Mortgage Loan Originators

Private Flood Insurance Mandatory Acceptance Begins July 1, 2019In February 2019, the Board of Governors of the Federal Reserve System, the Farm Credit Administration, the Federal Deposit Insurance Corporation, the National Credit Union Administration, and the Office of the Comptroller of the Currency (the interagency regulators) issued a final rule implementing the portion of the Biggert-Waters Flood Insurance Reform Act mandating acceptance of

Arkansas Modifies Fair Mortgage Lending Act – Big Changes Will Ease Burdens on the Mortgage IndustryThe Arkansas State Legislature modified the Fair Mortgage Lending Act in February to “comply with recent developments in Federal Law and other purposes.” Federal law was recently amended to allow for Temporary Mortgage Loan Originator (MLO) Authority as defined under the Economic Growth, Regulatory Relief, and Consumer Protection Act or S.2155. The “other purposes” reason

The Ohio Division of Financial Institutions (DFI) recently provided the much-needed updates to the recent legislation that expanded the registration requirements under the Ohio Residential Ohio Mortgage Servicing UpdateMortgage Lending Act (RMLA). The bill, HB 489, was passed unanimously in December 2018 and signed by Gov. Kasich in his last days in office. The expanded RMLA will now

Oregon Regulates Home Equity Conversion Mortgage Originators and Servicers in New LawOregon’s legislature continues to add state level regulations to the Home Equity Conversion Mortgage (“HECM,” more commonly known as a reverse mortgage) marketplace. In 2015, the state imposed a series of content and presentation requirements on any “advertisement, solicitation, or communication” HECM lenders used to induce potential borrowers to apply for a HECM loan. When

CFPB Finalizes Amendments to TRID RuleThe Consumer Financial Protection Bureau (CFPB) released final amendments to its “Know Before You Owe” mortgage disclosure rule, which is also known as the TILA-RESPA Integrated Disclosure rule (TRID), on July 7, 2017. As stated in the accompanying press release issued by the CFPB, the amendments “are intended to formalize guidance in the rule, and

conference tableAs rumors circulate about the potential diminishing role of the Consumer Financial Protection Bureau (CFPB) within the new administration, one might wonder if the consumer financial lending space will become a lawless void. However, like a vigilante for justice, the state financial regulators are ready to step up and protect consumers in the financial space

ALTA Introduces New CPL Form with Major Potential Negative Implications for the Financial Services IndustryIn April, we posted about the significant protection afforded mortgage lenders and servicers as part of closing protection letters including recent judicial interpretations providing critical indemnity to lenders for “actual loss” in relation to closing instruction violations and fraud. Recently, we learned that title insurers are issuing a new version of the (Closing Protection

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Mortgage companies and other financial services entities should carefully heed messages provided by their regulatory agencies in three recently released reports. Specifically, on April 27, 2015, three working groups comprised of key representatives of various state mortgage and financial services regulatory agencies released annual reports relating to their activities. Specifically, the three working groups, the