Recently the Federal Emergency Management Agency (FEMA) published a summary of the changes to the National Flood Insurance Program that will be effective on June 1, 2014. The changes result from the Biggert-Waters Flood Insurance Reform Act of 2012. The summary provides an excellent overview of some of the fun that is ahead of us. A copy of the notice is available here. Notice to Compliance Masters Group Members – The upcoming changes to
Effective October 1, 2013 the National Flood Insurance Program no longer allows an exception to the 30-day waiting period for policies that are required as a result of a lender determining that a loan on a building in a Special Flood Hazard Area that does not have flood insurance coverage should be protected by flood insurance. The only allowable exceptions to the 30-day waiting period are: A. The initial purchase of flood insurance coverage in
PERMISSIBLE PAYMENTS TO LOAN ORIGINATORS
Category: Lending Compliance, Regulation Z, Truth in Lending
Recently I received a question about appropriate methods of compensating loan originators. Section 1026.36(d) of Regulation Z prohibits payments to loan originators based on the terms of the transaction. Restrictions on compensation to loan originators have been in place for several years. The latest revisions to the rules are effective January 10, 2014. While there are several significant issues resolved by the January 10th revisions, the question involved a less significant part of the rules.
POINTS AND FEES – INDEX RATE FOR PERSONAL PROPERTY
Category: CFPB, Dodd-Frank Act, Financial Reform, Lending Compliance, Regulation Z, Truth in Lending
When calculating points and fees §1026.32(b)(1)(i)(E and F) allow the creditor to exclude from the calculation up to two bona fide discount points under §1026.32(b)(1)(i)(E), or up to one bona fide discount point under §1026.32(b)(1)(i)(F), paid by the consumer in connection with the transaction, if certain conditions are met. When a loan is secured by personal property, such as a mobile home, the condition is that the interest rate without any discount does not exceed
Happy New Year
Category: Uncategorized
This has been a year to remember. Unprecedented regulatory change (over 6,000 pages) have ruled the day. It appears that 2014 will also be a busy year, but we hope the pace and volume of change is more reasonable. All of us at Jack’s ComplianceResource thank you for reading Jack’s Blog this year and we look forward to serving you in 2014. We also wish a year of good health and prosperity for you and
Why we blog . . .
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.