FHA Single Family Addresses Appraisal Portability
Dated:
9/18/2009 Received:
9/18/2009 Posted:
9/18/2009
Addresses the portability of appraisals for the purpose of facilitating the loan process when a borrower switches from one Federal Housing Administration (FHA) approved lender to another and an appraisal was ordered by and completed for the first lender. This mortgagee letter will be effective for all case numbers assigned on or after January 1, 2010.
FHA Single Family Announces Changes to Appraisal Validity Periods
Dated:
9/18/2009 Received:
9/18/2009 Posted:
9/18/2009
Announces a change to the validity period for appraisals used for FHA-insured mortgages on all case numbers assigned on or after January 1, 2010.
FHA Single Family Provides Notice of Changes Resulting from HFSH Act
Dated:
9/18/2009 Received:
9/18/2009 Posted:
9/18/2009
Provides notice of several FHA program changes as a result of the enactment of the "Helping Families Save Their Homes Act of 2009" (Public Law 111-22) (the HFSH Act). Section 203 of the HFSH Act contains provisions that provide limitations on those eligible to participate in FHA programs, restricts the use of a mortgagee name in advertising and promotional materials, places additional requirements on FHA-approved mortgagees, and expands FHA's authority to pursue civil money penalties for violations of program requirements. These new requirements will help to strengthen FHA's oversight of approved lenders and better manage program risks.
FHA Single Family Reiterates the Importance of Appraiser Independence
Dated:
9/18/2009 Received:
9/18/2009 Posted:
9/18/2009
Reiterates the importance of appraiser independence and advises of new requirements regarding who is eligible to request an appraisal from an FHA Roster appraiser. The new requirements set forth will be effective for all case numbers assigned on or after January 1, 2010. The existing requirements will remain in effect.
FHA Single Family Revises Streamline Refinance Transaction Procedures
Dated:
9/18/2009 Received:
9/18/2009 Posted:
9/18/2009
Revises and reaffirms existing procedures regarding Streamline Refinance transactions for new case numbers assigned on or after 60 days from the date of Mortgagee Letter 2009-32.
HUD Provides Notice of Regulatory Waiver Requests Granted for the Second Quarter of Calendar Year 2009
Dated:
9/16/2009 Received:
9/16/2009 Posted:
9/16/2009
Section 106 of the Department of Housing and Urban Development Reform Act of 1989 (the HUD Reform Act) requires HUD to publish quarterly Federal Register notices of all regulatory waivers that HUD has approved. This notice contains a list of regulatory waivers granted by HUD during the period beginning on April 1, 2009 and ending on June 30, 2009.
FHA Multifamily
FHA Multifamily Revises and Updates MAP Guide
Dated:
9/18/2009 Received:
9/18/2009 Posted:
9/18/2009
FHA Multifamily has revised and updated the Multifamily Housing Guide (MAP) with new environmental requirements.
FHA Multifamily Updates MAP Guide
Dated:
9/18/2009 Received:
9/18/2009 Posted:
9/18/2009
FHA Multifamily updates and revises the Multifamily Housing Accelerated Processing Guide (MAP) with new environmental requirements.
HUD Announces MIP and Credit Subsidy Obligations for FY2010
Dated:
9/17/2009 Received:
9/17/2009 Posted:
9/17/2009
HUD announces the mortgage insurance premiums (MIPs) for Federal Housing Administration (FHA) multifamily mortgage insurance programs, health care facilities; and hospital insurance programs that have commitments to be issued or reissued in Fiscal Year (FY) 2010 and the credit subsidy obligations for FY2010 are the same as FY2009.
FHA Multifamily Provides Guidance on Implementation of Section 644 Requirements
Dated:
9/15/2009 Received:
9/16/2009 Posted:
9/16/2009
Provides guidance to owners and management agents (O/As) and Public Housing Agencies (PHAs) on implementation of the requirements of Section 644 of the Housing and Community Development Act of 1992. This Notice transmits Form HUD-92006, Supplement to Application for Federally Assisted Housing, which must be included as part of the O/A's and PHA's application.
