In today’s issue of the Texas Register (Volume 36, Number 44) the Finance Commission of Texas (the Commission) proposes new Administrative Rules under 7 TAC Chapter 155, §§155.1 – 155.3, concerning Payoff Statements to implement the new statutory provisions of Section 343.106 of the Texas Finance Code.
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Mortgage Servicer Enforcement Action by Federal Reserve Board
The Federal Reserve Board published the following press release yesterday regarding potential mortgage foreclosure irregularities by four mortgage servicers: The Federal Reserve Board on Tuesday announced that borrowers who believe they were financially harmed during the mortgage foreclosure process by four institutions in 2009 and 2010 can now request an independent review and potentially receive compensation. Four large mortgage servicers supervised by the Board [names deleted] are required to conduct this program as part of their compliance with enforcement actions issued by the Board in April 2011. Under these actions, servicers are required to compensate borrowers for financial injury resulting from deficiencies in their foreclosure processes. A number of servicers supervised by the Office of the Comptroller of the Currency must also conduct the program.
Department of Veterans Affairs Uniform Appraisal Dataset Appraisal Reports
For clients who originate or purchase VA loans, below is the text of the October 21, 2011, VA memorandum by Gloria H. Pointer, Valuation Officer in the Houston Regional Loan Center, announcing the adoption of Uniform Appraisal Dataset (UAD) compliant appraisal reports for VA Loan Guaranty Programs.
Consumer Financial Protection Bureau Supervision and Examination Manual
Today, the Consumer Financial Protection Bureau (“CFPB”) released its Supervision and Examination Manual (the “Manual”), which may be found at CFPB Supervision and Examination Manual. The following is taken from the CFPB Notice of the Manual’s release, posted on its website at http://www.consumerfinance.gov/, and the Manual’s Introduction.
FHA Annual MIP Requirements – Mortgagee Letter 2011-35
On September 21, 2011, the FHA issued Mortgagee Letter 2011-35 (ML 2011-35). The purpose of ML 2011-35 is to provide clarification on annual mortgage insurance premiums (annual MIP) for loans with forward amortization terms of 15 years or less and an LTV of 78 percent or less at origination. ML 2011-35 is effective for case numbers assigned on or after April 18, 2011. Except for certain editorial changes, this memorandum restates ML 2011-35. Those who wish to print ML 2011-35 may do so by clicking on the following web address: http://portal.hud.gov/hudportal/documents/huddoc?id=11-35ml.pdf.
Revised FHA Lender Approval Requirements – Mortgagee Letter 2011-34
On September 23, 2011, the FHA issued Mortgagee Letter 2011-34 (ML 2011-34). The purpose of ML 2011-34 is to announce changes to the requirements for obtaining, maintaining and utilizing FHA lender approval. All requirements in ML 2011-34 are effective immediately. Except for certain editorial changes, this memorandum restates ML 2011-34. Those who wish to print ML 2011-34 may do so by clicking on the following web address: http://portal.hud.gov/hudportal/documents/huddoc?id=11-34ml.pdf. ML 2011-34 modifies or supersedes specific sections of HUD Handbook 4060.1 REV-2, “FHA Title II Mortgagee Approval Handbook,” and Handbook 4155.2, “Lenders Guide to Single Family Mortgage Insurance Process” as follows:
NMLS Annual License Renewal
Please be advised that starting November 1, 2011, licensees may request license renewals through the NMLS. Below is the NMLS web address that will assist you: http://mortgage.nationwidelicensingsystem.org/SLR/COMMON/RENEWALS/Pages. By following the four-step process on the above web page licensees (both individual and company) should have little or no problem renewing their respective licenses before the annual renewal deadline for their state.
FHA Maximum Loan Limits Effective October 1, 2011 (ML 2011-29)
On August 19, 2011, the FHA issued Mortgagee Letter 2011-29 that: 1. provides notice of FHA’s single family housing loan limits for Forward Mortgages and Home Equity Conversion Mortgages (HECMs) effective October 1, 2011 through December 31, 2011; 2. provides loan limit instructions for FHA-insured to FHA-insured refinance transactions; and 3. provides eligibility criteria and instructions for pipeline loans that have not closed on or before September 30, 2011.
Part Two of 2011 Legislative Update from 82nd Regular Session of the Texas Legislature for Bills Effective September 1, 2011
This legislative update summarizes the remaining 12 bills effective September 1, 2011, that were not addressed in the Part One legislative update that we consider are of interest to our clients. The legislative updates that follow this update will summarize the following bills that we consider are of interest to our clients: (i) bills that we consider important enough to be the subject of a separate legislative update; and (ii) bills and constitutional amendments effective after September 1, 2011. • AMENDMENTS TO BUSINESS AND COMMERCE CODE, CIVIL PRACTICE AND REMEDIES CODE, AND PROPERTY CODE RELATING TO DEEDS CONVEYING RESIDENTIAL REAL ESTATE AND OTHER INSTRUMENTS INVOLVING RESIDENTIAL REAL ESTATE (SB 1320) Senate Bill 1320 enacts the following amendments to the Business and Commerce Code, the Civil Practice and Remedies Code, and the Property Code, respectively, relating to the conveyance of and transactions involving residential real estate:
2011 Legislative Update from 82nd Regular Session of the Texas Legislature – Senate Bill 17, Regulation of Residential Mortgage Loan Servicers
This is the third legislative update prepared by this firm for the 2011 legislative session of the Texas Legislature and summarizes Senate Bill 17, Regulation of Residential Mortgage Loan Servicers, and House Bill 1146, Registration and Regulation of Appraisal Management Companies. The legislative updates that follow this update will summarize the following bills that we consider are of interest to our clients: (i) bills effective September 1, 2011, that were not addressed in our Part One legislative update dated August 15, 2011; (ii) additional bill(s) that we consider important enough to be the subject of a separate legislative update; and (iii) bills and constitutional amendments effective after September 1, 2011.