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HERA: The Good, The Bad and The Ugly
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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.
Many of these legislative changes have been proposed, debated and postponed for several years, but it has taken a dramatic downturn in the mortgage industry to get politicians serious enough about housing issues to pass a bill. The law has many different components and will have far reaching effects throughout the industry. READ MORE |
| The New HOEPA Rule |
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.
The new rule transforms TILA from mainly being a "disclosure rule" to one with significant restrictions. It prohibits specific acts and practices in mortgage lending under the Truth in Lending Act and the Home Ownership and Equity Protection Act. READ MORE |
| Mortgage Document Barcodes |
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Did you know that ConformX can barcode your documents?
Whether you're using ConformX or ConformX Desktop, you can have barcodes automatically added to your documents.
Quit manually adding your barcodes and start using DocuTech's state-of-the-art document system to automatically insert barcodes onto your documents. READ MORE
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