Fair Lending – Is it still “hot”?

Posted by jholzknecht on  June 29, 2010
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Regrettably, the most overt forms of discrimination persist; those incidents that we should read about in history books still manage to find their way onto the front pages of our newspapers. We still see cross-burnings across the nation’s heartland. We still see hate-fueled violence carried out in our biggest cities and in our smallest towns. We just recently read of a justice of the peace in Louisiana who saw it as his prerogative to refuse

New Uniform Residential Mortgage Loan Application

Posted by jholzknecht on  June 28, 2010
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Fannie Mae has developed a new Uniform Residential Loan Application form (Fannie Mae Form 1003 – revised 6/09). Use of the new form is required for applications taken on or after July 1, 2010. Among other changes the new form now includes the Loan Originator Identifier and the Loan Origination Company Identifier. Banks should use the new form, but these two new fields of information are not required by banks at the present time. (See

Mortgage Loan Originator Registration Requirements

Posted by jholzknecht on  June 28, 2010
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The Secure and Fair Enforcement for Mortgage Licensing Act of 2008 (S.A.F.E. Act) became law on July 30, 2008. It requires the licensing of all non-bank mortgage loan originators (MLOs). It also requires a national registry of all MLOs (both bank and non-bank). The licensing and registration of non-bank MLOs has been unfolding during the past two years. Registration of bank MLOs is still in flux. STATUS What is the status of the requirement for

Financial Reform

Posted by jholzknecht on  June 27, 2010
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Category: Lending Compliance
In the early morning hours on Friday June 25th a congressional panel reached agreement on a sweeping overhaul of the financial system. The agreement now must go to the full Senate and House of Representatives for final votes and is expected to be on President Obama’s desk for signing by July 4th. Major compliance issues include:  A new financial regulator, but only for institutions with assets exceeding $10 billion.  A restriction that prohibits

Flood Insurance

Posted by jholzknecht on  June 23, 2010
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Category: Flood Insurance
Horrendous floods recently ravaged Nashville, Tennessee. I am spending the day explaining the details of the National Flood Insurance Act and related laws and regulations to a group of Tennessee bankers.
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