On September 18, the Supreme Court of Nevada held that Nevada law gives a homeowners’ association (“HOA”) a super-priority lien on an individual homeowner’s property for up to nine months of unpaid HOA dues.
Federal regulators issued the final Risk Retention Rule as required by the Dodd-Frank Act.
NRMLA submitted comments last week to the Department of Housing and Urban Development supporting the Federal Housing Administration’s proposed Loan Quality Assurance Methodology.
The Consumer Financial Protection Bureau updated its reverse mortgage consumer guide to include information on initial disbursement limit restrictions and non-borrowing spouse protections.
In response to member inquiries, NRMLA’s General Counsel has prepared a short memorandum that summarizes and explains current applicable rules affecting the ordering and provisions of appraisals.
HUD issued new guidelines to protect non-borrowing spouses by allowing them to continue living in their homes after the mortgagor passes away, but only for new case numbers on or after August 4.
The CFPB announced it was taking preliminary steps to expand the types of loan data that financial institutions must report under the Home Mortgage Disclosure Act.
The Consumer Financial Protection Bureau, on January 10, published revised examination guidelines for Mortgage Originators and Servicers.
The CFPB has published a regulatory notice, effective January 1, 2014, that clarifies the definition of “amount of credit extended” for purposes of calculating loan originator compensation.
NRMLA, with input from the Risk and Compliance Committee, submitted a letter to FHA that offers suggestions on improving the agency’s Quality Assurance Process.