FHA Multifamily Notifies Eligibility of Projects for Mortgage Insurance where Construction has Started
Dated:
9/10/2009 Received:
9/14/2009 Posted:
9/14/2009
This Notice temporarily authorizes and establishes policy for Section 220, 221(d) and 231 mortgage insurance programs to insure mortgages for multifamily proposals that were unable to complete construction due to a loss of funding.
Link to full document
CalPERS
CalPERS Provides Additional Guidance on HAMP
Dated:
9/9/2009 Received:
9/14/2009 Posted:
9/14/2009
Provides additional guidance to the Home Affordable Modification Program (HAMP) on the following: the commencement of the trial period; a new option with respect to the commencement of the modification; and updates and clarification to the reporting requirements for the trial period, loan set up, and modification.
CalPERS Updates Certified Loan Officers Database
Dated:
9/10/2009 Received:
9/14/2009 Posted:
9/14/2009
CalPERS is updating their Member Home Loan Program certified loan officers database and is soliciting loan officer feedback and suggestions about the CalPERS' Member Home loan program.
Freddie Mac Announces Guide Bulletin 2009-23 (Home Affordable Modification Program)
Dated:
9/18/2009 Received:
9/18/2009 Posted:
9/18/2009
With Single-Family Seller/Servicer Guide Bulletin 2009-23 (Home Affordable Modification Program), Freddie Mac is announcing changes to the Home Affordable Modification Program (HAMP), including the following:
Requiring that Servicers evaluate and process Mortgages for HAMP in Workout Prospector®, which has been updated for HAMP, and announcing that the Borrower Qualification Worksheet will be retired
Requiring Servicers to use the property value provided in Workout Prospector, if the value is available, and announcing that effective January 1, 2010, Freddie Mac will no longer publish the report of property values on its web site Providing Servicers with a link to specific requirements governing the collection and reporting of Government Monitoring Data as set forth in the Supplemental Documentation - Frequently Asked Questions, and instructing Freddie Mac Servicers to comply with such requirements Incorporating requirements for first-lien Servicers pursuant to the new Making Home Affordable Second Lien Modification Program, recently announced by the United States Department of the Treasury
In addition, Freddie Mac is reminding Servicers of, and providing additional detail on, previously announced changes.
Fannie Mae Multifamily Revises Lender Memos 09-16 and 09-17
Dated:
9/4/2009 Received:
9/14/2009 Posted:
9/15/2009
Revised versions of Part IIIC, Chapters 5 and 6 of the Guide, a revised version of Part IV, Chapter 5 of the Guide, and revised blacklined versions of each. The changes made by this Lender Memo are corrective only and do not change the substance or content of Lender Memos 09-16 and 09-17. The changes in this Lender Memo are effective immediately Fannie Mae Single-Family Addresses ELTAPs
Dated:
9/18/2009 Received:
9/18/2009 Posted:
9/18/2009
Addresses the issues concerning Energy Loan Tax Assessment Programs (ELTAPs) in the underwriting and servicing of Fannie Mae mortgages Freddie Mac Multifamily Updates TAH Mortgage Products
Dated:
9/10/2009 Received:
9/10/2009 Posted:
9/10/2009
With the September TAH Industry Letter, Freddie Mac Multifamily is increasing Forward Commitment Fee percentages, updating certain footnotes to TAH Guide Exhibit 10, eliminating their current requirements for adjusting LTV and DCR limits for Properties with an effective age greater than 15 years, and providing new guidelines for underwriting such Properties. HUD Issues Notice of National Exceptions to Section 1605 of the Recovery Act
Dated:
9/11/2009 Received:
9/11/2009 Posted:
9/11/2009
HUD issues notice of National Exceptions to Section 1605 of the Recovery Act (Buy American Requirement) applicable to Public and Indian Housing Recovery Act funds. Certain national exceptions to the Buy American requirement of the Recovery Act have been determined applicable for work using Capital Fund Recovery Formula and Competition (CFRFC) grant funds. VA Provides Guidance on Quitclaim Deeds
Dated:
9/8/2009 Received:
9/10/2009 Posted:
9/10/2009
Freddie Mac Multifamily Updates TAH Mortgage Products
Dated:
9/10/2009 Received:
9/10/2009 Posted:
9/10/2009
With the September TAH Industry Letter, Freddie Mac Multifamily is increasing Forward Commitment Fee percentages, updating certain footnotes to TAH Guide Exhibit 10, eliminating their current requirements for adjusting LTV and DCR limits for Properties with an effective age greater than 15 years, and providing new guidelines for underwriting such Properties.
