SUCCESS STORY
Category: Uncategorized
I got a call from one of my Compliance Master Group (CMG) members yesterday. I hear from her occasionally. She was confirming that she had reached the correct conclusion on an issue that she had researched. It hasn’t always worked that way. Years ago she called very frequently with basic questions; she didn’t have a clue where to find the answers. After we discussed her issue yesterday she shared with me that they had just
The Protecting Tenants at Foreclosure Act of 2009 (PTFA) was enacted on May 20, 2009. The major provision of the PTFA was to ensure protection from eviction for tenants living in foreclosed property. The PTFA was set to expire on December 31, 2012; however, the Dodd-Frank Act extended the protections through December 31, 2014. Congress did not act to extend the protections beyond 2014 and, as a result, the PTFA expired on December 31, 2014.
PENDING LENDING ISSUES
Category: CFPB, FDIC, Federal Reserve Board, Flood Insurance, Lending Compliance, OCC, Regulation Z
Can we see the light at the end of the tunnel? Maybe faintly. Truth-in-Lending/RESPA Integrated Disclosures (TRID) – The biggest pending issue is the TRID rules that are effective August 1, 2015. Some vendors have delivered updates to loan origination software for testing. Policies, procedures, and training need to be completed. But it is appears likely that most lending institutions will complete all required tasks by the deadline. Some, like the banker I talked to
2015 HMDA ISSUES
Category: FFIEC, HMDA, Regulation C
The January 2015 issue of the FFIEC’s CRA/HMDA Reporter has several good reminders about HMDA issues. The lead article, HOEPA Changes and New Edit Changes, focuses on changes to Regulation Z (HOEPA) rules that were effective in January 2014 and impacted the 2014 HMDA data just submitted by your bank. The changes lowered the rate spread threshold of HOEPA eligible loans, and expanded coverage to certain home purchase mortgage products. The Reporter is available by
As we originally reported in Spring 2014 the Supreme Court of the United States (SCOTUS) granted review in the case of Jesinoski v. Countrywide Home Loans. In the case, argued on November 4, 2014, and decided January 13, 2015, SCOTUS reversed and remanded the decision of the Eighth Circuit Court of Appeals. In a unanimous opinion delivered by Justice Scalia, the court held that a “borrower exercising his right to rescind under the Act need only provide written
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The ever-changing laws, regulations, proposals, deadlines, and guidance are a lot for anyone to manage and keep up with so let us do the work for you. Our blog is designed to help compliance professionals by releasing updates as soon as the news breaks. Our Compliance Resource team is researching, following, and monitoring government agencies and regulators to give you all the latest and greatest compliance news. Our goal is to work harder so you don’t have to.