Mortgage Compliance Updates
Mortgage Document Updates - July 2008
July 2008 - DocuTech works hard to keep your mortgage documents up-to-date with the latest Federal and State changes and investor updates, as well as expanding our mortgage document library. Find out what mortgage document updates were made in July 2008.
More...The New HOEPA Rule - 2008
On July 14th, 2008, the Board of Governors of the Federal Reserve adopted its final "HOEPA Rule", amending its Truth in Lending Rules, Regulation Z.
In general the Board prohibited acts or practices in connection with mortgage loans that the Board finds to be unfair, deceptive, or designed to evade the provisions of HOEPA, and refinancing of mortgage loans that the Board finds to be associated with abusive lending practices, or that are otherwise not in the interest of the borrower.
Housing and Economic Recovery Act of 2008
Despite threats to veto, on July 30, 2008, President Bush signed the "Housing and Economic Recovery Act of 2008" (HERA), a bill that many have described as the most significant piece of housing legislation passed in the last thirty years.
More...Mortgage Document Updates - June 2008
June 2008 - DocuTech works hard to keep your mortgage documents up-to-date with the latest Federal and State changes and investor updates, as well as expanding our mortgage document library. Find out what mortgage document updates were made in June 2008.
More...Rebuilding After the National Mortgage Crisis
After Hurricane Katrina devastated part of Louisiana, killing hundreds of people and leaving thousands homeless, federal and state governments and many other groups and entities started working together to clean, rebuild and take necessary precautions to prevent another disaster.
Just like the plight in Louisiana, the national mortgage crisis was fatal for hundreds of lending companies, left thousands of people without jobs, hundreds of thousands without homes and the numbers continue to grow.
New Mortgage Legislation Effective July 1, 2008
The Fourth of July is a day that everyone looks forward to and is often referred to as the "Great American Holiday." For those in the compliance business it is a time to celebrate our independence or survival from the First of July. The First of July is commonly a day when regulatory changes passed by state legislatures become effective. This year we saw several changes become effective on the First of July.
More...Courts Side With Borrowers Over Lenders
An unprecedented increase in mortgage industry litigation is reinforcing the fact that lenders must ensure that they are in exact compliance with all applicable laws, regulations and lending guidelines. A deviation from exact compliance can have dramatic effect on a lender's ability to enforce its rights according to the law. A recent case in the United States Bankruptcy Court for the Northern District of California illustrates the point that in this current legal climate, lenders cannot afford to stray from strict adherence to all guidelines.
More...Kentucky Emergency Rule (HB 552) Prepays
A new Kentucky emergency rule required prepayment penalty documents to change, in addition to new fee restrictions [HB 552].
More...FHA Mortgage Insurance Premium Calculations
With the recent changes in the mortgage industry, and expanding FHASecure eligibility criteria, more lenders are turning to FHA loans to boost business. Questions concerning the Mortgage Insurance Premium calculation are common. Investors such as GMAC have cracked down on FHA loans where the Conventional PMI calculation has been used instead of the appropriate FHA MIP calculation. They will not purchase loans with Federal Truth-in-Lending Disclosure Statement payment streams that do not meet FHA standards.
More...Mortgage Document Updates - May 2008
May 2008 - DocuTech works hard to keep your mortgage documents up-to-date with the latest Federal and State changes and investor updates, as well as expanding our mortgage document library. Find out what mortgage document updates were made in May 2008.
More...Kentucky Emergency Rule (HB 552)
On April 28, 2008, Kentucky Governor Beshear signed HB 552, which makes several amendments to existing licensing and high cost laws. A new Kentucky emergency rule required prepayment penalty documents to change, in addition to new fee restrictions [HB 552].
More...Home Foreclosure Blocked Due to Predatory Lending Violations
In a recent potentially precedent-setting decision, New York Supreme Court Justice, Joseph Maltese, denied a bank’s motion to foreclose on a sub-prime mortgage due to several predatory lending violations.
In the LaSalle Bank N.A. v. Shearon Case (No.100255/2007, 2008 WL 268449), the lender LaSalle Bank, moved for summary judgment in its foreclosure action against David and Karen Shearon. Not only did Justice Maltese dismiss the foreclosure action by the lender, but also granted the homeowners summary judgment on their counter claim that the lender violated New York predatory lending law.
More...HUD Proposes RESPA Reform 2008
HUD’s proposed rules to simplify and improve the disclosure requirements for mortgage settlement costs under RESPA may provide some interesting challenges for most lenders and mortgage brokers. The main objective of these modifications is "to protect consumers from unnecessary high settlement costs." It is uncertain if the proposed changes will make the closing process clearer, more useful and less costly for consumers.
More...California RE 885 Disclosure
California RE 885 Disclosure - The loan comparison calculations for non-traditional and subprime mortgage disclosures in California have recently caused lenders to scramble. The complex calculations make it difficult to automate this new disclosure requirement.