HUD Issues Notice of National Exceptions to Section 1605 of the Recovery Act
Dated:
9/11/2009 Received:
9/11/2009 Posted:
9/11/2009
HUD issues notice of National Exceptions to Section 1605 of the Recovery Act (Buy American Requirement) applicable to Public and Indian Housing Recovery Act funds. Certain national exceptions to the Buy American requirement of the Recovery Act have been determined applicable for work using Capital Fund Recovery Formula and Competition (CFRFC) grant funds.
VA Provides Guidance on Quitclaim Deeds
Dated:
9/8/2009 Received:
9/10/2009 Posted:
9/10/2009
VA provides guidance on processing requests for execution of quitclaim deeds. FHA Single Family Introduces the FHA-Home Affordable Modification Program
Dated:
7/30/2009 Received:
7/30/2009 Posted:
7/31/2009
FHA introduces a new FHA Loss Mitigation option, the FHA-Home Affordable Modification Program (FHA-HAMP). FHA-HAMP will provide homeowners in default a greater opportunity to reduce their mortgage payments to a sustainable level. This Mortgagee Letter is effective August 15, 2009.
HUD Seeks Comments on Pilot Program for Insufficient Credit History
Dated:
7/28/2009 Received:
7/28/2009 Posted:
7/28/2009
HUD requests comments and suggestions for the design of a pilot program to establish, and make available to mortgagees, an automated process for providing alternative credit rating information for borrowers who have insufficient credit histories. Comments are due by September 29, 2009.
FHA Multifamily
FHA Multifamily Announces Changes to Programs with Low-Income Tax Credits
Dated:
7/29/2009 Received:
7/30/2009 Posted:
7/31/2009
FHA Multifamily announces the ability to further promote the use of FHA programs with Low-Income Tax Credits due to additional authority granted under the Housing and Economic Development Recovery Act of 2008 (HERA). Section 2834 and 2834 of HERA provide substantive changes to the processing of certain FHA mortgage insurance applications. This Mortgagee Letter describes the additional authority granted under the HERA and the implementation of Sections 2832 and 2834 of the Act.
FHA Multifamily Issues Notice of Change to Programs with Low-Income Tax Credits
Dated:
7/29/2009 Received:
7/30/2009 Posted:
7/31/2009
FHA Multifamily announces the ability to further promote the use of FHA programs with Low-Income Tax Credits due to additional authority granted under the Housing and Economic Development Recovery Act of 2008 (HERA). Section 2834 and 2834 of HERA provide substantive changes to the processing of certain FHA mortgage insurance applications. This Notice describes the additional authority granted under the HERA and the implementation of Sections 2832 and 2834 of the Act.
FHA Multifamily Provides Policy on Waiver Requests for Section 223(f)
Dated:
7/27/2009 Received:
7/30/2009 Posted:
7/31/2009
Sets forth the Department's policy to grant temporary authority to Multifamily Hub Directors to grant waivers of the Three-Year Rule for Section 223(f) applications, for the purpose of providing liquidity to recently constructed or substantially rehabilitated, self-sustaining properties that are unable to secure permanent long term financing due to the freeze in the capital markets.
FHA Multifamily Revises Temporary Waiver Authority on Section 223(f) Program
Dated:
7/29/2009 Received:
7/30/2009 Posted:
7/31/2009
Revises policy to grant temporary authority to Multifamily Hub Directors to waive the Three-Year Rule for Section 223(f) applications, for the purpose of providing liquidity to recently constructed or substantially rehabilitated, self-sustaining properties that are unable to secure permanent long term financing due to the freeze in the capital markets. Mortgagee Letter (ML) 2009-22 rescinds and replaces ML 2009-06.
