, rules and regulations.

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Mortgage Compliance Newsletter
Free newsletter about compliance, legal
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Patton Boggs Newsletter
Free newsletter from the mortgage banking legal team at Patton Boggs LLP.
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Closer Look at Consumer Financial Protection Bureau
The Consumer Financial Protection Bureau was created as part of the Dodd-Frank Wall Street Reform and Consumer Protection Act. This 16-page summary looks at various provisions of the new law that will affect how the residential mortgage industry operates for the foreseeable future.
Financial Regulatory Reform Update
On July 21 President Obama signed into law the Dodd-Frank Wall Street Reform and Consumer Protection Act. The House of Representatives and the Senate had approved the Conference Report of this legislation on June 30 and July 15, respectively. This 20-page report summarizes the new law.
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RESPA Rule


RESPA Rule Frequently Asked Questions from HUD


4th-quarter 2009 compliance lawsuits

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Regulatory Reports
Q1 2009 Q4 2008 Q3 2008

MDIA Analysis
On May 8, 2009, the Federal Reserve Board issued a final rule implementing changes to the Truth in Lending Act made by the Mortgage Disclosure Improvement Act of 2008. The final rule advances to July 30, 2009, the compliance date for early disclosure requirements adopted by the board in a July 2008 rulemaking, and expands the requirements.

read full report

Webniar: How the New RESPA Rule Impacts Wholesale Lending
The law firm of Weiner Brodsky Sidman Kider PC provided an analysis on the impact of HUD's new RESPA rule on wholesale lenders and mortgage brokers on Feb. 10, 2009.
View a PDF file of the presentation


RESPA Rule White Paper
Analysis of HUD's new rule under the Real Estate Settlement Procedures Act prepared by Weiner Brodsky Sidman Kider PC.
read for free
Fed Proposes Reg Z Amendments (FREE)
The Federal Reserve Board has proposed changes to Regulation Z. A proposed a rule to implement changes to the Truth in Lending Act made by the Mortgage Disclosure Improvement Act of 2008 has been published by the fed in the Federal Register.
read full analysis for free