On July 5, 2018 both the Office of the Comptroller of the Currency (OCC Bulletin 2018-19) and the Consumer Financial Protection Bureau issued statements regarding the Economic Growth, Regulatory Relief, and Consumer Protection Act (EGRRCPA) amendments to the Home Mortgage Disclosure Act (HMDA). The President signed the EGRRCPA on May 24, 2018. Section 104 of the law amends HMDA. The EGRRCPA provides exemptions from certain HMDA requirements for insured depository institutions, with satisfactory or outstanding […]
Category: EGRRCPA
RESTORATION OF PTAFA
On June 21 the Federal Reserve Board published a Consumer Affairs Letter entitled Restoration of the Protecting Tenants at Foreclosure Act (CA-18-4), which is a reminder that the Protecting Tenants at Foreclosure Act (PTAFA), which had expired on December 31, 2014, has been restored by the Economic Growth, Regulatory Relief and Consumer Protection Act (EGRRCPA). Section 304 of EGRRCPA, which was signed into law on May 24, 2018, restores PTAFA effective on June 23, 2018. […]
EGRRCPA APPRAISAL RELIEF
Section 103 of the Economic Growth, Regulatory Relief and Consumer Protection Act, which was signed on May 24, 2018, provides limited relief from appraisal requirements for certain loans. An appraisal in connection with a federally related transaction involving real property or an interest in real property is not required if: * the real property or interest in real property is located in a rural area; * not later than 3 days after the date on […]