FHA Multifamily Addresses Social Security's One-Time Economic Recovery Payments Exclusion from Income
Dated:
7/27/2009 Received:
7/29/2009 Posted:
7/29/2009
Provides for the exclusion of the Social Security's One-Time Economic Recovery Payments received by applicants for assisted housing and by tenants participating in HUD's rental assistance programs from all purposes of determining eligibility and rent.
HUD Seeks Comments Regarding Multifamily Project Applications and Construction
Dated:
7/28/2009 Received:
7/28/2009 Posted:
7/28/2009
HUD seeks public comments regarding an information collection requirement for multifamily project applications and construction prior to initial endorsement. The information is from sponsors and general contractors, and submitted by a HUD-approved mortgagee to determine project feasibility, mortgagor/contractor acceptability and construction cost. Comments are due on August 27, 2009.
Rural Housing Service
RHS Provides a Uniform Checklist
Dated:
7/16/2009 Received:
7/30/2009 Posted:
7/31/2009
Introduces a uniform checklist the Single Family Housing Guaranteed Loan Program (SFHGLP) will utilize to process and review Guaranteed Loans. This checklist is intended to achieve uniformity among states on data and documentation required for issuance of Conditional Commitment for Loan Note Guarantee. This new checklist is intended to replace all state created checklists.
Fannie Mae Single-Family Updates Document Certification, Custody, and Funding for HomeSaver Advance Loans
Dated:
6/5/2009 Received:
6/5/2009 Posted:
6/5/2009
Updates Fannie Mae's requirements related to document certification and custody of the HomeSaver AdvanceTM Truth-in-Lending Disclosure Statement and Promissory Note (Form 3721 or 3721.33 as applicable, referred to as the HSA note). Additionally, Fannie Mae is notifying servicers of changes in the HSA funding process to occur after the complete and successful certification of the HSA note.
Fannie Mae Announces Changes to HECM Index Options
Dated:
6/1/2009 Received:
6/1/2009 Posted:
6/1/2009
Effective September 1, 2009, Fannie Mae will discontinue offering commitments to purchase CMT-indexed HECMs. Fannie Mae will continue to offer commitments to purchase monthly adjustable-rate LIBOR-indexed HECMs and fixed-rate HECMs. Lenders may obtain pricing and continue to commit CMT-indexed HECMs until August 31, 2009. Lenders may deliver CMT-indexed HECMs up to the expiration dates of their remaining outstanding CMT-indexed HECM commitments.
FHA Single Family
FHA Single Family Provides Guidance on First-Time Homebuyer Tax Credits
Dated:
5/29/2009 Received:
6/1/2009 Posted:
6/1/2009
Provides guidance on basic information regarding the first-time homebuyer credit obtained from the Internal Revenue Service (IRS) website and how mortgagees, non-profit organizations, Federal, state and local government agencies or instrumentalities may assist homebuyers that are eligible for the tax credit.
FHA Multifamily
FHA Multifamily Implements the Green Retrofit Program
Dated:
5/13/2009 Received:
6/1/2009 Posted:
6/2/2009
Implements and provides guidance on the Green Retrofit Program (GRP) for Multifamily Housing.
FHA Multifamily Informs of Exclusion of Deferred VA Disability Benefits from Annual Income
Dated:
5/27/2009 Received:
6/1/2009 Posted:
6/2/2009
Informs administrators of project-based Section 8 programs as of July 30, 2008, the effective date of the HERA, any deferred Department of Veterans Affairs disability benefits that are received in a lump sum or in prospective monthly amounts by the tenant shall be excluded as annual income.
Rural Housing Service
RHS Provides Guidance on GUS Red Flags
Dated:
5/7/2009 Received:
6/2/2009 Posted:
6/2/2009
Provides guidance on potential data entry errors or "Red Flags" present in the Agency review of loan files submitted by approved lenders through the Guaranteed Underwriting System (GUS).
RHS SFHGLP Provides Standards for Utilizing Credit Scores
Dated:
5/7/2009 Received:
6/2/2009 Posted:
6/2/2009
RHS affirms 620 as the minimum Fair Isaacs & Company (FICO) credit score required for underwriters to utilize streamlined documentation for manually underwritten guaranteed loans. This guidance also applies to loans that receive a "Refer" or "Refer with Caution" underwriting recommendation through the Guaranteed Underwriting System (GUS). This Administrative Notice is effective immediately for all guaranteed loan requests for which a conditional commitment has not been issued.
