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.
NRMLA submitted two sets of comments to federal regulators last week, one dealing with appraisals for “higher-risk mortgages” and the other with loan officer compensation.
NRMLA submitted two comment letters to the CFPB that focus on proposed changes to counseling and disclosure requirements mandated in the Dodd-Frank Act.
NRMLA submitted comments to the CFPB in response to a Federal Register notice published over the summer that asked a series of questions about real-life borrower experiences.
A congressionally-mandated study of reverse mortgages published this week by the CFPB concludes that elderly consumers are not getting enough information to help them make well-informed decisions and that better disclosures and better counseling is needed.