CFPB Updates TRID FAQs to Reflect BUILD Act
The CFPB recently updated its TILA-RESPA Integrated Disclosure (TRID) FAQ resource to address housing assistance loans and the partial exemption from certain TRID requirements provided... Read More
Federal Regulatory Developments
Agencies Extend Comment Period for RFI on Financial Institutions’ Use of AI
The Federal Reserve Board, CFPB, FDIC, NCUA, and OCC (collectively, the Agencies) recently extended the deadline to submit comments in connection with the Agencies’ request... Read More
FDIC Office of the Ombudsman Releases Activity Report for Calendar Years 2019 and 2020
On May 5, 2021, the FDIC Office of the Ombudsman published a report detailing its activities and feedback from the banking industry for calendar years... Read More
Fannie Mae Extends COVID-19 Appraisal Flexibilities
Fannie Mae updated Lender Letter LL-2021-04 to extend the effective date of LL-2021-04 through May 31, 2021. These policies were initially published in March 2020... Read More
Fannie Mae Introduces New Refinance Option
In a recent lender letter, Fannie Mae introduced a new refinance option called RefiNow, which will offer expanded refinancing eligibility to benefit borrowers at or... Read More
FHA Clarifies Timing of Review of Borrowers for COVID-19 Loss Mitigation Options
FHA recently announced a clarification concerning the timing of a mortgagee’s review of borrowers in a pandemic-related forbearance for a COVID-19 loss mitigation option. Specifically,... Read More
Freddie Mac and Fannie Mae Selling Guide Updates
Freddie Mac and Fannie Mae recently issued updates to their respective selling guides. Freddie Mac issued Bulletin 2021-16, highlighting, among other matters, the following: updating... Read More
FHA Revises Requirements for HECM Deferral Period and MOE Assignment
FHA recently published Mortgagee Letter 2021-11 (ML 2021-11), amending the requirements for the deferral period and the Mortgagee Optional Election (MOE) Assignment under the HECM... Read More
CFPB Extends Mandatory Compliance Date for Revised General QM Rule
On April 27, 2021, the CFPB published a final rule extending the mandatory compliance date for its December 2020 final rule revising the General Qualified... Read More
FHA Issues Temporary Waiver for Appraisal Requirements
FHA issued a temporary partial waiver to Section II.D.4.c.iii.(F)(2) of Handbook 4000.1, which requires that the Appraiser include, analyze, and report a minimum of two... Read More
CFPB Releases Bulletin Analyzing Consumer Complaints
The CFPB recently issued a bulletin analyzing complaints submitted by consumers in counties across the nation. The bulletin categorizes various trends that the CFPB has... Read More
CFPB Publishes Brief on Characteristics of Mortgage Borrowers During the COVID-19 Pandemic
The CFPB Office of Research recently published a special issue brief detailing trends among borrowers in forbearance and delinquent on their mortgages since the onset... Read More
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