ADDITIONAL ANNUAL LENDING THRESHOLDS PUBLISHED
Category: CFPB, Lending Compliance, Regulation Z, Truth in Lending
On November 9 the Consumer Financial Protection Bureau published additional 2018 lending compliance thresholds as follows: The HPML Appraisal Exemption Threshold contained in 1026.35(c)(2)(ii) increased from $25,500 to $26,000; and The Regulation Z Scope Thresholds contained in 1026.3(b)(1) increased from $54,600 to $55,800. The same threshold is applicable to Regulation M. Information regarding other TILA thresholds that were published in July is available at https://mycomplianceresource.com/annual-update-to-tila-dollar-amounts/ In a few weeks the remaining thresholds will be published.
We are conducting a survey of financial institutions on the topic of, Electronic Document Delivery, to help to get to know our customer base better. We are interested in finding out what systems they are using, and how satisfied they are with those systems. Please consider taking the brief poll below. Everyone who completes the poll will receive the survey results within two weeks after the close of the survey. The survey closes on Friday,
Finally, HMDA covered financial institutions can view another piece to the never-ending puzzle of HMDA tools from the CFPB. The HMDA Platform was released today for beta testing. Starting with 2017 data collected, financial institutions are required to report HMDA data to the CFPB. The platform must be utilized by all HMDA reportable financial institutions to submit their data required by March 1, 2018. The Bureau did clarify the reason for the release was to
SET YOUR CLOCKS BACK AND CHECK YOUR TRID DISCLOSURES
Category: Lending Compliance, Regulation Z, TRID, Truth in Lending
It’s that time of year again. Daylight Saving Time, or Daylight Time (DT), ends on November 5, 2017 at 2:00 a.m. If your financial institution is in an area that observes Daylight Savings Time, ensure the time zone designation has been updated to reflect Standard Time (ST) on your TRID disclosures. Under the TRID rules in Regulation Z creditors must disclose the date and time (including the applicable time zone): When the interest rate lock
Recently the Federal Housing Finance Agency (FHFA) announced its decision to add a preferred language question to the redesigned Uniform Residential Loan Application (URLA). This question will enable borrowers who prefer to communicate in a language other than English to identify that language. It also provides clear disclosures that the mortgage transaction is likely to be conducted in English and that language resources may not be available. The addition of this question is part of
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