Mortgage Industry News

The attorneys at Black | Mann & Graham publish residential mortgage industry specific news and changes in state and federal law to educate our community of attorneys, lenders, and customers. Join our newsletter at the bottom of the page to be notified when a new article is published.

Home Equity Lending Proposed Constitutional Amendments (S.J.R. 60)

Published on Thursday, June 15, 2017 in Client and Friends Memo, Texas Legislation

The Texas Legislature recently passed Senate Joint Resolution 60 (S.J.R. 60), a joint resolution proposing amendments to the Texas Constitution that would change provisions governing Texas Home Equity lending. S.J.R. 60 will be submitted to the voters at an election to be held November 7, 2017, and, if approved, will take effect January 1, 2018. With regard to the amendments proposed by S.J.R. 60, this memorandum discusses the following: (i) changes with substantive effect (Major Changes); (ii) changes with less substantive effect (Minor Changes); (iii) potential implementation issues—including our view that the changes will create a twelve-day window from January 1, 2018, to January 12, 2018, during which home equity loans cannot close (Implementation Issues); and (iv) an assessment of the likelihood of approval (Likelihood of Passage). For reference, the text of S.J.R. 60 is reprinted in an addendum to this memorandum.

CFPB Notice of Assessment of Ability-to-Repay/Qualified Mortgage Rule and Request for Public Comment

Published on Monday, June 05, 2017 in Client and Friends Memo

In the June 1, 2017 issue of the Federal Register (82 FR 25246, click here) the CFPB published the above referenced Notice of Assessment (the Notice) of the ATR/QM Rule (§1026.43 of Regulation Z), and is requesting public comment on its plans for assessing this Rule as well as certain recommendations and information that may be useful in conducting the planned assessment. Comments must be received by the CFPB on or before: July 31, 2017. You may submit comments, identified by Docket No. CFPB–2017–0014, by any of the following methods.

Interagency Advisory on the Availability of Appraisers

Published on Friday, June 02, 2017 in Client and Friends Memo

On May 31, 2017, the Board of Governors of the Federal Reserve System, Federal Deposit Insurance Corporation, National Credit Union Administration and Office of the Comptroller of the Currency (collectively herein, the “agencies”), jointly issued an advisory (click here) to inform insured depository institutions and bank holding companies (collectively herein, the “regulated institutions”) of two existing options that may address appraiser shortages, particularly in rural areas: temporary practice permits and temporary waivers. In summary, the advisory provides as follows:

CFPB Proposed Amendments to HMDA Regulation C

Published on Tuesday, April 25, 2017 in Client and Friends Memo

In the April 25, 2017, issue of the Federal Register (82 FR 19142, click here) the CFPB published a proposed rule, with a request for public comment, to make technical corrections to and to clarify certain requirements adopted by the Home Mortgage Disclosure (Regulation C) final rule (2015 HMDA Final Rule), which was published in the Federal Register on October 28, 2015 (80 FR 66128). The proposed rule also proposes a new reporting exclusion.

VA Advanced Notice of Proposed Rulemaking on Revising Allowable Charges and Fees Schedule in 38 CFR 36.4313(d)

Published on Thursday, April 13, 2017 in Client and Friends Memo

In the April 13, 2017, issue of the Federal Register (82 FR 17792, click here) the Department of Veterans Affairs (VA) published an advanced notice of proposed rulemaking (ANPR) notifying the public that the VA is currently reviewing its regulations governing the allowable expenses that a veteran may pay or be charged in connection with obtaining a VA-guaranteed home loan, with a request for public comment, including the following questions republished in this memorandum.

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