An Inside Look as a Juror - FCRA Focus Podcast
NYU economics professor Larry White joins RegFi co-hosts Jerry Buckley and Caroline Stapleton to discuss a range of current issues facing the financial services industry. Professor White provides data on the significant...more
Over the past month, the Federal Housing Administration (FHA) has enacted and proposed several changes to its Defect Taxonomy. The Defect Taxonomy is contained in Appendix 8 to FHA Handbook 4000.1. The Defect Taxonomy was...more
Bob Broeksmit, President and CEO of the Mortgage Bankers Association, joins RegFi co-hosts Jerry Buckley and Caroline Stapleton to discuss the transformative impact of technology on the mortgage industry. Bob highlights the...more
In May 2024, the Federal Housing Finance Agency (FHFA) published a Request for Input (RFI) titled “Federal Home Loan Bank Core Mission Activities and Mission Achievement” with comments due to the FHFA on July 15, 2024. This...more
Welcome to the Mortgage Origination and Servicing chapter of our annual report Consumer Financial Services 2023 Year in Review. Looking Ahead to 2024 - Enforcement efforts are expected to increase in 2024 and will...more
The Ohio Department of Commerce, Division of Financial Institutions is amending the rules that implement the state’s Residential Mortgage Lending Act. The Division is seeking preliminary feedback on the administrative rules,...more
[co-authors: Amelie Hopkins, and Collin Grier] The year 2021 started with the hope of COVID-19 vaccines and a return to (relative) normalcy, only to conclude with new variants that presented new challenges and extended...more
In recent months, regulatory bodies throughout the federal government have focused on ways to promote greater access to financial products and services to limited English proficiency (LEP) consumers. Take for example the...more
In response to the COVID-19 pandemic, state mortgage regulators are daily issuing guidance (1) about whether work from home arrangements are permissible under their existing licensing requirements and/or (2) are granting...more
As previously reported, Fannie Mae and Freddie Mac recently announced that there are no plans to extend the eligibility for purchase of loans in a COVID-19 forbearance for loans with note dates after August 31, 2020....more
This morning (Wednesday, July 1), the South Dakota Division of Banking posted a Mortgage Branch Registration requirement to the Nationwide Multistate Licensing System (NMLS). According to the NMLS Description of this...more
Raise your hand if you are an independent mortgage banker, a residential mortgage real estate investment trust (“mREIT”) or a nonbank investor in residential mortgage loans that would like to be subject to additional federal...more
The New Jersey Department of Banking and Insurance recently issued a bulletin to provide guidance relating to the licensing and registration of mortgage servicers under the New Jersey Mortgage Servicers Licensing Act. The...more
Following receipt and consideration of three written comments on proposed rules distributed on November 18, 2019, the Georgia Department of Banking and Finance adopted final rules on December 20, 2019, that establish...more
Michigan has joined a number of states that have amended its statutes to grant certain individuals temporary authority to act as a mortgage loan originator while a license application is pending, in conformity with the...more
Wisconsin is the latest state to pass legislation amending its statutes to add provisions addressing temporary authority to operate as a mortgage loan originator while a license application is pending pursuant to the federal...more
Washington State has enacted legislation amending its regulations to permit temporary authority to operate as a mortgage loan originator...more
The State Regulatory Registry LLC, an affiliate of the Conference of State Banking Supervisors, developed and operates the Nationwide Multistate Licensing System (NMLS). In 2008, Congress enacted the Secure and Fair...more
As a result of a new Alaska law, HB 104, the following are exempted from mortgage loan originator requirements in the state: Employees of federal, state, or local government agencies...more
Effective July 1, 2019, among other things, the definition of “subprime loan” set forth in Subdivision 27 of Section 58.02 of the Residential Mortgage Originator and Servicer Licensing Act is repealed. ...more
• New Jersey Gov. Phil Murphy signed Assembly Bill A-4997 into law on April 29, 2019, dramatically expanding the state's regulation of residential mortgage servicers. • The law requires nonbank finance companies that...more
In 2018, the CFPB issued multiple rules, and Congress passed legislation, to clarify, revise and update the regulatory framework applicable to the home mortgage origination and servicing market....more
The CFPB and Federal Housing Finance Agency (FHFA) have released the first public use file containing data from the National Survey of Mortgage Originations. The NSMO is a component of the National Mortgage Database (NMDB®)...more
• The State of New Jersey, on Aug. 24, 2018, enacted Assembly Bill 2035 that makes significant and important amendments (Amendments) to the Residential Mortgage Lending Act (RMLA), which had not been amended since it was...more