Every financial institution must assure that each Mortgage Loan Originator (MLO) is registered with the National Mortgage Licensing System (https://mortgage.nationwidelicensingsystem.org/fedreg/Pages/default.aspx) by July 29, 2011. For assistance in determining who is a MLO click  for the free flowchart  on Jackscomplianceresource.com.
On July 11, just ten days before its rule-writing authority transfers to the new Consumer Financial Protection Bureau, HUD published revisions to Regulation X. The revisions generally address issues already covered in the Frequently Asked Questions and the RESPA Roundup. HUD did not touch any of the really screwed up issues that continue to plague lenders around the nation. The major revisions are summarized: The lender is not permitted to charge, as a condition for
SHUFFLING CHAIRS AT THE CFPB
Category: Dodd-Frank Act
It is being widely reported that President Obama will nominate former Ohio Attorney General Richard Cordray to head the Consumer Financial Protection Bureau (CFPB). The CFPB is scheduled to officially open for business on July 21, 2011. Cordray has been serving as the CFPB’s assistant director for enforcement during its formative period. Elizabeth Warren, who has been building the agency and was slated to be nominated as its permanent head, endorsed Cordray’s nomination. Expect the
New Dodd-Frank – Credit Score Disclosure Requirements
Category: Dodd-Frank Act, ECOA, Lending Compliance
On July 6 the Federal Reserve Board approved final rules to implement the credit score disclosure requirements of the Dodd-Frank Wall Street Reform and Consumer Protection Act. If a credit score is used in setting material terms of credit or in taking adverse action, the statute requires creditors to disclose credit scores and related information to consumers in notices under the Fair Credit Reporting Act (FCRA). The final rules amend: Regulation V (Fair Credit Reporting)
NEW APPROACH FOR A BIG COMPLIANCE HEADACHE
Category: Dodd-Frank Act, Lending Compliance, Uncategorized
Everyone seems to be aware of the huge challenge presented by the Dodd-Frank Act. Thousands of pages of law will become tens of thousands of pages of regulations in the next few years. But most lenders have not yet adopted a plan for dealing with this huge issue. One solution – join a masters group. Compliance Resource, LLC, through their website, mycomplianceresource.com, has formed such a group – the Dodd-Frank Masters Group. Amy Faust, Marketing
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.