FHA Announces a Change to its Total Mortgage Scorecard
FHA announced in Information Bulletin #16-36, dated June 8, 2016, that it will implement a change to its Technology Open to Lenders (TOTAL) Mortgage Scorecard.... Read More
Federal Regulatory Developments
CFPB Updates eRegulations Website
The CFPB recently updated their eRegulations platform to include Regulations C, X and DD. Additionally, they have also updated Regulation Z on the eRegulations platform... Read More
CFPB Publishes its Spring Regulatory Agenda
The Bureau of Consumer Financial Protection (CFPB or Bureau) is publishing its regulatory agenda as part of the Spring 2016 Unified Agenda of Federal Regulatory... Read More
CFPB Issues Proposed Payday Loan Rule
The CFPB has proposed a new rule that would curb payday lending by requiring lenders to verify a borrower’s ability to afford their loan and... Read More
HUD IG’s and FHA’s Conflicting Views Regarding Down Payment Assistance Programs
In a letter dated May 25, 2016 and addressed to all FHA-approved mortgagees and other stakeholders in FHA transactions, FHA Principal Deputy Assistant Secretary Ed... Read More
CFPB Issues Consent Order With Loan Officer For Alleged RESPA Violations
The Consumer Financial Protection Bureau (CFPB) issued a Consent Order on May 25, 2016, with David Eghbali, a loan officer formerly employed by Wells Fargo... Read More
RHS Issues Final Rule Concerning Single Family Housing Guaranteed Loan Program
On May 3, 2016, RHS published a final rule which makes amendments to its Single Family Housing Guaranteed Loan Program regulations. The final rule is... Read More
HUD Publishes Proposed Rule for HECMs
On May 19, 2016, HUD published a proposed rule to codify and clarify existing Home Equity Conversion Mortgage (HECM) policies that were implemented through Mortgagee... Read More
The Defend Trade Secrets Act of 2016 Gives Private Litigants a New Federal Cause of Action for the Misappropriation of Trade Secrets
On May 11, 2016, President Obama signed into law the Defend Trade Secrets Act (“DTSA”), creating a private civil federal cause of action for the... Read More
CFPB Publishes New Annotated Loan Estimate and Closing Disclosure
On May 13, 2016, the CFPB released new annotated versions of the Loan Estimate and Closing Disclosure that include citations to the statutory provisions of... Read More
FFIEC Appraisal Subcommittee Proposes New Rule to Implement Annual Registry Fees from Appraisal Management Companies
On May 20, 2016, the Appraisal Subcommittee (ASC) of the Federal Financial Institutions Examination Council (FFIEC) issued a notice of proposed rulemaking to implement 12... Read More
CFPB Issues Annual Fair Lending Report
The CFPB recently issued its fourth annual Fair Lending Report (“Report”) that provides an overview of the CFPB’s fair lending program as well as its... Read More
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