Mortgagee Letter 2009-15 was released by HUD on May 29, 2009. This is the second issuance of this Mortgagee Letter, as it was originally released on May 11, 2009 and very quickly removed. This program is in keeping with the American Recovery and Reinvestment Act of 2009. Although the revised version is vastly different and provides more detail regarding this program than the version originally issued by HUD, it nevertheless continues to spur additional head scratching at best. I will provide the specifics of the program indicated in the Mortgagee Letter 2009-15, and also information provided by the IRS on this tax credit.
Fannie Mae - Single Family
Fannie Mae Single-Family Amends Selling Guide
Dated:
5/4/2009 Received:
5/5/2009 Posted:
5/5/2009
Outlines several updates or clarifications to credit score and nontraditional credit report requirements. The changes in this Announcement are effective for all whole loans purchased or MBS pools with issue dates on or after August 1, 2009.
Fannie Mae Single-Family Amends Selling Guide
Dated:
5/1/2009 Received:
5/1/2009 Posted:
5/4/2009
Describes the updates to the loan delivery file format and the Uniform Residential Loan Application (Form 1003) in support of new data elements required for mortgage loan applications dated on or after January 1, 2010.
VA
VA Describes Procedures for Reporting Paid-in-full Loans
Dated:
5/1/2009 Received:
5/1/2009 Posted:
5/4/2009
Describes the procedures for reporting paid-in-full loans to VA upon full satisfaction of the loan by payment or otherwise. This circular is automatically rescinded January 1, 2010.
Rural Housing Service
RHS Provides Guidance on Debt Ratio Wavers and Payment Shock
Dated:
4/30/2009 Received:
5/5/2009 Posted:
5/6/2009
Provides clarification and guidance on the use of debt ratio waivers and compensating factors when approving loan guarantees and reiterates Agency methodology for evaluating "payment shock". This AN replaces AN 4366 dated May 31, 2009.
RHS Clarifies Acceptable Foreclosure Time Frames
Dated:
4/30/2009 Received:
5/4/2009 Posted:
5/5/2009
Clarifies and standardizes the acceptable foreclosure time frame by State for Single Family Housing Loans Guaranteed by the Single Family Housing Guaranteed Loan Program (SFHGLP). The acceptable foreclosure timelines in 21 States have been increased. This AN replaces RD AN No. 4342 (1980-D), which expired on March 31, 2009.
Federal Compliance
Fed Proposes Amendments to Reg Z
Dated:
5/5/2009 Received:
5/7/2009 Posted:
5/8/2009
The Fed proposes to amend specific portions of Regulation Z and staff commentary that apply to open-ended (not home-secured) credit plans in order to facilitate compliance with a final rule amending Regulation Z that was published on December 18, 2009. Comments on the proposed amendments must be received on or before June 4, 2009.
