The Appraisal Institute recently announced that Pennsylvania Governor Tom Wolf signed HB 863, which will allow the state’s real estate brokers, associate brokers, and salespeople to provide Broker Price Opinions (BPO) as of August 28, 2018. That said, the new law places significant restrictions on these individuals and limits the situations under which they may perform BPOs.
Read MoreTopics: Lenders, Mortgage Companies, technology, Compliance, residential mortgage industry, Regulations, Short Sales, Credit Union
The Bureau of Consumer Financial Protection (BCFP) recently issued a statement that contains guidelines on the partial exemptions for small banks and credit unions under the Home Mortgage Disclosure Act (HDMA) rules of the amended Dodd-Frank Act.
Read MoreTopics: Lenders, Mortgage Companies, Compliance, residential mortgage industry, Regulations, Dodd-Frank Act, CFPB, Credit Union
This past June, Ohio Governor John Kasich signed Substitute House Bill 213 into law, which establishes the state’s AMC licensing and oversight program and makes minor changes to its existing appraiser licensing and certification law.
Read MoreTopics: Lenders, Appraisers, AMCs, Mortgage Companies, Compliance, residential mortgage industry, Regulations, Dodd-Frank Act, Credit Union
Washington state has officially implemented HB 2057, which is designed to combat zombie properties and streamline interactions between city governments and lending institutions to help prevent urban blight.
Read MoreTopics: servicers, Lenders, Mortgage Companies, Compliance, Regulations, Credit Union
The U.S. Senate recently confirmed Brian Montgomery as the Assistant Secretary of the U.S. Department of Housing & Urban Development (HUD) and Commissioner of the Federal Housing Administration (FHA) by a vote of 74-23.
Read MoreTopics: Lenders, Mortgage Companies, Compliance, residential mortgage industry, Regulations, Credit Union
After passing through the Senate back in March, the U.S. House of Representatives recently passed S. 2155—or the “Economic Growth, Regulatory Relief and Consumer Protection Act”—which was immediately signed into law by President Trump.
Read MoreTopics: Lenders, Mortgage Companies, Compliance, Regulations, Dodd-Frank Act, Credit Union
The CFPB recently finalized an amendment to its “Know Before You Owe” mortgage disclosure rule—commonly known as TRID—which originally took effect in October of 2015. According to the Bureau, its amendment addresses when a mortgage lender with a valid justification can pass increased closing costs on to a consumer and disclose these costs on a Closing Disclosure.
Read MoreTopics: Lenders, Mortgage Companies, Compliance, Regulations, CFPB, Credit Union
The Appraisal Subcommittee (ASC) of the Federal Financial Institutions Examination Council (FFIEC) recently announced a revised date for the opening of its National Registry of AMCs—or the “AMC Registry”—which is now set for July 16, 2018.
Read MoreTopics: Appraisers, AMCs, Compliance, Regulations
During his recent presentation of the CFPB’s semi-annual report to Congress, Acting Director Mick Mulvaney included a memo of suggested changes that he feels should be made to the federal agency. If adopted, these changes would fundamentally alter the CFPB’s mandate and structure.
Read MoreTopics: Lenders, Mortgage Companies, Compliance, Regulations, Dodd-Frank Act, proposals, CFPB, Credit Union
The FDIC has approved a final rule that will double the appraisal threshold for commercial real estate transactions, which will soon be adopted by the OCC and the Board of Governors of the Federal Reserve System.
Read MoreTopics: Lenders, AMCs, Mortgage Companies, Compliance, Regulations, Appraisal Process Management, Credit Union
Stay Connected via Email
