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Current Compliance Headlines
Last Updated Friday, November 20, 2009 12:42 PM Texas Time

TILA Rule Applies to Individual Investors
An interim Truth-in-Lending Act rule applies to investors who acquire a mortgage after origination -- including individuals who acquire just a handful of loans in a given year.

The Federal Reserve Board published an interim final rule in today's Federal Register.

The rule provides additional guidance on how residential mortgage loan purchasers can comply with section 131(g) of the Truth in Lending Act. Section 131(g) was enacted as part of the Helping Families Save Their Homes Act, which became effective on May 20, 2009.
read full story

www.allregs.com

Education Firms Tackle S.A.F.E. Requirements
Mortgage education providers are lining up courses to help originators meet upcoming state requirements under the Secure and Fair Enforcement for Mortgage Licensing Act of 2008. In other mortgage licensing activity, a huge net branch operation faced an order over unlicensed originators, while licensees in Florida and Pennsylvania face new requirements.

www.streetlinks.com

Federal Agencies Issue Model Privacy Form
Federal regulators today published a model privacy disclosure for use by financial institutions.

Fed Approves Servicing Transfer Rule
The Federal Reserve has approved a rule that requires disclosures when a mortgage is sold or transferred.

Firms Make Broker Compliance With HVCC Easier
As mortgage brokers continue to battle the Home Valuation Code of Conduct, one firm is addressing a concern by brokers about not being able to transfer appraisals. Another firm is providing a solution to communication between originators and appraisers.

FHA Appraisal Update
Technology firms and appraisal management companies are ready for upcoming changes to Federal Housing Administration appraisal requirements. In addition, the government reminded FHA mortgagees and appraisers about its existing policies.

RESPA Rule Regulatory Reprieve
Mortgage lenders will get a break during the first few months after a new Real Estate Settlement Procedures Act rule takes effect.

American Home v. Ohio AG v. American Home
American Home Mortgage Servicing Inc. and Ohio Attorney General Richard Cordray are suing each other allegations of poor servicing practices.

BoA Expands Use of Voluntary Disclosure
Bank of America Home Loans has expanded the use of a voluntary one-page disclosure beyond just first mortgage transactions.

Red Flags Rule Delayed
Implementation of the Red Flags Rule has been delayed again.

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

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

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Mortgage Compliance Newsletter
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issues & litigation.
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
Patton Boggs Newsletter
Free newsletter from the mortgage banking legal team at Patton Boggs LLP.
PattonBoggs.com