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| New Payoff Statement Rules Adopted by Texas Finance Commission - Published : 12/30/2011 |
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In the December 30, 2011 issue of the Texas Register (Vol. 36, No. 52) the Finance Commission of Texas (“Commission”) adopts the following Payoff Statement Rules (new 7 TAC Chapter 155) pursuant to the requirements of Section 343.106, Texas Finance Code, enacted by House Bill 558 in the 2011 regular session of the Texas Legislature (see our prior memorandums on House Bill 558 and the Commission’s proposed payoff statement rules dated August 15, 2011, and November 4, 2011, respectively). The Rules are effective January 8, 2012, except as noted on page 2 hereof:
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| Bureau of Consumer Financial Protection Issues New Regulations - Published : 12/30/2011 |
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In our December 16, 2011, memorandum we advised you that the Bureau of Consumer Financial Protection (CFPB) had begun the process of republishing the regulations implementing the consumer financial protection laws for which Title X of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) had transferred rulemaking authority to the CFPB from seven Federal agencies (i.e., FRB, FDIC, FTC, NCUA, OCC, OTS, and HUD) as of July 21, 2011. The CFPB is continuing this process of republishing the regulations implementing those laws by publishing in the Federal Register (Vol. 76, Issues 243, 244, 245, 246, 248 and 250) the following additional interim final regulations, effective December 30, 2011:
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| FHA Extends Wavier of Property Flipping Rule in 24 CFR 203.37a(b)(2) - Published : 12/28/2011 |
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In today’s issue of the Federal Register (Vol. 76, No. 249, Pages 81363 - 81365) the Federal Housing Administration (FHA) published notice that it is extending the waiver of the FHA Regulation prohibiting property flipping in connection with FHA insured loans until December 31, 2012. The notice Summary (redacted for brevity) is republished below:
This notice announces that FHA is extending the availability of the temporary waiver of its regulation that prohibits the use of FHA financing to purchase single family properties that are being resold within 90 days of the previous acquisition, until December 31, 2012. This waiver, which was first issued in January 2010, took effect for all sales contracts executed on or after February 1, 2010, and was extended in February 2011. The waiver is set to expire on December 31, 2011, and therefore HUD is extending the waiver for another calendar year. Prior to the waiver, a mortgage was not eligible for FHA insurance if the contract of sale for the purchase of the property that is the subject of the mortgage is executed within 90 days of the prior acquisition by the seller and the seller does not come under any of the exemptions to this 90-day period that are specified in the regulation. The waiver is applicable to all single family properties being resold within the 90-day period after prior acquisition. Additionally, the waiver is subject to certain conditions, and eligible mortgages must meet these conditions to take advantage of the waiver [See pages 81364 - 81365 of the Notice]. The waiver is not applicable to mortgages insured under HUD’s Home Equity Conversion Mortgage (HECM) Program.
To read the complete Notice please visit http://www.gpo.gov/fdsys/pkg/FR-2011-12-28/pdf/2011-33411.pdf.
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| Bureau of Consumer Financial Protection Issues New Regulations - Published : 12/19/2011 |
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Title X of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) transferred rulemaking authority for a number of consumer financial protection laws from seven Federal agencies (i.e., FRB, FDIC, FTC, NCUA, OCC, OTS, and HUD) to the Bureau of Consumer Financial Protection (CFPB) as of July 21, 2011. The CFPB has begun the process of republishing the regulations implementing those laws by publishing in today’s Federal Register the following interim final regulations, formerly under the authority of the FTC, effective December 30, 2011:
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