Federal, State Partners Announce Multi Agency Crackdown Targeting Foreclosure Rescue Scams, & Loan Modification Fraud: As homeowners & communities throughout the country continue to face devastating consequences from the deep contraction in the economy & the housing market, the Obama Administration announced on 04/06/09 a new coordinated effort across federal & state government and the private sector to target mortgage loan modification fraud & foreclosure rescue scams that threaten to hurt American homeowners & prevent them from getting the help they need during these challenging times… Read the entire press release, at: http://www.hud.gov/news/release.cfm?content=pr09-033.cfm & Visit: http://www.makinghomeaffordable.gov/ , Download the new brochure at: http://www.hud.gov/offices/hsg/sfh/mha.pdf | Fannie Mae Introduces Home Affordable Modification Program, HomeSaver ForbearanceTM, and New Workout Hierarchy | Dated:
3/4/2009 | Received:
3/4/2009 | Posted:
3/4/2009 | | Provides guidance to Fannie Mae servicers for adoption and implementation of the Home Affordable Modification program (HMP) for Fannie Mae loans and introduces a new HomeSaver ForbearanceTM foreclosure prevention option and a new Fannie Mae loan workout hierarchy. The HomeSaver Forbearance provides an additional foreclosure prevention option for borrowers who are NOT eligible for the HMP. |
Bulletin 2009-5: Freddie Mac Relief Refinance MortgageSM | Fannie Mae Amends Selling Guide | Dated:
3/4/2009 | Received:
3/4/2009 | Posted:
3/4/2009 | | Announces a new refinance option for existing Fannie Mae loans. The Making Home Affordable program announced by the Department of the Treasury on March 4, 2009, includes a new initiative, Home Affordable Refinance, which provides refinance opportunities to borrowers with mortgages held or guaranteed by Fannie Mae. |
| Fannie Mae Multifamily Outlines Transfer/Assumption of Mortgage Loans Procedures | Dated:
3/3/2009 | Received:
3/3/2009 | Posted:
3/4/2009 | | Outlines required procedures for the transfer and assumption of Mortgage Loans that are fully recourse to the Borrower or where a guarantor has executed a full payment guaranty of either a non-recourse or full recourse Mortgage Loan. |
| FEMA Provides Final Rule on Flood Mitigation Grants and Hazard Mitigation Planning
Dated:
9/16/2009 Received:
9/16/2009 Posted:
9/16/2009
The Federal Emergency Management Agency (FEMA) finalizes the interim regulations that implemented the Severe Repetitive Loss program and clarified provisions of the existing Flood Mitigation Assistance program. In addition, this rule finalizes interim requirements for the acquisition of property for open space with mitigation funds and clarifies mitigation planning requirements for Indian Tribal governments. This rule is effective October 16, 2009. FEMA Issues Suspension of Community Eligibility
Dated:
9/11/2009 Received:
9/11/2009 Posted:
9/11/2009
The Federal Emergency Management Agency (FEMA) issues a final rule identifying communities that are scheduled for suspension because of noncompliance with the floodplain management requirements of the National Flood Insurance Program (NFIP).
The Fed Proposes to Amend Regulation Z
Posted:
9/10/2009
The Fed proposes to amend Regulation Z, which implements the Truth in Lending Act (TILA), and the staff commentary to the regulation, as part of a comprehensive review of TILA's rules for open-end home-secured credit or home-equity lines of credit. Comments must be received on or before December 24, 2009.
HUD Issues New FAQ for RESPA Final Rule
Posted:
9/9/2009
HUD issues a new Frequently Asked Questions (FAQ) report regarding the implementation of the RESPA Final Rule
Deadline for Red Flags Rule compliance delayed until November 1, 2009
Posted:
7/29/2009
In an effort to give creditors and financial institutions more time to review, develop and implement written Identity Theft Prevention Programs, the FTC will delay enforcement of the Rule until November 1, 2009.
Agencies Request Comment on Proposed Funding and Liquidity Risk Management
Dated:
7/6/2009 Received:
7/6/2009 Posted:
7/6/2009
The OCC, Fed, FDIC, OTS and NCUA (collectively the Agencies) in conjunction with the Conference of State Bank Supervisors (CSBS), request comment on the proposed guidance on funding and liquidity risk management (proposed Guidance). The proposed Guidance summarizes the principles of sound liquidity risk management that the agencies have issued in the past and, where appropriate, brings them into conformance with the ''Principles for Sound Liquidity Risk Management and Supervision'' issued by the Basel Committee on Banking Supervision (BCBS) in September 2008. Comments must be submitted on or before September 4, 2009.
Agencies Correct Final Rule; Technical Corrections
Dated:
7/8/2009 Received:
7/8/2009 Posted:
7/8/2009
The OCC, Fed, FDIC, OTS, NCUA and the Commission (Agencies) published a technical correction to final rules to implement the affiliate marketing provisions and identity theft red flags and address discrepancy provisions of the Fair and Accurate Credit Transactions Act of 2003 (FACT Act) on May 14, 2009. The technical corrections included in this Federal Register document correct an error in the DATES section which caused the effective date to an amendment to the Commission's rules to be incorrect. This correction is effective July 8, 2009.
