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.
Ballard Sparh LLP--Jeremy C. Sairsingh
The Gold Star Spouses and Spouses of Injured Servicemembers Leasing Relief Expansion Act would amend SCRA to allow spouses of servicemembers killed or injured during service to terminate certain types of leases.
The federal banking agencies have issued a notice of proposed rulemaking seeking comment on the treatment of loans that solely finance the development of land for purposes of the one- to four-family residential properties exclusion in the definition of high volatility commercial real estate (HVCRE) exposure in the agencies’ regulatory capital rule.
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Housingwire-- Jessica Guerin
Bill H.R. 299 will allow VA homebuyers to obtain loans that exceed the conforming loan limit without any down payment effective 01/01/2020.
Mortgage Action Alliance--Bill Killmer
The House of Representatives passed two identical iterations of the Protecting Affordable Mortgages for Veterans Act of 2019 (H.R. 1988 and S. 1749) that removes the duplicative requirements that caused many refinances from 2018 to become ineligible for Ginnie Mae pooling.
The FDIC posted sections of its Applications Procedures Manual (manual) to its website to provide greater transparency regarding the FDIC’s internal processes.
The Federal Reserve Board, the Commodity Futures Trading Commission, the Federal Deposit Insurance Corporation, the Office of the Comptroller of the Currency, and the Securities and Exchange Commission have issued a joint final rule to exclude community banks from the Volcker Rule, consistent with the Economic Growth, Regulatory Relief, and Consumer Protection Act.
Automated compliance tests to ensure compliance on more loans in less time
Ballard Spahr LLP--the Tax Group
The IRS Final Regulations have been finalizing stating that partners have to pay self-employment tax on their partnership income even if the entity is solely owned by the partnership.
HUD has published a quarterly Federal Register notice of all regulatory waivers that HUD has approved for first quarter 2019.
insideARM--Stephanie Eidelman, CEO, insideARM
Yesterday President Trump signed into law the Taxpayer First Act of 2019 amending provisions related to income eligible for collection by private debt collectors.
The FDIC has updated several sections of the Consumer Compliance Examination Manual, including Consumer Compliance Examinations and Third Party Risk, Appeals, SOURCE Violation Codes, the Home Mortgage Disclosure Act , and the Protecting Tenants at Foreclosure Act.
"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
This bulletin describes the process for federal savings associations to elect to operate as covered savings associations as per the OCC final rule to allowing if total consolidated assets are $20 billion or less.
The Bureau has updated the small entity compliance guide that summarizes the payment-related provisions of the Payday, Vehicle Title, and Certain High-Cost Installment Loans Rule (Payday Lending Rule).
The FDIC has announced that it intends to centralize the supervision and resolution duties for the largest banks and complex financial institutions to a new division, the Division of Complex Institution Supervision and Resolution (CISR).
The Consumer Financial Protection Bureau (Bureau) is extending the comment period on its Home Mortgage Disclosure Act (HMDA) proposed rule to October 15, 2019.
