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Tag Archives: Mortgage Regulation

Clear Capital Unveils New Property Inspection Tool

Clear Capital has released its new Property Condition Inspection (PCI) tool. The new product provides a property's physical condition and characteristics, supplementing automated valuation models (AVMs) in accordance with new requirements from the Interagency Appraisal and Evaluation Guidelines (IAG) issued by federal regulators.

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Fed Proposes Rule on Borrowers’ Ability-to-Repay

The Federal Reserve Board on Tuesday requested public comment on a proposed rule under Regulation Z that would require lenders to determine a borrower's ability to repay a mortgage before making the loan and would establish minimum mortgage underwriting standards. The revisions to the regulation, which implements the Truth in Lending Act (TILA), are in response to new consumer protection directives laid out by the Dodd-Frank Reform Act. The proposal provides four options for complying with the ability-to-repay requirement.

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eMortgage Logic Releases Collateral Assessment Report

eMortgage Logic has launched a collateral assessment report (CAR) that can join with an automated valuation model (AVM) in response to the recently published Interagency Appraisal and Evaluation Guidelines. Using its network of preferred brokers, eMortgage Logic's report addresses the content criterion necessary regarding a property's current physical condition and local market influences.

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Securitization Group Puts Down Roots in D.C.

The American Securitization Forum (ASF) is opening a Washington, D.C. office. The organization is headquartered in New York but with all the new rules and regulatory changes coming down from Washington, ASF says a physical presence there will help further its advocacy efforts on behalf of the securitization markets. In conjunction with the office opening, ASF has named Jim Johnson managing director of public policy. Johnson previously served as senior counsel to the U.S. Senate Banking Committee for Ranking Member Richard Shelby.

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MBA Promotes Jim Gross to VP of Public Policy

The Mortgage Bankers Association (MBA) has announced the promotion of Jim Gross to VP of financial accounting and public policy. In this capacity, he will advise Steve O'Connor, MBA's SVP of public policy and industry relations on emerging industry policy issues and assist in setting strategic priorities.

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Wolters Kluwer Unveils Technology to Manage Pre-Foreclosure Activities

Wolters Kluwer Financial Services on Tuesday announced the launch of Pre-Foreclosure Manager, a hosted solution for U.S. mortgage servicers to create, mail, track, and manage borrower default notices. The nation's servicers face a rising number of loans entering default in addition to increasing regulatory pressures. Wolters Kluwer Financial Services says its new technology offers a solution to address large spikes in foreclosure volumes with limited in-house resources and reduce the risk of non-compliance.

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Solidifi Meets Compliance Tests for New Appraisal Requirements

Solidifi U.S. announced this week the completion of an internal audit to ensure the company meets or exceeds financial regulatory reform. The company based its audit on the demands of the now-sunset Home Valuation Code of Conduct (HVCC), the Federal Housing Administration's (FHA) appraiser independence guidelines, the requirements of the Dodd-Frank Act and its supporting interim final rules, and revisions to regulators' interagency guidelines.

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Federal Reserve Steps Back on New Mortgage Disclosure Rules

The Federal Reserve said this week that it ""does not expect"" to finalize three pending rule changes under TILA that would have mandated new consumer disclosure requirements for mortgage loans. The Fed began crafting the new regulations more than a year ago in response to claims that borrowers did not understand the terms of the loans they were signing. However, rulemaking authority for TILA and jurisdiction over consumer disclosures is scheduled to transfer to the new Consumer Financial Protection Bureau within a few months.

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Fed Publishes Guidance on Loan Officer Compensation

Heeding pleas from industry groups across the country, the Federal Reserve has issued additional guidance to help smaller mortgage lenders and loan brokers comply with new compensation rules that take effect April 1, 2011. Pay structures in which brokers and loan officers are compensated based on the interest rate have been blamed for pushing consumers into unsustainable mortgages and contributing to rising delinquencies. The new rule prohibits this practice to ensure consumers are not steered into loans they can't afford.

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HUD Terminates FHA Approval of 15 Lenders

HUD announced this week that it has terminated the Origination Approval Agreements of 15 mortgage lenders' Homeownership Centers due to poor performance and high default rates. In addition, the federal agency terminated eight lenders' Direct Endorsement (DE) approval. Lenders with Direct Endorsement agreements are authorized to both originate and underwrite an FHA loan. HUD's regulations permit the agency to terminate its agreement with any mortgagee whose default and claim rate exceeds a certain threshold based on their geographic area.

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