More...Mortgage Document Updates - March 2008
March 2008 - DocuTech works hard to keep your mortgage documents up-to-date with the latest Federal and State changes and investor updates, as well as expanding our mortgage document library. Find out what mortgage document updates were made in March 2008.
More...Massachusetts Borrower Counseling Disclosure
A new initial disclosure was added for MA. The MA Counseling Disclosure, Cx 13391, is required per the new section in Massachusetts General Laws Chapter 184, section 17B ½. The idea is that if the borrower is a first time home buyer, they get counseling before the loan closes. The doc states they have received counseling and still opt into the loan (or that they are not a first time home buyer).
More...Proposed Regulation-Z Changes (73 FR 1672)
On December 18, 2007 the Federal Reserve Board announced in a Press Release, that proposed changes to Regulation Z were open for comment. "Our goal is to promote responsible mortgage lending for the benefit of individual consumers and the economy," said Federal Reserve Chairman Ben S. Bernanke.
More...Mortgage Document Updates - February 2008
February 2008 - As always, DocuTech works hard to keep your documents up-to-date with the latest Federal and State changes and investor updates, as well as expanding our mortgage document library. Find out what updates were made last month.
More...DC Adds New Disclosure For Non-Conventional Loans
March 6, 2008 - A new disclosure requirement became effective February 28, 2008. Bill 167 - Mortgage Disclosure Ammendment Act of 2007 - requires lenders licensed under the Mortgage Lender and Broker Act to provide an additional disclosure to borrowers applying for "non-conventional mortgage loans."
More...Conforming Loan Limits Increased
February 12, 2008 - Last week, legislators on Capitol Hill passed President Bush’s economic stimulus package. An important component of the Bill, Section 2 of H.R. 5140, the Economic Stimulus Act of 2008 directly impacts the mortgage industry by temporarily raising the conforming loan limits in high cost areas across the country.
More...Mortgage Document Updates - January 2008
January 2008 - As always, DocuTech works hard to keep your documents up-to-date with the latest Federal and State changes and investor updates, as well as expanding our mortgage document library. Find out what updates were made last month.
More...Countrywide Interest Credit Clarification
We have recently received several inquires about how ConformX deals with interest credits for Countrywide loans. In an announcement published on August 8, 2006, Countrywide iterated that interest credits may not be used to reduce finance charges, as they should be credits toward the first payment.
More...Maine Net Tangible Benefit Disclosure Updated Again
On January 17, 2008 the Maine Department of Professional and Financial Regulation released Joint Advisory Ruling #114 to clarify disclosure requirements promulgated under the "Act to Protect Maine Homeowners from Predatory Lending." A copy of the ruling can be found...
More...New Massachusetts Regulations Take Effect
On January 2, 2008 new mortgage lending reguations (940 CMR 8.00 et. seq.) became effective for Massachusetts. The revised section 8.05 removes the the previous disclosure requirements for the MA Mortgage Lender Disclousure and the MA Mortgage Broker Disclosure. A new disclosure is required...
More...Maine Requires Net Tangible Benefit Form
Maine adopted a new rule requiring lenders to provide a “Reasonable, Tangible Net Benefit Disclosure Form” at or before closing. This new form is required to be given for all loans made after December 31, 2007.
More...Colorado Emergency Prepayment Penalty Rule
The Colorado Division of Real Estate has issued Emergency Rule 4CCR 725-3 restricing the use of prepayment penalties. The new rule prohibits prepayment penalties that extend past the adjustment date of any teaser rate, payment rate or interest rate included in a mortgage loan.
More...MERS Requires Street Address on New York MERS Documents
MERS released Policy Bulletin Number 2007-2 announcing that effective immediately all MERS documents for New York must contain the street address of MERS. DocuTech has added the required address to the MERS version of our New York mortgages and New York assignments to fill this requirement.
More...California Certificate of Acknowledgement Change - Jan. 2008
Effective January 1, 2008, California Assembly Bill 886 will require changes to the certificate of acknowledgement. The acknowledgement will have the phrase "personally known to me" replaced with a certification that the information is true and correct.
More...Texas Notice Concerning Extensions of Credit - Nov. 2007
On November 6, 2007, Texas amended several constitutional provisions pertaining to home equity loans. The TX Notice Concerning Extensions of Credit was modified to implement the amendments. Learn more about the amendments that were made.
More...Colorado Adopts Emergency Rule for Broker Registration Act
Colorado adopted an emergency rule clarifying recently enacted disclosure requirements under the Mortgage Broker Registration Act. The emergency rule addresses disclosure content and timing requirements and sets forth two new forms to comply with lock-in and broker compensation disclosure.
More... Back- Compliant Solutions
- Layers of Compliance
- Compliance Resources
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- High Cost Loan & Predatory Lending Check
- Compliance Updates
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