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Compliance

ICBA Petitions for Relief of Quarterly Reporting Requirements

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The Independent Community Bankers of America (ICBA) has delivered to federal banking regulators a petition with nearly 15,000 signatures, representing nearly 40 percent of the nation’s community banks, calling for relief from increasingly onerous quarterly reporting requirements.Click to continue

Founder of Pennsylvania Mortgage Brokerage Pleads Guilty to Wire and Bank Fraud

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The founder of a Pennsylvania mortgage brokerage firm pleaded guilty in federal court to a charge of conspiracy to commit wire fraud and bank fraud, United States Attorney David J. Hickton has announced. Richard Stromberg of Bethel Park, Pa. pleaded guilty before Senior U.S. District Judge Donetta Ambrose.Click to continue

United Guaranty Introduces New Rescission Relief Option

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United Guaranty has introduced SecureCert, a suite of five options that allow lenders to choose the maximum rescission relief available in the mortgage insurance (MI) industry—at no added cost. The Federal Housing Finance Agency (FHFA) is requiring all mortgage insurers to adopt new master policies, effective Oct.Click to continue

Multiple Agencies Agree to Potential Basel Changes

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The Federal Reserve Board, the Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency (OCC) have adopted a final rule modifying the definition of the denominator of the supplementary leverage ratio in a manner consistent with recent changes agreed to by the Basel Committee on Banking Supervision. The revisions to the supplementary leverage ratio apply to all banking organizations subject to the advanced approaches risk-based capital rule.Click to continue

TILA Versus TILA: Rescission by Notice or Lawsuit

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Here’s something to ponder ... "Whether the Truth-in-Lending Act (TILA) entitles homeowners to rescind their mortgage commitment by notifying the lender in writing within the period specified by the statute, or whether the homeowner must file a lawsuit to make the rescission effective.”

The foregoing ponderable—ably condensed into a single contemplation by the American Civil Liberties Union (ACLU) in announcing its amicus brief—is expected to be adjudicated by the U.S. Supreme Court in its next term. The ACLU’s amicus brief is in favor of written notification.Click to continue

NTC Reaches Major Milestone for E-Submitting

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Nationwide Title Clearing, Inc. (NTC) has reported that the company had hit an important milestone in its quest to help mortgage loan servicers handle more business electronically by sending 60 percent of its volume to County Recorders in electronic form.Click to continue

Transferring a Loan Officer's Pipeline

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Question: Our company (“Company B”) offered a loan officer a position in our company. He had worked for a competitor (“Company A”). The loan officer has loans in his pipeline at this former employer and wants to bring them to our company. While he is licensed in the states where the loans in the pipeline were originated, it takes several days to transfer the loan officer’s status in the NMLSR to a new sponsored entity.Click to continue

ICBA: Review of Bank Regulations Must Have Substantial Impact

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The Independent Community Bankers of America (ICBA) has called on federal banking agencies to ensure their mandatory review of existing regulations has a substantive impact in alleviating the excessive regulatory burdens that affect community banks andClick to continue