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 Bankers Association – Mike Sorohan
The Mortgage Bankers Association and several industry trade groups requested federal regulatory agencies to hold the implementation of new credit risk retention guidelines until the CFPB implements its updated Qualified Mortgage general definition.
The Department of Veterans Affairs (VA) is amending its regulations that govern the processes and procedures for issuing and managing guidance documents as the Executive order (E.O.) entitled “Promoting the Rule of Law Through Improved Agency Guidance Documents” has been rescinded; effective July 7, 2021.
Search our Compliance Calendar for current regulatory changes & updates.
The CFPB issued Electronic Fund Transfers Frequently Asked Questions (FAQs) addressing the unauthorized transfer and error resolution provisions under the Electronic Fund Transfer Act and Regulation E, including situations when a consumer is fraudulently induced by a third party to provide their account information or private network rules conflict with the regulation.
The CFPB released a set of FAQs that discuss certain topics relating to escrow accounts under Regulation X, providing a general overview of the escrow account provisions in Regulation X, and they address topics such as deficiencies, shortages, and surpluses.
The CFPB published corrections to the Official Interpretations (Commentary) to Regulation Z to add a comment to its Commentary that was included in a recent higher-priced mortgage loan escrow exemption final rule but that was not incorporated into the Code of Federal Regulations (CFR) due to an omission in an amendatory instruction, as well as a revised comment that was included in the same recent final rule, but that inadvertently did not appear in a subsequently effective final rule.
The Department of Housing and Urban Development (HUD) published a list of regulatory waivers granted by HUD during the period beginning on October 1, 2020, and ending on December 31, 2020.
"We are already ahead of the game and without having to add additional FTEs."
- Julie Baril, QC Manager at Norcom Mortgage
Ballard Spahr -- James Kim & Ronald K. Vaske
The FDIC has filed a motion for summary judgment in the lawsuit filed by the Attorney Generals of six states and the District of Columbia to set aside the FDIC’s “Madden-fix” rule, including the FDIC’s opposition summary judgment motion filed by the AGs.
Office of the Comptroller of the Currency
The Office of the Comptroller of the Currency (OCC) published its schedule of Community Reinvestment Act (CRA) evaluations to be conducted in the third quarter and fourth quarter 2021.
The FDIC, the Board of Governors of the Federal Reserve System, and the OCC published final regulatory reporting changes in the Federal Register applicable to the three versions of the Call Report (FFIEC 031, FFIEC 041, and FFIEC 051).
Mortgage Professional America--David Kitai
The Homes for Every Local Protector, Educator, and Responder (HELPER) Act was introduced to Congress this week and could allow for federally funded affordable mortgage opportunities similar to VA loans open to firefighters, police and teachers.
"ACES has made my life so much easier from a QC perspective. It's life-changing"
- Kelly Cooper Spencer, QC & Business Intelligence Data Manager at Thrive Mortgage
The Federal Reserve System (Board) issued an interim final rule to extend the exception of certain loans that are guaranteed under the Small Business Administration's Paycheck Protection Program from the requirements of the Federal Reserve Act and the associated provisions of the Board's Regulation O through March 31, 2022.
Mortgage Bankers Association – Mike Sorohan
The Mortgage Bankers Association sent a letter to the House leadership, asking for support of the bill expanding appraisers practices.
M Report – Eric C. Peck
Two U.S. Senators Securing and Enabling Commerce Using Remote and Electronic (SECURE) Notarization Act, bipartisan legislation to permit immediate national use of Remote Online Notarizations (RONs).
The CFPB issued additional TRID Rule Frequently Asked Questions (FAQs) addressing housing assistance loans, and how the BUILD Act impacts the TRID Rule requirements for certain housing assistance loans.
