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Dodd-Frank Act

Regulators Target AMCs With Joint Proposed Rule

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A new regulation is slated to be implemented on appraisal management companies (AMCs) would be subject if, in a given year, it oversees an appraiser panel of more than 15 state-certified or state-licensed appraisers in a state, or 25 or more state-certified or state-licensed appraisers in two or more states.Click to continue

The Enforcement Powers of the Consumer Financial Protection Bureau

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For several months, the Consumer Financial Protection Bureau (CFPB or “Bureau”) has implemented a spate of enforcement actions against banks and non-banks. My interest in this article is neither to re-litigate those cases nor single out any particular financial institution for further scrutiny. Sometimes we must learn our lessons at somebody else’s expense, rather than to castigate another for unseemly conduct. None of us, however, is absolved of the responsibilities, the violations of which could lead to enforcement actions against us or the financial institution where we are employed.Click to continue

Combining Valuation Technology With Data Analytics Takes Appraisals to New Heights

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Most lenders understand that having a sound collateral risk program is essential component of sound credit administration and is mandated by the Dodd-Frank Act. However, there are many aspects that may be overlooked in the actual implementation. For example, reviewing appraisals and evaluations thoroughly before engaging in a loan transaction is critical exercise. This process ensures the value conclusion is reliable and enables informed credit decisions, minimal credit risk, and compliance to supervisory requirements.Click to continue

MBA's Mortgage Action Alliance: MAA Members Carry the Torch on State Advocacy

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The real estate finance industry is in the midst of an exceptionally busy time considering the breadth of legislative activity in our realm this year. As we continue to implement and adjust to the regulations mandated by the Dodd-Frank Act, Congress has also started to debate government-sponsored enterprise (GSE) reform, and earlier this month, the Senate Banking Committee finished the mark-up of a bill that would reauthorize Terrorism Risk Insurance.Click to continue

AllRegs Launches Consumer Complaint Policy Manual

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The Dodd-Frank Act provides authority to the Consumer Financial Protection Bureau (CFPB) to prevent financial harm to consumers. One of the CFPB’s strategies to accomplish this goal is to handle complaints and inquiries regarding challenges that consumers face in the financial marketplace, including mortgage products and services. The CFPB monitors and shares the complaint data it collects with other regulators for investigation and enforcement of consumer protection laws.Click to continue

HAMP Hacker Pleads Guilty to Misusing Fannie Mae Site

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The Office of the Special Inspector General for the Troubled Asset Relief Program (SIGTARP) has announced that Sathish Kumar Chandhun Rajendran of Sterling, Va., has pled guilty to engaging in unauthorized access to government servers that hosted a Fannie Mae Web site used to support federal mortgage loan modification programs, including the Home Affordable Modification Program (HAMP). The plea was entered before U.S. District Judge T.S. Ellis III, in federal court in Alexandria, Va.Click to continue

NMP's Mortgage Professional of the Month: Vladimir Bien-Aime, President and CEO of Global DMS

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National Mortgage Professional Magazine recently had the chance to speak with president and chief executive officer of Global DMS, Vladimir Bien-Aime. Vlad, as he is known to his friends and those who work with him, has built Global DMS into one of the leading appraisal management technology firms in the mortgage industry. Global DMS provides appraisal valuation management solutions to numerous lenders, appraisal management companies (AMCs) and other entities involved in the valuation process.Click to continue

Are Third-Party-Paid Fees Included in High-Cost Determinations?

More than a month after the January 2014 implementation date of the Dodd-Frank Act’s rules, many in the industry still have questions about how fees and charges paid by a third-party (a third-party is a party other than the lender and the borrower), including the seller, should be treated for the purposes of calculating Section 32 and Qualified Mortgage (QM) total points and fees.Click to continue