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CFPB Issues Proposed Servicing Rules Aimed at Streamlining Loss Mitigation Process

By Diane Jenkins, Attorney and Director of Legal, Asurity As most servicers are well aware, the Consumer Financial Protection Bureau (CFPB) recently issued new proposed servicing rules essentially overhauling the existing loss mitigation process.  The existing rules governing mortgage servicing have been in place since 2014 and include rigid timing and documentation requirements servicers must […]

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Mortgage Industry Targets Appraisal Bias with Borrower Education

By Diane Jenkins, Attorney and Director of Legal, Asurity The determination of a home’s value is a critical step in the mortgage process as it determines how much a lender is willing to extend to a borrower and on what terms.  In general, the valuation is done through an appraisal which is intended to be an […]

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Leveraging the First Line in Second Line Risk Assessments

Compliance risk assessments are the backbone of an effective compliance management system (“CMS”). They enable active risk management by identifying and measuring compliance risks both inherent and realized across the institution.  In addition, they inform monitoring and testing schedules, dictate the types and amounts of resources (both human and technological) allocated by the institution, and […]

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Third Party Risk Management – Final Interagency Guidance Refresher

The Board of Governors of the Federal Reserve System (Board)[1], the Federal Deposit Insurance Corporation (FDIC)[2], and the Office of the Comptroller of the Currency (OCC), Treasury[3], issued comprehensive joint guidance[4] on managing risks associated with third-party relationships. This guidance provides pertinent information for banking institutions to readily address the complexities and potential risks that […]

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TRID Refresher Series (Part 3): Examinations Under TRID

For mortgage lenders, the mortgage process can be daunting, with its myriad regulations and requirements. Among these, the TILA-RESPA Integrated Disclosure (TRID) Rule, implemented by the Consumer Financial Protection Bureau (CFPB) in 2015, stands out for its impact on disclosure timing and tolerance requirements for mortgage lenders. In the first two posts of this series […]

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Buydowns Gain Traction as Borrowers Look for Affordable Payment Options

The higher interest rate environment has given rise to a renewed interest in the use of temporary buydowns to help borrowers lower their initial monthly mortgage payments.  A temporary buydown allows a lender, seller, builder or other third party to deposit funds which will subsidize the borrower’s mortgage payments for a predetermined period of time, […]

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TRID Refresher Series (Part 2): Understanding TRID Timing Requirements for Disclosures on Mortgage Transactions

The mortgage process can be daunting, with its myriad regulations and requirements. Among these, the TILA-RESPA Integrated Disclosure (TRID) Rule, implemented by the Consumer Financial Protection Bureau (CFPB) in 2015, stands out for its impact on disclosure timing requirements for mortgage lenders. Similar to the fee tolerance requirements discussed in Part 1 of this series, […]

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Focusing on Fairness: A Look at Fannie Mae's Fair Servicing Best Practices

Fannie Mae recently published Fair Servicing Best Practices (“FSBP”). Developed with input from more than 30 mortgage servicers and community advocacy groups, the FSBP is intended to ensure Fannie Mae servicers are aware of the expectations that servicers will treat all borrowers fairly and consistently, and comply with the Equal Credit Opportunity Act (“ECOA”), the […]

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TRID Refresher Series (Part 1): Understanding TRID Tolerance Requirements and Valid "Change of Circumstance" in Mortgage Transactions

This is the first entry of a three-part refresher series covering various aspects of the TILA-RESPA Integrated Disclosure Rule.  The TILA-RESPA Integrated Disclosure (TRID) Rule, implemented by the Consumer Financial Protection Bureau (CFPB) in 2015, revolutionized the mortgage industry by consolidating several forms and disclosures into two main documents: the Loan Estimate (LE) and the […]

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CRA Public File Updates: The Lawsuit Lingers, but the Deadline Looms

Following the publication of this article, the Public File deadline was adjusted to January 1, 2026. The recent lawsuit challenging the Community Reinvestment Act (CRA) File Rule may have added uncertainty to the implementation timeline, but one crucial aspect remains unchanged: your CRA Public File must be updated and readily available by April 1, 2024. […]

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