NEW FEDERAL REGISTRY RESOURCE CENTER OPENS
Category: MLO Registration, Mortgage Loan Originator, SAFE Act
On April 2, 2012 the Nationwide Mortgage Licensing System & Registry opened a new Federal Registry Resource Center. Everything needed for Federal Registration is available in the new center, including all Quick Guides, instructions and reference materials that pertain to Federal Registration. The new Center is available at: https://fedregistry.nationwidelicensingsystem.org/Pages/default.aspx
CFPB GUIDANCE ON LOAN ORIGINATOR COMPENSATION
Category: CFPB, Dodd-Frank Act, Financial Reform, Regulation Z, Truth in Lending, Uncategorized
Better late than never! Yesterday the Consumer Financial Protection Bureau provided long-awaited guidance (CFPB Bulletin 2012-02) on the Regulation Z Loan Originator Compensation rules that were effective in April 2011. The Compensation Rules provide that no loan originator may receive (and no person may pay to a loan originator), directly or indirectly, compensation that is based on any terms or conditions of a mortgage transaction. The Commentary to the Regulation clarifies that compensation includes salaries,
On February 27, 2012 the Department of Housing and Urban Development (HUD) charged Bank of America (BOA) with discriminating against disabled homebuyers. The Fair Housing Act makes it illegal to discriminate in the terms and conditions of a loan to an individual based on a disability, including imposing different application or qualification criteria, and also makes it illegal to inquire about the nature or severity of a disability except in limited circumstances. “Holding homebuyers with
TIL/RESPA POSSIBILITIES
Category: CFPB, Dodd-Frank Act, Regulation Z, RESPA, Truth in Lending
While the Consumer Financial Protection Bureau (CFPB) has been developing and testing the combined TIL/RESPA forms a number of issues have come to their attention. Following are a few items in their crosshairs: Many lenders and mortgage brokers provide consumers with preliminary estimates of loan terms and settlement costs that are not mandated by TILA or RESPA. The CFPB is considering whether to require that these preliminary estimates carry a disclaimer that tells the consumer
Recently the Consumer Financial Protection Bureau (CFPB) launched the Regulation Streamlining Feedback Web Tool. This tool allows you to give input on ways to streamline the regulations the CFPB inherited under the Dodd-Frank Wall Street Reform and Consumer Protection Act. The CFPB wants to know what parts of these regulations should receive the highest priority for updating, modifying, or eliminating. The Regulation Streamlining Feedback Web Tool enables you to submit comments and suggestions on one
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.