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Current Compliance Headlines
Last Updated Monday, June 29, 2009 01:49 PM Texas Time

Supreme Court Rules on Pre-emption
The U.S. Supreme Court has made a decision on whether states can investigate federally regulated financial institutions.

The case revolves around letters sent by New York's attorney general in 2005 to various national banks asking for information about their lending practices, according to a published decision from the Supreme Court.

The state was attempting to determine whether its fair-lending laws had been violated.
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Forms 1003, 1008 Revised
Fannie Mae has updated the Uniform Residential Loan Application and the Uniform Underwriting and Transmittal Summary.

4 Failed Financial Institutions
After several weeks of relatively few bank failures, four banks in three states were seized today by state regulators. MortgageDaily.com tracked regulatory orders against all four of the institutions prior to their failures.

Bill Proposes HVCC Moratorium
Lawmakers have introduced federal legislation that would suspend the Home Valuation Code of Conduct.

Bad Appraisals, HVCC Hindering Recovery?
Home builders and Realtors claim bad appraisals are stifling the real estate recovery, though appraisers say their reports only reflect further deterioration. As appraisal management and software firms enhance their Home Valuation Code of Conduct offerings, a former state regulator calls the new code a disaster.

24 Federal Orders Issued
The latest round of federal regulatory actions included formal agreements with a dozen institutions, four cease-and-desist orders and four civil money penalties. Another three firms faced federal directives, and a bank employee was hit with a removal-prohibition order. Still, four cease-and-desist orders were terminated.

Mortgage Compliance Wire
The implementation of the new appraisal code has devastated borrowers, destroyed appraisal quality and increased loan expenses, according to two groups. In other mortgage compliance activity, a new study found that banks are more closely monitoring compliance by their business partners.

Taylor Bean Settles With 13 States
Allegations of mortgage fraud on nontraditional loans have led to a $9 million settlement with 13 states by Taylor, Bean & Whitaker Mortgage Corp. As part of the agreement, the company will implement a compliance program and a federal modification program.

Chase Sued Over Suspended HELOCs
JPMorgan Chase & Co. is being sued because it allegedly shut down a self-employed couple's home-equity line-of-credit even though their income hadn't changed. Another class action alleges that faulty appraisal values were used in decisions to close HELOCs. Violations of the Truth in Lending Act are alleged.

Sweeping Regulatory Overhaul
Mortgage lenders and financial institutions face the biggest overhaul of financial regulation since the Great Depression. A plan outlined today by the president calls for the creation of a powerful new regulator to oversee all aspects of mortgage lending, continued lender liability on securitized loans and the elimination of the Office of Thrift Supervision.

Sweeping Regulatory Overhaul


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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.

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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.
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Mortgage Compliance Services
Weiner Brodsky Sidman Kider PC has a nationwide residential mortgage banking and financial services practice that offers full-service legal representation and counseling for clients, with teams devoted to federal and state licensing and regulatory compliance, transactions, representation before government agencies and litigation, including the defense of nationwide class action lawsuits against financial institutions and settlement service providers.