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| Community Reinvestment Act Proposed Rule Change to Revise the Term “Community Development” | | | Published : 06/25/2010 | In today’s Federal Register, the following federal agencies - OCC, FRB, FDIC and OTS - published a proposed rule to revise the definition of “community development.” In pertinent part, the proposed revised definition includes “[l]oans, investments, and services that [s]upport, enable, or facilitate projects or activities that meet the criteria described in Section 2301(c)(3) of the Housing and Economic Recovery Act of 2008 (HERA) … and are conducted in designated target areas identified in plans approved by the United States Department of Housing and Urban Development in accordance with the Neighborhood Stabilization Program (NSP) established by the HERA and the American Recovery and Reinvestment Act of 2009 … .” | | Full Article and Downloads | | | | |
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| Community Reinvestment Act Regulations: Notice by Federal Agencies to Hold Public Hearings on Potential Regulatory Changes | | | Published : 06/23/2010 | In today’s Federal Register, the following federal agencies - OCC, FRB, FDIC and OTS - published notice that they will hold joint public hearings to solicit comments that can be used for future revision of the CRA regulations. These public hearing dates and locations are as follows:
1. July 19, 2010-FDIC’s L. William Seidman Center, 3501 Fairfax Drive, Arlington, VA 22201-2305.
2. August 6, 2010-Federal Reserve Bank of Atlanta, 1000 Peachtree Street Northeast, Atlanta, GA 30309.
3. August 12, 2010-Federal Reserve Bank of Chicago, 230 South La Salle Street, Chicago, IL 60614.
4. August 17, 2010-Los Angeles Branch of the Federal Reserve Bank of San Francisco, 950 South Grand Avenue, Los Angeles, CA 90015. | | Full Article and Downloads | | | | |
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| Mortgage Credit Certificate Program By Texas Department of Housing and Community Affairs | | | Published : 05/28/2010 | This is to advise our mortgage lending clients that the Texas Department of Housing and Community Affairs published the following notice in the May 28, 2010 issue of the Texas Register regarding its new Mortgage Credit Certificate Program to assist eligible very low, low and moderate income first-time homebuyers with the purchase of a residence located within the State of Texas. Interested lenders should contact Cathy Gutierrez at the Texas Department of Housing and Community Affairs, 221 East 11th Street, Austin, Texas 78701-2410; telephone (512) 475-0277.
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| Texas Home Equity Lending – 2010 Update | | | Published : 05/19/2010 | This memorandum will provide an overview of home equity lending embodied in Article XVI, Section 50, of the Texas Constitution and will also discuss some of the issues lenders face. The full text of Section 50, current to date, is attached to this memorandum (for ease of reference, the home equity and HELOC provisions are highlighted in bold typeface). All references to “sections,” “subsections,” and “parts” in this memorandum refer to the various provisions of Section 50, unless otherwise stated.
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| Office of Consumer Credit Commissioner Residential Mortgage | | | Published : 04/30/2010 | Effective May 6, 2010, the Finance Commission of Texas (Finance Commission) adopts new Chapter 2 to Title 7 of the Texas Administrative Code (7 TAC Chapter 2, §§2.101 – 2.105). The purpose of new Chapter 2 is to provide for certain application procedures and fees for those individuals applying for or renewing their licenses as a residential mortgage loan originator (RMLO) with the Office of Consumer Credit Commissioner (OCCC), as required by Chapter 180 of the Texas Finance Code enacted by the 2009 session of the Texas Legislature in House Bill 10 (i.e., Texas SAFE Act). For a detailed summary of the Texas SAFE Act, see our November 13, 2009 memorandum posted on our website http://www.bmandg.com/ under “Our Clients and Friends” web page. | | Full Article and Downloads | | | | |
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| FHA Reform Rules – Published in Federal Register (75 FR 23582) | | | Published : 04/23/2010 |
In the April 20, 2010 issue of the Federal Register (75 FR 20718) the Federal Housing Administration (FHA) published its final rule, effective May 20, 2010, amending part 202 of FHA regulations (24 CFR Part 202) that:
(1) increases the net worth requirements for FHA-approved lenders;
(2) eliminates the FHA approval process for loan correspondents; and,
(3) incorporates criteria specified in the Helping Families Save Their Homes Act of 2009 (HFSH Act).
This memorandum attempts to redact what we consider are the more important parts of the final rule and HUD’s preamble published with the final rule in the above-cited issue of the Federal Register and does not address all aspects of the final rule or HUD’s preamble. You are advised to read the complete text of the final rule and HUD’s preamble and not to rely solely on this memorandum. The complete text of the final rule is attached to this memorandum for your information and use.
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