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Compliance

Multiple Agencies Agree to Potential Basel Changes

Handshake Credit: Digital Vision

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

Black Gavel Pic/Credit: Brand X Pictures

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

The FHFA Proposes Rule To Revise Existing Bank Membership Regulation

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The Federal Housing Finance Agency (FHFA) proposed a rule that would revise the requirements for financial institutions to apply for and retain membership in one of the 12 Federal Home Loan Banks. The proposed rule would revise FHFA’s existing bank membership regulation to ensure that members maintain a commitment to housing finance and that only eligible entities can gain access to Bank advances and the benefits of membership. Click to continue

FHFA Sets Goals For GSE's Next Few Years

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The Federal Housing Finance Agency (FHFA) proposed a rule that would establish housing goals for Fannie Mae and Freddie Mac (the Enterprises) for 2015 through 2017. FHFA is requesting comment on all aspects of the proposed rule. The Housing and Economic Recovery Act of 2008 requires FHFA to establish annual housing goals for both Enterprises, and FHFA’s current housing goals rule is effective through the end of 2014.Click to continue

Credit Reports: RMCR versus Tri-Merge

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Question: Upon reviewing and updating our Post-Closing Quality Control Plan, we noticed that it says we must obtain Residential Mortgage Credit Reports (RMCRs) when auditing our files. Is this correct or can we use Tri-Merge Credit Reports?

Answer
Yes, you may obtain Tri-merge Credit Reports instead of RMCRs as part of your Post-Closing Quality Control Program. The following are the requirements per HUD, Freddie Mac, Fannie Mae and VA.Click to continue

Secure Settlements Vetting Program Embraced by Closeline Settlements

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Secure Settlements, Inc. (SSI) announced that it has completed the vetting of the respected national title company Closeline Settlements (Closeline) of Rockville, Maryland. The company approached SSI to submit their ownership and key staff to the SSI vetting process voluntarily, without a lender requirement, because they viewed the vetting standard as a supplement to best practices and a credential to help grow their businesses.Click to continue