| Thursday, July 03, 2008
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FHA Implements Risk-based Premiums for Single Fami |
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In the May 13, 2008 Federal Register, FHA published notice that effective with new FHA case number assignments on or after July 14, 2008, it will implement risk-based premiums on one- to four-unit single family mortgages. Under these new requirements, FHA upfront and annual mortgage insurance premiums will be based on the prospective borrower’s decision credit score in conjunction with the property’s loan to value ratio. The Federal Register notice was followed by Mortgagee Letter 2008-16 issued June 11, 2008, that contains the risk-based premium matrixes and explains how to determine the borrower's decision credit score and the insured property's base LTV ratio, as well as additional practical information to assist FHA-approved lenders with risk-based premiums. A copy of Mortgagee Letter 2008-16 (ML 2008-16) is attached to this memorandum.
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RESPA: Proposed Rule to amend Regulation X |
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The proposed rule is intended to: (i) revise and standardize the Good Faith Estimate (GFE); (ii) ensure that page one of the GFE provides a clear summary of the loan terms and total settlement charges; (iii) provide more accurate estimates of costs of settlement services shown on the GFE; (iv) improve disclosure of yield spread premiums; (v) facilitate comparison of the GFE and the HUD-1/HUD-1A Settlement Statements; (vi) ensure that at settlement borrowers are made aware of final loan terms and settlement costs, by reading and providing a copy of a closing script to borrowers; (vii) clarify HUD-1 instructions; (viii) clarify regulations concerning discounts; and (ix) expressly state when RESPA permits certain pricing mechanisms, including average cost pricing and discounts, and volume based discounts.
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FHA Mortgagee Letter 2008-17 - Non FHA-approved Mo |
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The above captioned Mortgagee Letter was issued June 20, 2008 to remind lenders of existing FHA policy regarding the use of non FHA-approved mortgage brokers when originating FHA-insured mortgages. A copy of ML 2008-17 is attached.
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TEXAS HOME EQUITY ENGLISH 12 DAY NOTICE |
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Available for download is the Texas Home Equity English 12 Day Notice
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Home Equity Lending – Proposed Amendments |
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The Finance Commission of Texas and the Texas Credit Union Commission (“Commissions”) jointly propose amendments to Interpretations 7 TAC §§ 153.22, 153.51, and 153.84 relating to interpretations of Sections 50(a)(6), (g), and (t)(3), Article XVI, Texas Constitution, regarding home equity lending on Texas homestead. These proposed amendments are published for comment in the March 14, 2008 issue of the Texas Register (Vol. 33, No. 11).
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Home Equity Mortgage Lending in TX Manual |
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This manual discusses in depth Home Equity Mortgage Lending in Texas.
This Manual was updated as of February 2008. For older versions of this manual, please see the Home Equity Training manual Archive here.
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Proposed amendments to Regulation Z (Federal Regis |
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On January 9, 2008, the Board of Governors of the Federal Reserve System (“Board”) proposed significant amendments to Regulation Z, which are discussed in this memorandum. We believe these proposed amendments will have a dramatic impact on the way mortgage lending is conducted if the Board adopts them, as proposed.
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Texas Home Lending - 2008 Update |
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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 in this memorandum to “sections”, “subsections”, and “parts” refer to the various provisions of Section 50, unless otherwise stated.
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Unsolicitated Facsimile Advertisements Memo |
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December 22, 2006
TO: Clients and Friends
FROM: David F. Dulock
Over the last several years we have periodically updated our clients on the status of the Federal Communications Commission’s rules on unsolicited facsimile advertisements (see memos dated August 18, 2003 (updated October 18, 2004 and June 28, 2005) and July 5, 2005). On April 5, 2006, in its Report and Order and Third Order on Reconsideration (“Order”), the Commission adopted its final rules regarding unsolicited facsimile advertisements. These rules became effective August 1, 2006, and implement the Telephone Protection Act of 1991 (Public Law No. 102-243) and the Junk Fax Prevention Act of 2005 (Public Law No. 109-21), codified at 47 U.S.C. §227...
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TX Finance Commission Relocates/Amends Plain Lang. |
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October 10, 2006
TO: Clients and Friends
FROM: David F. Dulock
The Texas Finance Commission ("Commission") published in the August 25, 2006 issue of the Texas Register (Vol. 31, No. 34) an extensive relocation and reorganization of administrative rules and model forms for secured and unsecured loans subject to Chapter 342 of the Texas Finance Code...
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