On the heels of the Fall 2016 semi-annual agenda, the CFPB’s Director of Fair Lending announced the areas the department will be focused on in the upcoming New Year. Three areas of interest for this department of the Bureau in 2017 will be: Redlining – the Bureau will continue to evaluate whether lenders have intentionally avoided lending in minority neighborhoods. Mortgage and Student Loan Servicing – the CFPB will determine whether borrowers who are behind […]
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THRESHOLDS RELEASED FOR 2017
On November 23rd, the Federal Housing Finance Agency (FHFA) announced the increase of the maximum conforming loan limits for mortgages acquired by Fannie Mae and Freddie Mac in 2017. This is the first baseline loan limit increase since 2006. The 2017 loan limit for one-unit properties will be $424,100 up from $417,000. How does this new loan limit impact your financial institution? The first lien thresholds established for Higher Priced Mortgage Loans (HPML’s) are based […]
SUNNY SAN DIEGO IN THE REARVIEW
I have been told many times throughout my adult life that the West Coast has a relaxed and stress-free atmosphere; this week I was able to judge for myself and couldn’t agree more. While it is difficult to believe attending the ABA Regulatory Compliance Conference could be relaxing, it truly was just that for me. From the beautiful cool weather and serene ocean to the harbor views and delicious restaurants, San Diego rolled out the […]
MANAGING OPERATIONAL PITFALLS OF OVERDRAFTS
A fantastic break-out session at the ABA RCC addressed current regulatory expectations, best practices, and an update of the timing of the anticipated rule making regarding discretionary overdraft practices. The presenters included Cara Thompson, SVP and Chief Compliance Officer – Columbia State Bank, Jonathan Thessin, Senior Counsel II – Center for Regulatory Compliance and ABA, Maria Mayshura, First Vice President and Internal Auditor – Ocean City Home Bank, and Sandra Chapman, CRCM, EVP and Compliance […]
LIABILITY AFTER FORECLOSURE – THE SEQUEL
Last fall, we published a blog article that reviewed the intricacies of the “Liability after Foreclosure” disclosure. Here we provide a quick update and add some valuable new information. As a refresher, the following disclosure appears in the Loan Estimate but only when the transaction is defined as a refinance: Liability after Foreclosure Taking this loan could end any state law protection you may currently have against liability for unpaid debt if your lender forecloses […]