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.

Updated Exemption Thresholds for Consumer Credit Transactions and Higher-

Published on Thursday, November 30, 2017 in Client and Friends Memo
In the November 9, 2017 issue of the Federal Register (82 FR 51977) (click here), the Board of Governors of the Federal Reserve System (“Board”) and the Bureau of Consumer Financial Protection (“CFPB”) published a final rule increasing the threshold for consumer credit transactions exempt from the Truth In Lending Act. Also in the November 9, 2017 issue of the Federal Register (82 FR 51973) (click here), the Board, CFPB and the Office of the Comptroller of the Treasury (“OCC”) published a final rule increasing the threshold exemption from required appraisals for higher-priced mortgage loans. In both instances, the final rules will take effect on January 1, 2018.

CFPB Launches Beta Test Version of HMDA Platform

Published on Friday, November 03, 2017 in Client and Friends Memo
Today the CFPB announced the beta launch of the new HMDA Platform. For your information and use, the text of the CFPB announcement is reprinted below:

Disaster Appraisal Exceptions Memo

Published on Thursday, October 26, 2017 in Client and Friends Memo

In the October 24, 2017 issue of the Federal Register (82 FR 49089) (click here)  the Department of the Treasury’s Office of the Comptroller of the Currency, the Federal Reserve System, the Federal Deposit Insurance Corporation, and the National Credit Union Administration (collectively the “Agencies”), published a Statement and Order creating temporary exceptions to the statutory and regulatory appraisal requirements imposed on depository-institution lenders pursuant to the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 for areas of the United States impacted by Hurricanes Harvey, Irma, and Maria. The exceptions will last for three years, dated from when the President declared a major disaster in an area.

Community Reinvestment Act Regulations – Proposed Amendments

Published on Wednesday, September 20, 2017 in Client and Friends Memo

In the September 20, 2017, issue of the Federal Register (82 FR 43910, click here) the Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, and the Federal Deposit Insurance Corporation  (collectively, the Agencies) published proposed amendments to their respective regulations implementing the Community Reinvestment Act (CRA) in order to amend the existing definitions of “home mortgage loan” and “consumer loan” and the public file content requirements to conform to the recent amendments made by the Consumer Financial Protection Bureau to Regulation C, which implements the Home Mortgage Disclosure Act (HMDA), and to make technical amendments to remove unnecessary cross references as a result of the amended definitions, and to remove obsolete references to the Neighborhood Stabilization Program.

Regulation C (HMDA) Amendments

Published on Wednesday, September 13, 2017 in Client and Friends Memo

In the September 13, 2017, issue of the Federal Register (82 FR 43088, click here) the CFPB published a final rule amending its 2015 HMDA (Regulation C) Final Rule to: (i) make technical corrections and clarify certain requirements; (ii) temporarily increase the threshold for collecting and reporting data about open-end lines of credit for a period of two years so that financial institutions originating fewer than 500 open-end lines of credit in either of the preceding two years would not be required to begin collecting such data until January 1, 2020; and (iii) adopt a new reporting exclusion.

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