Freddie Mac Announces Guide Bulletin 2009-18 (Underwriting and Appraisals)
Dated:
7/10/2009 Received:
7/10/2009 Posted:
7/10/2009
With Single-Family Seller/Servicer Guide 2009-18 (Underwriting and Appraisals), Freddie Mac is:
Providing further guidance on existing underwriting requirements and revising other underwriting requirements
Reminding Sellers of appraisal requirements, available tools and providing best practices
Changing the definition of a Condominium Hotel
Revising Form 65, Fannie Mae/Freddie Mac Uniform Residential Loan Application
FDIC Amends Interest Rate Restrictions
Dated:
6/3/2009 Received:
6/3/2009 Posted:
6/4/2009
The Federal Deposit Insurance Corporation (FDIC) is amending its regulations relating to the interest rate restrictions that apply to insured depository institutions that are not well capitalized. Under the amended regulations, such insured depository institutions generally will be permitted to offer the ''national rate'' plus 75 basis points. The final rule amending these regulations is effective December 3, 2009.
Fed Revises Reg Z to Implement Provisions of MDIA
Dated:
5/19/2009 Received:
5/19/2009 Posted:
5/21/2009
On July 30, 2008, the Fed published a final rule amending Regulation Z, which implements the Truth in Lending Act (TILA) and the Home Ownership and Equity Protection Act (HOEPA). Also on July 30, 2008, the Congress enacted the Housing and Economic Recovery Act of 2008, which included amendments to TILA, known as the Mortgage Disclosure Improvement Act of 2008 (MDIA). On October 3, 2008, the Congress amended the MDIA in connection with its enactment of the Emergency Economic Stabilization Act of 2008 (Stabilization Act). The Fed is now revising Regulation Z to implement the provisions of the MDIA, as amended. Requirements of the MDIA will become effective on July 30, 2009, about two months earlier than the Board's regulatory amendments adopted in the July 2008 final rule. Additionally, this final rule is also effective on July 30, 2009 and includes further amendments to Regulation Z.
Agencies Publish Final Rules; Technical Corrections
Dated:
5/14/2009 Received:
5/15/2009 Posted:
5/18/2009
The OCC, Board, FDIC, OTS, NCUA and the Commission (Agencies) published final rules and guidelines to implement the identity theft red flags and address discrepancy provisions of the FACT Act on November 9, 2007. The technical corrections included in this Federal Register document revises one of the affiliate marketing model forms and the instructions to the model forms.
HUD Provides Final Rule Amending RESPA Regulations
Dated:
5/15/2009 Received:
5/15/2009 Posted:
5/18/2009
HUD withdraws the revisions to the definition of ''required use'' as provided in HUD's November 17, 2008 final rule amending its Real Estate Settlement Procedures Act (RESPA) regulations. Effective Date is June 15, 2009, except the amendment to 24 CFR 3500.2, which is effective July 16, 2009.
FEMA Issues Suspension of Community Eligibility
Dated:
9/11/2009 Received:
9/11/2009 Posted:
9/11/2009
The Federal Emergency Management Agency (FEMA) issues a final rule identifying communities that are scheduled for suspension because of noncompliance with the floodplain management requirements of the National Flood Insurance Program (NFIP).
The Fed Proposes to Amend Regulation Z
Posted:
9/10/2009
The Fed proposes to amend Regulation Z, which implements the Truth in Lending Act (TILA), and the staff commentary to the regulation, as part of a comprehensive review of TILA's rules for open-end home-secured credit or home-equity lines of credit. Comments must be received on or before December 24, 2009.
HUD Issues New FAQ for RESPA Final Rule
Posted:
9/9/2009
HUD issues a new Frequently Asked Questions (FAQ) report regarding the implementation of the RESPA Final Rule
Deadline for Red Flags Rule compliance delayed until November 1, 2009
Posted:
7/29/2009
In an effort to give creditors and financial institutions more time to review, develop and implement written Identity Theft Prevention Programs, the FTC will delay enforcement of the Rule until November 1, 2009.
