Regulatory Updates

GSE COVID-19 Update

Fannie Mae and Freddie Mac (the “GSE’s”) have issued additional guidance related to COVID-19 in an attempt to address lender’s concerns. The newest guidance from Fannie Mae in an update to Lender Letter 2020-3 provides additional information in the following...

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Fannie Mae and Freddie Mac Address Transition from LIBOR to SOFR

The Federal Housing Finance Agency announced the process by which Fannie Mae and Freddie Mac (GSEs) plan to transition from the use of LIBOR (London Interbank Offered Rate) to SOFR (Secured Overnight Financing Rate) as the standard index rate for...

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Mortgage Broker and FTC Settle Over Yelp Reviews

On January 7th, the FTC, acting in a complaint filed by the Department of Justice, alleged that a California mortgage broker violated federal law by posting its borrowers’ personal financial information on Yelp.

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CFPB Publishes 2020 Rulemaking Agenda

On November 22, the CFPB released its list of regulatory matters that it “reasonably anticipates having under consideration during the period from October 1, 2019 to September 30, 2020.”

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Washington Legislative and Ohio Regulatory Update

The Washington legislature has amended the state’s data breach notification laws, effective March 1, 2020.  The Ohio Department of Commerce announced the annual loan prepayment penalty adjustment, effective January 1, 2020.   WASHINGTON HOUSE BILL 1071    “Personal Information” has...

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Michigan Legislative Update

MICHIGAN HOUSE BILL 5084   The Michigan legislature amended their Mortgage Loan Originator Licensing Act effective December 5, 2019.   An individual who is a registered loan originator will have temporary authority to act as a mortgage loan originator for...

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Alaska and Massachusetts Regulatory Update

The Alaska Department of Commerce, Division of Banking and Securities (“Department”) has amended their regulations dealing with mortgage lending and nonprofit exemptions, effective February 6, 2020.  The Massachusetts Department of Banking has amended the rules related to licensing of mortgage...

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New Jersey and Oklahoma Regulatory Update

The New Jersey Department of Banking has updated their definition of a high cost loan.  The Oklahoma Secretary of State has issued rules implementing the Oklahoma Remote Online Notary Act (“Act”).  Both provisions discussed here were effective January 1, 2020....

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CFPB Requests Public Comment on The Assessment of TRID

On November 20th, 2019, the CFPB announced its intent to publish an assessment report – no later than October 3, 2020 – on the effectiveness of the TRID Rule, which has been in effect since October 3, 2015.

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Colorado and Georgia Regulatory Update

The Colorado and Georgia regulators have amended their rules related to temporary authority for mortgage loan originators.    COLORADO RULES 4 CCR 725-3 CHAPTER 2   The Colorado Department of Regulatory Agencies, Division of Real Estate (the “Division”) has amended...

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