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 […]
Tag: Lending Compliance
FINAL HMDA REVISIONS PUBLISHED
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
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
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 […]
PAYDAY LOAN RULES APPLY TO YOU – ARE YOU READY?
The Payday, Vehicle Title, and Certain High-Cost Installment Loans (Payday Loan) Rule has been unfolding for years. Parts of the rule officially took effect on August 19, 2019; the Consumer Financial Protection Bureau (CFPB) has delayed the underwriting rules until November 19, 2020, and has further proposed eliminating those rules altogether. The August 19 date has been temporarily postponed by a court order. Some lenders need to build a comprehensive compliance management system (CMS) to […]