Availability of Appraisers

Earlier this month, the banking brotherhood, including the NCUA, released an Interagency Advisory or the Availability of Appraisers. Title XI of the Financial Institutions Reform, Recovery, and Enforcement Act (FIRREA) requires NCUA to establish appraisal standards for all federally related transactions. Part 722 of NCUA’s regulations provides these standards. Generally, the rules require the appraisal to be performed by a … Read More

Oregon – Semi-Annual Escrow Rate Adjustment

ORS 86.245 requires that Oregon State lenders who require security protection in connection with a real estate loan to pay interest on funds in an escrow account of at least the discount rate.  The rate is adjusted semi-annually, and calculated on May 15 and November 15, and covers the following six-month period.  The discount rate is calculated by the most … Read More

Proposed Amendments to Regulation C – HMDA

On April 13, the CFPB issued proposed amendments to the HMDA (Regulation C) Rule.  The CFPB describes the changes as being non-substantive in nature, and notes that the proposal is meant to provide “clarifications, technical corrections, or minor changes.” Included in the proposal are revised definitions along with related commentary: Automated Underwriting System:  The proposal would clarify that a system … Read More

Proposed changes to Regulation B to match Regulation C

The CFPB has issued a proposal to provide flexibility for lenders around the collection of applicants’ demographic data under the Home Mortgage Disclosure Act (Regulation C) and the Equal Credit Opportunity Act (Regulation B). Currently, under Reg B, creditors are prohibited from requesting information about consumers’ race or ethnicity, except to the extent required to monitor compliance with ECOA or … Read More

NCUA 17-RA-01

The NCUA issued its first 2017 Regulatory Alert to credit unions regarding the recent amendments to the Mortgage Servicing Rule, the CFPB’s FDCPA interpretive rule regarding safe harbors from FDCPA liability. The recent amendments to the Mortgage Servicing Rule clarify (i) Regulation X (RESPA) provisions regarding force-placed insurance notices, mortgage servicing policies and procedures, early intervention, and loss mitigation requirements, … Read More

HMDA Technology Review

The CFPB published updated HMDA resource information including Technology Preview, Filing Instructions Guide for 2018 Data Collection and FAQs.  It is reprinted below for convenience – Introduction For HMDA data collected in or after 2017, a web-based data submission and edit-check system (the HMDA Platform) is being created to process Home Mortgage Disclosure Act (HMDA) data. It is expected that … Read More

Foreclosure Fairness Act – 2017 Requirements

It’s that time again… Homeowners that the credit union has provided a Notice of Default to, and lived in their home when the foreclosure processes started, are eligible to participate in Washington State’s Foreclosure Fairness Act Mediation Program, unless the credit union has conducted less than 50 foreclosure sales during the previous year, and claimed their exemption status to the Department … Read More

NCUA Letter 16-CU-11 Member Business Loans Guidance

NCUA released guidance on the new member business lending (MBL) rules, which go into effect in January.  The guidance is incorporated into the NCUA’s new online Examiner’s Guide. Letter to credit unions 16-CU-11 states “Guidance that elaborates on the principles of sound commercial lending reflected in revised Part 723, along with those addressing the statutory cap on member business loans, … Read More

Rural or Underserved Counties

The CFPB has published a list of counties that it determined to be “rural” or “rural or underserved” during 2016 for purposes of applying certain regulatory provisions related to mortgage loans during 2017. Mortgage rules that refer to these lists are: Escrow requirements under TILA/Regulation Z Ability to repay and qualified mortgage standards under TILA/Regulation Z High-cost mortgage and homeownership … Read More

2017 HMDA Data Submission Changes

The CFPB has posted information on changes to the submission process listed in the Filing Instructions Guide for HMDA data collected in 2017. Beginning with the HMDA data collected in 2017, filers will submit their HMDA data to the CFPB using a web interface referred to as the HMDA Platform. HMDA filers will interact directly with the HMDA Platform to file their HMDA data. … Read More