FDIC SETTLES RESPA VIOLATIONS FOR $1.35 MILLION
Category: CFPB, Regulation X, RESPA, Section 8 Violation
On November 6, the Federal Deposit Insurance Corporation (FDIC) announced a settlement with HomeStreet Bank, Seattle, Washington, for violations of Section 8(a) of the Real Estate Settlement Procedures Act (RESPA). HomeStreet stipulated to the issuance of an Order to Pay Civil Money Penalty (“Order”) in the amount of $1,350,000. The FDIC determined that HomeStreet Bank, through its now discontinued Home Loan Center-based mortgage banking business line, entered into co-marketing arrangements in which the bank and
CFPB PUBLISHES ADDITIONAL THRESHOLDS FOR REGULATIONS M AND Z
Category: CFPB, Regulation M, Regulation Z, Truth in Lending
On October 30, 2019 the CFPB published final rules in the Federal Register adjusting exemptions thresholds in Regulations Z and M for the year 2020. Comment 35(c)(2)(ii)-3.vii will be added to the Official Interpretations of § 1026.35 of Regulation Z to increase the threshold amount to $27,200 for the exemption from the special appraisal requirements for higher-priced mortgage loans. Comment 3(b)-3.xi will be added to the Official Interpretations of § 1026.3 of Regulation Z to increase the threshold amount
On October 29, 2019 the Department of Agriculture announced that it is publishing interim final rules to implement a domestic hemp production program, as mandated by the 2018 farm bill. The new program allows farmers to grow hemp in every state and on reservation land. Products that contain CBD (cannabidiol) oil, a side product of hemp, will also be more readily available. The rule outlines provisions for the Department of Agriculture (USDA) to approve plans
On October 23, 2019 the Federal Trade Commission (FTC) published a press release regarding their report to Congress entitled Protecting Older Consumers 2018-2019: A Report of the Federal Trade Commission. The 40-page report outlines the FTC’s research, law enforcement, and education efforts aimed at protecting older consumers. The report includes analysis of FTC consumer complaint data. In 2018, as in 2017, adults aged 60 and older were less likely than younger adults (aged 20 to
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
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