FHFA Announces New Initiative for Limited English Proficient Borrowers
On October 15, 2018, the FHFA, along with Fannie Mae and Freddie Mac, announced the launch of a centralized clearinghouse of online resources intended to... Read More
Federal Regulatory Developments
BCFP and FDIC Release Spanish-Language Version of the Updated Money Smart for Older Adults
The Bureau and the FDIC recently released a Spanish-language version of the updated Money Smart for Older Adults (MSOA). The MSOA is an educational program... Read More
Fannie Mae Will No Longer Securitize Discount Mortgage Backed Securities
Fannie Mae issued an update to its Multifamily Guide providing that it will no longer securitize Discount Mortgage Backed Securities (DMBS) and will not purchase... Read More
FDIC Announces Subscription Alerts for Updates to Examination Manuals
The FDIC announced in FIL-57-2018 that it is providing institutions with total assets under $1 Billion the opportunity to receive email notifications when any of... Read More
Freddie Mac Bulletin on Hurricane Florence
Freddie Mac recently issued a Sellers and Servicers Guide Bulletin that temporarily revised their selling requirements in the wake of Hurricane Florence. The Bulletin also “[r]eminds... Read More
VA Announces Status of 2014 Interim Final Rule Regarding QMs and IRRRLs
The VA recently published an update concerning the status of a VA interim final rule that was previously published on May 9, 2014. The interim... Read More
FDIC Announces Trust Through Transparency Initiative
In a recent address to federal and state banking regulators the Chairman of the FDIC, Jelena McWilliams, announced a Trust Through Transparency Initiative to further... Read More
BCFP Settles with eCommerce Retailer for Delaying Transfers of Customers’ Payments to Debt Buyers
A major eCommerce retailer settled allegations that it violated the CFPA by subjecting customers to misleading collection activity. The BCFP alleged that the retailer received... Read More
USDA Revises Rural Development Form 3555-21 (Request for Single Family Housing Loan Guarantee)
The USDA recently revised RD Form 3555-21 (Request for Single Family Housing Loan Guarantee). Effective November 1, 2018, all loan packages submitted to the USDA... Read More
BCFP Issues RFI and Report on its Data Collections
On September 28, 2018, the Bureau of Consumer Financial Protection issued a request for information (RFI) seeking comments on the overall efficiency and effectiveness of... Read More
FHA to Require Second Appraisal for Some Reverse Mortgages
On September 28, 2018, FHA issued Mortgagee Letter 2018-06, requiring lenders that originate HECM loans to provide a second property appraisal if FHA determines that... Read More
HUD Seeks Public Comment on Study of Community Compass Technical Assistance Program Amid OIG Audit Finding that the Program Lacked Adequate Oversight
On September 27, 2018, HUD published a notice for public comment on a proposed study to be conducted with the Urban Institute to assess HUD’s... Read More
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