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Fannie Mae released Tuesday, August 23rd, the publication of the redesigned Uniform Residential Loan Application (URLA) – Fannie Mae Form 1003.  The newly redesigned URLA is a 7-page interactive pdf document that contains drop-down menus as well as totals for the calculation of certain sections.   In addition, the following components are included: borrower information, additional borrower, unmarried addendum, lender loan information, and a continuation sheet.  Instructions are included to assist in the completion of the

On July 19, 2016, FinCEN issued FIN-2016-G003 with the following subject line: Frequently Asked Questions Regarding Customer Due Diligence Requirements for Financial Institutions (“FAQ”) FinCEN’s stated purpose in issuing these FAQs was to assist covered financial institutions in understanding the scope of the Customer Due Diligence (CDD) requirements for financial institutions which were published in the Federal Register on May 11, 2016 and which become fully effective on May 11, 2018.  The May, 2016 CDD

On August 2, 2016 the Federal Reserve Board, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency provided information on how the financial institutions may begin to submit self-assessments of their diversity policies and practices as of year-end 2015, and issued Frequently Asked Questions (FAQs) about the process. Financial institutions are strongly encouraged to disclose on their websites their diversity policies and practices, as well as information related to their

On August 4, 2016 the Consumer Financial Protection Bureau (CFPB) published revisions to rules for servicers that went into effect on January 10, 2014. The CFPB issued proposed amendments to those rules in November 2014, and the final rule adopts many of the proposed provisions. This final rule clarifies, revises, or amends provisions regarding: Force-placed insurance notices, policies and procedures, early intervention, and loss mitigation requirements under Regulation X’s servicing provisions; Prompt crediting and periodic

On July 29, 2016 the U.S. Department of Housing and Urban Development (HUD) announced that it has reached a Conciliation Agreement with Philadelphia-based Citizens Bank of Pennsylvania and Providence, Rhode Island-based Citizens Bank, collectively known as Citizens Bank, settling allegations that the bank violated the Fair Housing Act when it told a female applicant that she would need to return to work before her application for a home equity line of credit could be approved.