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.