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| Federal Agencies Issue Guidance on Junior Lien Loan Loss Allowances – January 31, 2012 | | | Published : 02/01/2012 | The Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the National Credit Union Administration, and the Office of the Comptroller of the Currency (collectively the “agencies”) issued the attached supervisory guidance on allowance for loan and lease losses (ALLL) estimation practices associated with loans and lines of credit secured by junior liens on one- to four-family residential properties. | | Full Article and Downloads | | | | |
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| New Payoff Statement Rules Adopted by Texas Finance Commission | | | Published : 12/30/2011 | 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: | | Full Article and Downloads | | | | |
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| Bureau of Consumer Financial Protection Issues New Regulations | | | Published : 12/30/2011 | 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: | | Full Article and Downloads | | | | |
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| FHA Extends Wavier of Property Flipping Rule in 24 CFR 203.37a(b)(2) | | | Published : 12/28/2011 | 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. | | Full Article and Downloads | | | | |
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| Bureau of Consumer Financial Protection Issues New Regulations | | | Published : 12/19/2011 | 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: | | Full Article and Downloads | | | | |
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| Residential Mortgage Loan Originator Licensing and Regulation Rules | | | Published : 11/25/2011 | In the November 4, 2011 issue of the Texas Register (Vol. 36, No. 44), the Finance Commission of Texas (the Commission) published changes to the rules in the Texas Administrative Code (TAC) concerning Texas Residential Mortgage Loan Originator Regulations (7 TAC Chapter 80) and Mortgage Banker Registration and Residential Mortgage Loan Officer Licensing (7 TAC Chapter 81). The Commission made these changes in order to (i) implement the provisions of Senate Bill 1124 passed by the 2011 Texas legislative session (see our November 15, 2011 legislative update), (ii) conform the rules to the current practices of the Texas Department of Savings and Mortgage Lending (the Department), (iii) reconcile language in the rules to statutory language, and (iv) add clarification where needed. These administrative rules changes are effective as of November 13, 2011. | | Full Article and Downloads | | | | |
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| 2011 Legislative Update – Senate Bill 1124 (Residential Mortgage Loan Originator Licensing and Regulation) Effective September 1, 2011 | | | Published : 11/15/2011 | This legislative update for the 2011 legislative session of the Texas Legislature summarizes Senate Bill 1124, which amends Chapters 156 (Mortgage Brokers), 157 (Registration of Mortgage Bankers), and 180 (Texas SAFE Act) of the Texas Finance Code. The federal Secure and Fair Enforcement for Mortgage Licensing Act of 2008 (Federal SAFE Act) required all states to enact a system for licensing and registering loan originators that meets its the requirements. To be in compliance with the Federal SAFE Act the Texas Legislature, in the 2009 legislative session, enacted Chapter 180 and amended Chapters 156 and 157. A number of provisions in Chapters 156, 157, and 180, however, still need to be reconciled due to the differences in definitions, powers and terminology that exist in these Chapters. Senate Bill 1124 reconciles these differences, harmonizes the text, where applicable, and conforms the terminology of these Chapters to that used in the Federal SAFE Act. In addition, Senate Bill 1124 makes other amendments to these Chapters. | | Full Article and Downloads | | | | |
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| Mortgage Servicer Enforcement Action by Federal Reserve Board | | | Published : 11/04/2011 | The Federal Reserve Board published the following press release yesterday regarding potential mortgage foreclosure irregularities by four mortgage servicers:
The Federal Reserve Board on Tuesday announced that borrowers who believe they were financially harmed during the mortgage foreclosure process by four institutions in 2009 and 2010 can now request an independent review and potentially receive compensation.
Four large mortgage servicers supervised by the Board [names deleted] are required to conduct this program as part of their compliance with enforcement actions issued by the Board in April 2011. Under these actions, servicers are required to compensate borrowers for financial injury resulting from deficiencies in their foreclosure processes. A number of servicers supervised by the Office of the Comptroller of the Currency must also conduct the program.
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