OCC Bulletin 2013-29
Posted Date: Wednesday, October 30, 2013
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The Office of the Comptroller of the Currency (OCC) updated its guidance for banks related to third-party relationships. The OCC’s Oct. 30 bulletin rescinds certain previous releases, and notes that banks face new or increased operational, compliance, reputation, strategic and credit risks when engaging in third-party relationships. The guidance also sets forth numerous expectations intended to help institutions manage these risks.
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Michigan Executive Order No. 2013-1
Posted Date: Friday, January 18, 2013
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Michigan Gov. Rick Snyder issued an executive order establishing the Department of Insurance and Financial Services, removing it from the purview of the Office of Financial and Insurance Regulation in the Department of Licensing and Regulatory Affairs. The goal is to provide a focal point of consumer protection, efficient regulation and spur insurance and financial services sector growth.
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CFPB Ability-to-Repay rule
Posted Date: Monday, January 14, 2013
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On Jan. 10, the Consumer Financial Protection Bureau ended the housing finance sector’s long wait for one of its most anticipated final rules, the ability to repay rule.
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California Department of Corporations Bulletin 001-12
Posted Date: Thursday, December 13, 2012
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The California Department of Corporations issued a bulletin cautioning lender licensees that using the emerging agent vetting companies to pre-screen their agents may violate state law. It also warned escrow licensees that participating in an agent vetting program could violate state law.
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HUD Mortgagee Letter 2012-11
Posted Date: Monday, November 19, 2012
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The U.S. Department of Housing and Urban Development notified all Federal Housing Administration approved mortgagees that it is implementing changes regarding title approval at conveyance. The changes include requirements to pay unpaid taxes and provide title evidence for manufactured housing before conveyance occurs.
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CFPB extends deadline for new disclosures
Posted Date: Friday, November 16, 2012
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The Consumer Financial Protection Bureau announced that it will give industry extra time to provide certain new disclosures required under the Dodd-Frank Wall Street Reform and Consumer Protection Act in order to allow a more seamless integration with other mortgage disclosures that have been proposed by the bureau. Industry will not be required to provide those disclosures until after the bureau’s previously proposed mortgage disclosure rules are finalized.
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HUD Mortgagee Letter 2012-21
Posted Date: Wednesday, October 31, 2012
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The U.S. Department of Housing and Urban Development notified all Federal Housing Administration approved mortgagees that it is extending the deadline to implement changes regarding title approval at conveyance. The changes include requirements to pay unpaid taxes and provide title evidence for manufactured housing before conveyance occurs.
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Louisiana Department of Insurance Advisory Bulletin 2012-01
Posted Date: Monday, April 30, 2012
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After causing a stir by releasing a bulletin late last year concerning what title insurance companies can give and receive from other members of the real estate industry, the Louisiana Insurance Department of Insurance released an advisory letter clarifying questions that were raised after the bulletin was released.
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FHFA private transfer fee rule
Posted Date: Tuesday, March 20, 2012
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The Federal Housing Finance Agency (FHFA) has sent a final rule governing private transfer fees to the Federal Register. The rule limits Fannie Mae, Freddie Mac and the Federal Home Loan Banks from dealing in mortgages on properties encumbered by certain types of private transfer fee covenants and in certain related securities.
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