InfoBytes, June 18, 2010 - Weekly In-depth review of news & developments in the financial services industry

more+
less-

Topics In This Issue

• Federal Issues

• State Issues

• Courts

• Firm News

• Mortgages

• Banking

• Consumer Finance

• Litigation

• Privacy/Data Security

• Credit Cards

Excerpt from "Federal Issues"

HUD Issues Mortgage Letter Addressing Final Rule Amending Net Worth Requirement, Eliminating Loan Correspondent Approval. The U.S. Department of Housing and Urban Development (HUD) recently issued Mortgagee Letter (ML) 2010-20 (dated June 11 and published on Hudclips June 15) to explain and clarify the implementation of HUD’s recently-issued final rule that, among other things, (i) has increased the net worth required for approved mortgagees, (ii) has eliminated the Federal Housing Administration (FHA) approval requirement for loan correspondents (LCs), and (iii) will affect the relationship of principals and authorized agents (the final rule was reported in InfoBytes Special Alert, Apr. 15, 2010).

Increased Net Worth Required for FHA-Approved Mortgagees. The list below describes the timeline for implementation of the final rule’s net worth requirements...

Please see full newsletter below for more information.

LOADING PDF: If there are any problems, click here to download the file.

Published In: Administrative Agency Updates, General Business Updates, Finance & Banking Updates, Privacy Updates, Residential Real Estate Updates

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© BuckleySandler LLP | Attorney Advertising

Don't miss a thing! Build a custom news brief:

Read fresh new writing on compliance, cybersecurity, Dodd-Frank, whistleblowers, social media, hiring & firing, patent reform, the NLRB, Obamacare, the SEC…

…or whatever matters the most to you. Follow authors, firms, and topics on JD Supra.

Create your news brief now - it's free and easy »

CONNECT

BuckleySandler attorneys are among the leading financial services law practitioners in the country... View Profile »


Follow BuckleySandler LLP :

Reporters on Deadline