The CFPB has published an updated English-Spanish Glossary of Financial terms, click here, in cooperation with other federal agencies as a resource to help lenders and other organizations that provide financial information to those who have more language proficiency in Spanish than in English (LEP persons). Full Memorandum
FHA Requires Second Appraisal for Certain HECMs (ML 2018-06)
This memorandum is for clients that originate FHA HECM reverse mortgages. On September 28, 2018, the FHA issued Mortgage Letter 2018-06 (ML 2018-06, click here) that will require lenders originating HECMs to provide a second property appraisal where FHA determines there may be inflated property valuations. This new requirement will take effect for case numbers assigned on or after October …
CFPB Request for Comments and Information Regarding the CFPB’s Data Governance Program and its Data Collections
In the September 28, 2018, issue of the Federal Register (83 FR 49072, click here), the CFPB published a request for information (RFI) seeking comments and information to assist it in assessing the overall efficiency and effectiveness of its Data Governance Program and its Data Collections and, consistent with law, whether any changes to its Data Governance Program or Data …
CFPB Bulletin 2018-01: Changes to Types of Supervisory Communications
On September 25, 2018, the CFPB (the Bureau) issued Bulletin 2018-01 (click here) to announce changes to how it communicates supervisory expectations to institutions in connection with supervisory events. The Bulletin states that the Bureau will continue to use examination reports and supervisory letters that, effective immediately, will include the following categories of findings that convey supervisory expectations: Full …
Rural Housing Service (RHS) Proposed Rule to Amend Regulations for the Direct and Guaranteed Single Family Housing Loan and Grant Programs
In the August 31, 2018, Federal Register (83 FR 44504, click here), the RHS issued a proposed rule (Proposed Rule) to amend its regulations for the direct and guaranteed single family housing loan and grant programs. Comments on the Proposed Rule must be received by the RHS on or before October 30, 2018, by any of the following methods: …
CFPB Issues HMDA Interpretive Rule
In the September 7, 2018, issue of the Federal Register (83 FR 45325, click here), the Consumer Financial Protection Bureau issued an interpretive and procedural rule (the “Interpretive Rule”) to implement and clarify the requirements of section 104(a) of the Economic Growth, Regulatory Relief, and Consumer Protection Act signed into law on May 24, 2018 (the “Act”), which amends section …
FEMA Notice of Changes in Flood Hazard Determinations
In the September 11, 2018, issue of the Federal Register (83 FR 45950, click here), the Federal Emergency Management Agency (FEMA) published the above notice of changes in flood hazard determinations. The notice lists communities where the addition or modification of Base Flood Elevations (BFEs), base flood depths, Special Flood Hazard Area (SFHA) boundaries or zone designations, or the regulatory …
Regulation Z HOEPA and Qualified Mortgage Annual Threshold Adjustments
In the August 27, 2018, issue of the Federal Register (83 FR 43503, click here), the Consumer Financial Protection Bureau established the following 2019 thresholds for high-cost and qualified mortgages under §§1026.32 and 1026.43, respectively. Full Memorandum
CFPB Amends Annual Privacy Notice Requirement in Regulation P
In the August 17, 2018, issue of the Federal Register (83 FR 40945, click here), the CFPB published a final rule (“Rule”) amending Regulation P (12 CFR Part 1016), which requires, among other things, that financial institutions provide an annual notice describing their privacy policies and practices to their customers. The amendment implements a December 4, 2015, statutory amendment to …
RHS Request for Comments Regarding Maximum Interest Rate for the Single Family Housing Guaranteed Loan Program (SFHGLP)
In the August 17, 2018, issue of the Federal Register (83 FR 41056, click here), the Rural Housing Service (RHS) published a request for information (RFI) seeking public comments on updating the provisions of the SFHGLP regarding the maximum interest rate, its impact on loan making to potential SFHGLP borrowers, and possible changes to the interest rate cap in order …