Topics In This Issue
• Federal Issues
• State Issues
• Firm News
• Consumer Finance
• 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...
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