This topic consolidates legislative summaries of proposed and final regulatory rules impacting the mortgage banking industry today. This includes rules promulgated by federal regulatory agencies as well as up-to-the-minute legislative actions out of Washington, DC.
Mortgage Professional America -- Candyd Mendoza
The Appraisal Subcommittee (ASC), an independent federal agency managing the real estate appraisal industry, has introduced a legal and policy evaluation of real estate appraisal standards and appraiser qualification criteria.
HousingWire -- Georgia Kromrei
As the Consumer Financial Protection Bureau (CFPS) ramp up fair lending and redlining enforcement, they will add 20 to 30 enforcement attorneys.
Search our Compliance Calendar for current regulatory changes & updates.
FHFA announced that Fannie Mae and Freddie Mac (the Enterprises) will expand certain eligibility requirements for their RefiNow and Refi Possible refinance programs aimed at assisting low-income borrowers, and will be incorporating desktop appraisals into their selling guides for new purchase loans.
The OCC published an updated self-assessment tool for banks to evaluate their preparedness for the cessation of the London Interbank Offered Rate (LIBOR), which rescinds OCC Bulletin 2021-7, “Libor Transition: Self-Assessment Tool for Banks,” published on February 10, 2021, and replaces the tool attached to OCC Bulletin 2021-7.
HUD has published a proposed rule regarding the transition from London Interbank Offered Rate (LIBOR) to Secured Overnight Financing Rate (SOFR); specifically, this proposed rule would address a Secretary-approved replacement index for existing loans and provide for a transition date consistent with the cessation of the LIBOR index to address operational difficulties for mortgagees to implement the change to a new index.
The Bureau released a set of Frequently Asked Questions (FAQs) that discuss limited-content messages and the call frequency provisions under the Debt Collection Rule in Regulation F.
Automated compliance tests to ensure compliance on more loans in less time
M Report – Eric C. Peck
The U.S Senate approved the nomination of Rohit Chopra as the Director of Consumer Financial Protection Bureau (CFPB).
This bulletin provides an overview of the regulatory requirements and process that the Office of the Comptroller of the Currency (OCC) uses to review a voluntary liquidation of a mutual federal savings association (mutual FSA).
The Office of the Comptroller of the Currency (OCC) today issued versions 1.0 of the "Earnings" and "Regulatory Reporting" booklets of the Comptroller's Handbook.
The CFPB has published a Supervisory Policy Statement on the existing flexibility certain laws and regulations provide that may be helpful for supervised entities during recovery and after major disasters and emergencies.
"By partnering with ACES, we have witnessed an overall improvement in the quality of our reviews."
-Hilda Melendez, Quality Control Systems Director at Lennar Mortgage
The Federal Housing Finance Agency (FHFA or the Agency) is seeking comments on a notice of proposed rulemaking (proposed rule) that would amend the Enterprise Regulatory Capital Framework (ERCF) by refining the prescribed leverage buffer amount (PLBA or leverage buffer) and credit risk transfer (CRT) securitization framework for the Federal National Mortgage Association (Fannie Mae and Freddie Mac) and the Federal Home Loan Mortgage Corporation (Fannie Mae and Freddie Mac each an Enterprise).
Scotsman Guide – Arnie Aurellano
The Federal Housing Finance Agency (FHFA) and the U.S. Department of the Treasury suspend new provisions added to the Preferred Stock Purchase Agreement (PSPAs) with the GSEs.
The Office of the Comptroller of the Currency (OCC) today issued a new "Problem Bank Supervision" booklet, which is part of the Examination Process series of the Comptroller's Handbook and replaces "An Examiner's Guide to Problem Bank Identification, Rehabilitation, and Resolution," dated January 2001 and incorporates OCC Bulletin 2018-33, "Prompt Corrective Action: Guidelines and Rescissions."
The Office of the Comptroller of the Currency (OCC), the Board of Governors of the Federal Reserve System, and the Federal Deposit Insurance Corporation (collectively, the agencies) announced that they will extend the comment period on the notice of "Proposed Interagency Guidance on Third-Party Relationships: Risk Management" through October 18, 2021.
