OCC Issues Proposed Rule Regarding CRA Performance Standards
The OCC recently issued a notice of proposed rulemaking to request comments on a proposed method of determining Community Reinvestment Act (CRA) evaluation measure benchmarks,... Read More
Federal Regulatory Developments
Fannie Mae Extends COVID-19 Flexibilities into 2021
Fannie Mae recently updated two Lender Letters, LL-2020-03 and LL-2020-04, to further extend certain temporary policies related to COVID-19. LL-2020-03 addresses temporary COVID-19 measures related... Read More
OCC Issues Licensing Amendments Final Rule
The OCC issued a final rule focused on eliminating unnecessary licensing requirements for national banks and federal savings associations (FSAs), consistent with safe, sound, and... Read More
CFPB Releases Final Report on Effect of Proposed Lending Data Collection Rules on Small Businesses
The CFPB has issued a final report on the impact on small businesses of a proposed rulemaking regarding collection of financial institution lending data covering... Read More
HPML Appraisal Exemption Threshold Unchanged for 2021
The CFPB, Federal Reserve Board, and OCC (Agencies) recently announced that the smaller loan exemption threshold for the special appraisal requirements for higher-priced mortgage loans... Read More
FHA Corrects Handbook 4000.1 Provision on LTV Limits for New Construction
The Federal Housing Administration (FHA) recently issued a correction to Section II.A.8.i.v, relating to loan-to-value (LTV) financing limits for new construction, of the recently updated... Read More
CFPB Releases New General QM and Seasoned QM Rules
On December 10, 2020, the CFPB released two separate final rules: the first, redefining the General Qualified Mortgage requirements (General QM Rule); and the second,... Read More
GSEs Issue Joint Statement on URLA Implementation
Fannie Mae and Freddie Mac (the GSEs) released a joint announcement to notify lenders that they will begin accepting the redesigned Uniform Residential Loan Application... Read More
Ginnie Mae Updates New Applicant Eligibility Requirements
Ginnie Mae recently updated the MBS Guide to include entity and staff level requirements and corporate servicing experience requirements for new applicants. All applications pending... Read More
Freddie Mac’s Guide Bulletin 2020-45 for Sellers Published
Freddie Mac Announced Guide Bulletin 2020-45 setting forth new loan limits for 2021, and revisions to the maximum loan-to-value (LTV) ratio permitted for certain Home... Read More
HUD Extends Deadline for Housing Counselor Certification
HUD recently finalized a modification to the deadline for participating agencies and counselors to complete the HUD Housing Counseling Program’s certification requirements. HUD extended the... Read More
CFPB Issues Advisory Opinion on Consolidation of Pre-Existing Federal Education Loans
The CFPB recently issued an advisory opinion clarifying that loan products that refinance or consolidate a consumer’s pre-existing federal, or federal and private, education loans... Read More
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