It’s that time of year again…the National Multistate Licensing System and Registry’s (NMLS) 2019 renewal period begins November 1 and continues through December 31. All Mortgage Loan Originators (MLO), as defined in Regulation G, 12 C.F.R. 1007, who are registered with the Registry are required to complete the annual registration renewal. One exception to the renewal requirement is for MLOs who completed their initial registration with the Registry less than 6 months prior to the end
FINAL HMDA REVISIONS PUBLISHED
Category: CFPB, EGRRCPA, HMDA, Lending Compliance, Regulation C
On October 10 the Consumer Financial Protection Bureau (CFPB) published a rule that completes portions of the proposed rule, issued last May, to revise the Regulation C coverage thresholds and complete partial Economic Growth, Regulatory Relief and Consumer Protection Act (EGRRCPA) exemptions.. The good news is the final rule: Extends for another two years, until January 1, 2022, the current temporary coverage threshold of 500 open-end lines of credit. For data collection years 2020 and
EFFECTIVE DATE FOR $400,000 RESIDENTIAL APPRAISAL THRESHOLD
Category: Appraisals, FDIC, Federal Reserve Board, OCC
The previously announced $400,000 residential appraisal threshold is effective today (October 9, 2019) following publication of the final rule in yesterday’s Federal Register.
TRID AND THE END OF DAYLIGHT SAVING TIME
Category: CFPB, Integrated Disclosures, Lending Compliance, Regulation Z, TRID, Truth in Lending
Daylight Saving Time (DT) ends on November 3, 2019 at 2:00 a.m. What does DT have to do with TRID? The TRID rules under Regulation Z require creditors to disclose the time zone applicable to its location when disclosing the date and time the interest rate lock and estimate of closing costs will expire on the loan estimate. As a result, financial institutions located in areas that observe DT need to remember to change the
FINCEN UPDATES CTR FILING INSTRUCTIONS
Category: BSA
The Financial Crimes Enforcement Network (FinCEN) updated the Currency Transaction Reporting (CTR) Electronic Filing Instructions, FinCEN XML Schema 2.0 User Guide, on October 1, 2019. The version 1.4 update to the instructions includes technical corrections, changes how reporters should complete Part I of the CTR when multiple Item 2 roles apply to the person identified in Part I, and clarify when to complete Item 3 for multiple transactions involving multiple Part I sections with different
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.