VA Updates Circular 26-20-10 on Loan Guaranty Certificates
The VA has issued an update to Circular 26-20-10, concerning loan guaranty certificates for borrowers affected by COVID-19. The VA had previously issued Circular 26-20-10... Read More
Federal Regulatory Developments
Fannie Mae Temporarily Suspends Employment Validation Through DU
Fannie Mae recently announced that it is temporarily suspending employment validation through the Desktop Underwriter (DU) validation service due to the challenges caused by COVID-19.... Read More
CFPB Report Shows Substantial Decline in Credit Applications in March 2020
An interesting CFPB report identifies the early effects of the COVID-19 pandemic on the decline of consumer credit applications in March 2020. The CFPB examined... Read More
CFPB Issues Regulation Z Interpretive Rule and ECOA Waiting Period FAQ
The CFPB recently published an interpretive rule concerning “bona fide personal financial emergencies” and changed circumstances under TRID, in the context of the COVID-19 crisis.... Read More
CFPB Issues Guidance on Mortgage Loan Transfer Process
The CFPB recently issued an outline of mortgage servicer practices to follow when transferring residential mortgages. According to its press release, the outline is meant... Read More
NCUA Issues Temporary Regulatory Relief in Response to COVID-19 Crisis
The NCUA recently issued a temporary final rule, easing certain regulatory requirements to assist federally-insured credit unions (FICUs) and federal credit unions (FCUs) during the... Read More
Municipal Liquidity Facility Adds $500 Billion, Expands Issuers and Duration
The Federal Reserve Board (Board) recently announced that the Municipal Liquidity Facility (MLF) will purchase up to an additional $500 billion in short-term notes issued... Read More
NCUA Issues Interim Rule Regarding Real Estate Appraisals Due to COVID-19
The National Credit Union Administration (NCUA) recently issued an interim final rule in response to COVID-19 with an effective date of April 21, 2020. NCUA... Read More
Federal Banking Agencies Make Technical Corrections to CECL Interim Final Rule
The FDIC, OCC, and FRB recently issued a technical correction, effective immediately, to its interim final rule, published in the Federal Register on March 31,... Read More
Rent-to-Own Company’s Unclear Terms Lead to $175 Million FTC Settlement
On April 20, 2020, a national lease-to-own company agreed to a $175 million settlement with the FTC over allegations that the company misrepresented the cost... Read More
CFPB Issues Final Rule Permanently Adjusting HMDA Reporting Data Thresholds
The CFPB recently issued a final rule amending Regulation C, the regulation implementing HMDA, to adjust the institutional and transactional coverage thresholds for reporting data... Read More
VA Directs Quarterly Reporting of Noncompliant IRRRLs
The Department of Veterans Affairs (VA) recently issued Circular 26-20-16, instituting additional periodic reporting obligations on lenders with respect to IRRRLs with application dates on... Read More
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