FHA Publishes Final Rule Modernizing Engagement with Mortgagors in Default
FHA recently published its final rule that aims to modernize the requirements for mortgagees to meet with borrowers who are in default on their mortgage... Read More
Federal Regulatory Developments
Deadline Extended to Implement Reconsideration of Value Requirements for Appraisals
FHA, Fannie Mae, and Freddie Mac have each extended the deadline for lenders to implement new requirements related to reconsideration of value requests for appraisals. ... Read More
Federal Agencies Issue Proposed Rule on Joint Financial Data Standards
A large group of agencies responsible for financial regulation issued a proposed rule to establish joint data standards in an effort to promote consistency and... Read More
New Requirement: Document Custodians Must Report Cybersecurity Incidents to Ginnie Mae
Earlier this year, Ginnie Mae established cybersecurity incident reporting requirements for issuers, including those who subservice for others. Now, effective July 31, 2024, Ginnie Mae... Read More
CFPB Issues Report on Electronic Payment Costs in K-12 Schools
The CFPB recently published a report on its findings concerning the costs of electronic payment systems for school meals in K-12 public schools. According to... Read More
CFPB Warns Against Broad Employee Confidentiality Agreements Which Could Discourage Whistleblowers
The CFPB issued guidance asserting that broadly written employee confidentiality or non-disclosure agreements could violate whistleblower protections. The Consumer Financial Protection Act (CFPA) provides that... Read More
Federal Agencies Finalize Guidance on ROVs in Residential Transactions
The CFPB, FDIC, Federal Reserve, NCUA, and OCC recently issued final interagency guidance on reconsiderations of value (ROVs) in residential real estate transactions. The guidance... Read More
CFPB Issues Report on Borrower Mortgage Servicing Experiences During Pandemic
CFPB recently issued a report on the experience of borrowers working with their servicer to access loss mitigation or other programs that were available during... Read More
CFPB Proposes to Amend Loss Mitigation Servicing Rules
The CFPB issued proposed amendments to its rules governing how mortgage servicers must conduct the loss mitigation process while also creating additional requirements before a... Read More
FHA Updates 203(k) Rehabilitation Mortgage Loan Program
HUD recently published Mortgagee Letter 2024-13 (ML) updating several facets of its 203(k) Rehabilitation Mortgage Loan Program. With the changes, FHA aims to make it... Read More
CFPB Releases Summer 2024 Supervisory Highlights
The CFPB recently released its Supervisory Highlights for Summer 2024, focusing on areas where financial institutions are falling short in protecting consumers. A summary of... Read More
CFPB Approves Interagency Rule Regulating Automated Valuation Models
The CFPB recently approved a final rule implementing quality control standards mandated by Dodd-Frank for the use of automated valuation models (AVMs) by mortgage originators... Read More
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