It’s that time of year again…the Nationwide Multistate Licensing System and Registry’s (NMLS) renewal period for 2021 begins November 1 and continues through December 31, 2020. All Mortgage Loan Originators (MLO), as defined in Regulation G, 12 CFR 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 six months prior […]
Category: Lending Compliance
CORONA RELIEF – ECOA VALUATION RULE
On April 29, 2020 the Consumer Financial Protection Bureau (CFPB) published a Compliance Aid dealing with the ECOA Valuation Rule. The Aid, which is in Question/Answer format, was effective upon publication. QUESTION 1: Under the Equal Credit Opportunity Act (ECOA) and its implementing Regulation B, creditors are required to provide applicants for first-lien loans on a dwelling with copies of appraisals, as well as other written valuations (collectively, “valuations”), developed in connection with the application […]
MILITARY LENDING ACT INTERPRETIVE RULE REVISED
On February 28, 2020, the Department of Defense (DOD) published and made effective amendments to its interpretive rule related to the Military Lending Act (MLA). The MLA, which has undergone numerous revisions over the past several years, provides protection to servicemembers and their dependents by limiting the military annual percentage rate (MAPR) that a creditor may charge to a maximum of 36 percent and requiring disclosures among other consumer protections. Revisions to the MLA regulations […]
TRID AND DAYLIGHT SAVING TIME
Daylight Saving Time (DT) begins on Sunday March 8, 2020 at 2:00 a.m. It ends on November 1, 2020 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 […]
WISH YOU WERE HERE!
The Compliance Resource team sends you greetings from sunny St. Petersburg, Florida! We’ve flown south to warmer temperatures to enjoy a few days of team building, meeting with our Board of Advisors to decide what we can offer you this year and beyond, and also to present a couple of important training sessions. We’re having a blast taking in the sights of beautiful St. Pete, from the stunning views, world-renowned art, and lovely beaches to […]