Agencies Request Comment on Proposed Funding and Liquidity Risk Management
Dated:
7/6/2009 Received:
7/6/2009 Posted:
7/6/2009
The OCC, Fed, FDIC, OTS and NCUA (collectively the Agencies) in conjunction with the Conference of State Bank Supervisors (CSBS), request comment on the proposed guidance on funding and liquidity risk management (proposed Guidance). The proposed Guidance summarizes the principles of sound liquidity risk management that the agencies have issued in the past and, where appropriate, brings them into conformance with the ''Principles for Sound Liquidity Risk Management and Supervision'' issued by the Basel Committee on Banking Supervision (BCBS) in September 2008. Comments must be submitted on or before September 4, 2009.
Agencies Correct Final Rule; Technical Corrections
Dated:
7/8/2009 Received:
7/8/2009 Posted:
7/8/2009
The OCC, Fed, FDIC, OTS, NCUA and the Commission (Agencies) published a technical correction to final rules to implement the affiliate marketing provisions and identity theft red flags and address discrepancy provisions of the Fair and Accurate Credit Transactions Act of 2003 (FACT Act) on May 14, 2009. The technical corrections included in this Federal Register document correct an error in the DATES section which caused the effective date to an amendment to the Commission's rules to be incorrect. This correction is effective July 8, 2009.
Freddie Mac Announces Guide Bulletin 2009-18 (Underwriting and Appraisals)
Dated:
7/10/2009 Received:
7/10/2009 Posted:
7/10/2009
With Single-Family Seller/Servicer Guide 2009-18 (Underwriting and Appraisals), Freddie Mac is:
Providing further guidance on existing underwriting requirements and revising other underwriting requirements
Reminding Sellers of appraisal requirements, available tools and providing best practices
Changing the definition of a Condominium Hotel
Revising Form 65, Fannie Mae/Freddie Mac Uniform Residential Loan Application
FDIC Amends Interest Rate Restrictions
Dated:
6/3/2009 Received:
6/3/2009 Posted:
6/4/2009
The Federal Deposit Insurance Corporation (FDIC) is amending its regulations relating to the interest rate restrictions that apply to insured depository institutions that are not well capitalized. Under the amended regulations, such insured depository institutions generally will be permitted to offer the ''national rate'' plus 75 basis points. The final rule amending these regulations is effective December 3, 2009.
Fed Revises Reg Z to Implement Provisions of MDIA
Dated:
5/19/2009 Received:
5/19/2009 Posted:
5/21/2009
On July 30, 2008, the Fed published a final rule amending Regulation Z, which implements the Truth in Lending Act (TILA) and the Home Ownership and Equity Protection Act (HOEPA). Also on July 30, 2008, the Congress enacted the Housing and Economic Recovery Act of 2008, which included amendments to TILA, known as the Mortgage Disclosure Improvement Act of 2008 (MDIA). On October 3, 2008, the Congress amended the MDIA in connection with its enactment of the Emergency Economic Stabilization Act of 2008 (Stabilization Act). The Fed is now revising Regulation Z to implement the provisions of the MDIA, as amended. Requirements of the MDIA will become effective on July 30, 2009, about two months earlier than the Board's regulatory amendments adopted in the July 2008 final rule. Additionally, this final rule is also effective on July 30, 2009 and includes further amendments to Regulation Z.
Agencies Publish Final Rules; Technical Corrections
Dated:
5/14/2009 Received:
5/15/2009 Posted:
5/18/2009
The OCC, Board, FDIC, OTS, NCUA and the Commission (Agencies) published final rules and guidelines to implement the identity theft red flags and address discrepancy provisions of the FACT Act on November 9, 2007. The technical corrections included in this Federal Register document revises one of the affiliate marketing model forms and the instructions to the model forms.
HUD Provides Final Rule Amending RESPA Regulations
Dated:
5/15/2009 Received:
5/15/2009 Posted:
5/18/2009
HUD withdraws the revisions to the definition of ''required use'' as provided in HUD's November 17, 2008 final rule amending its Real Estate Settlement Procedures Act (RESPA) regulations. Effective Date is June 15, 2009, except the amendment to 24 CFR 3500.2, which is effective July 16, 2009.
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