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Mortgages › Regulatory Requirements

The term "mortgage" typically refers to a mortgage loan.  A mortgage loan is a financing instrument where an individual or business borrows money to purchase property (usually real property) and... more +
The term "mortgage" typically refers to a mortgage loan.  A mortgage loan is a financing instrument where an individual or business borrows money to purchase property (usually real property) and uses that property as collateral for the loan. less -
Miles & Stockbridge P.C.

Fannie Mae Updates Preferred Equity Guidelines: What You Need to Know

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Fannie Mae published its Preferred Equity Guide Update (25-06) and its Preferred Equity Checklist (Form 6441) in mid-April. Although unpublished iterations have been circulating for the past two years, lenders and law firms...more

Alston & Bird

VA Announces Wind Down of VASP Program and VA Home Retention Waterfall

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What Happened? On April 23, 2025, the U.S. Department of Veterans Affairs (VA) issued Circular 26-25-2 (the Circular), which announces that the VA’s Veterans Affairs Servicing Purchase (VASP) program is winding down. As of...more

Sheppard Mullin Richter & Hampton LLP

Maryland Enacts Law Exempting Passive Trusts from Mortgage and Installment Loan Licensing Requirements

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In January 2025, the Maryland Office of Financial Regulation (the “OFR”) issued a guidance stating that assignees of residential mortgage loans, including certain passive trusts, were required to hold a Maryland mortgage...more

GeoDataVision

Potential Improvements for CRA (Part 4b of 4)

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In the first 3 articles in this series (1, 2, 3), we identified fatal flaws in the 2023 CRA rule. In Parts 4a – 4c we propose the regulators consider potential improvements to the rule when they publish the Notice of Proposed...more

Orrick, Herrington & Sutcliffe LLP

Iowa enacts provisions regarding prescreened mortgage solicitation practices

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On April 18, Iowa enacted HF 857 (the “Act”), prohibiting financial institutions from using unfair or deceptive practices when they use prescreened mortgage trigger lead information to solicit consumers who have applied for...more

Ballard Spahr LLP

VA Winding Down VASP Program

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As previously reported, last year the U.S. Department of Veterans Affairs (VA) launched a Veterans Affairs Servicing Purchase (VASP) program, which VA characterized as a “last-resort tool” for VA home loan borrowers facing...more

Mayer Brown

Update on Maryland Mortgage Licensing Guidance: Governor Moore Signs Law Exempting Passive Trusts

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Shortly after Mayer Brown published an update on legislation introduced to exempt passive trusts and other assignees of certain Maryland loans from licensing, Governor Wes Moore signed the legislation into law. The Maryland...more

Alston & Bird

Governor Moore Signs Legislation Exempting ‘Passive Trusts’ from Licensure in Maryland

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Our Financial Services Group reviews the Maryland Secondary Market Stability Act, which overrides the Office of Financial Regulation’s requirement that passive trusts holding Maryland loans in residential mortgage-backed...more

Alston & Bird

Governor Moore Signs Legislation Exempting “Passive Trusts” from Licensure in Maryland

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In a highly anticipated and welcome development, on April 22, 2025, Maryland Governor Wes Moore signed into law the Maryland Secondary Market Stability Act of 2025 (emergency measures HB 1516 and its companion SB 1026) with...more

Ballard Spahr LLP

HUD further revises servicing and claims requirements and loss mitigation options

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In January 2025 the U.S. Department of Housing and Urban Development (HUD) issued Mortgagee Letter 2025-06 revising servicing and claims requirements and loss mitigation options for FHA insured mortgage loans effective...more

Mayer Brown

Update on Maryland Licensing Guidance: A “Fix” In The Works?

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In a prior Legal Update, we discussed the introduction of legislation in the Maryland General Assembly that would amend Maryland law to address guidance issued by the Maryland Office of Financial Regulation (“OFR”). That...more

Orrick, Herrington & Sutcliffe LLP

North Dakota expands its financial data security framework, includes alternative financing providers to obtain money broker...

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On April 11, North Dakota enacted HB 1127 (the “Act”), amending the regulatory framework for financial institutions within the state by establishing a new chapter focused on data security programs. The Act amends various...more

Troutman Pepper Locke

CFPB Announces 2025 Supervision and Enforcement Priorities

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This week, the Consumer Financial Protection Bureau (CFPB or Bureau) released a memo to staff outlining its new supervision and enforcement priorities for 2025....more

Troutman Pepper Locke

Unlocking the Secrets of Reverse Mortgages — The Consumer Finance Podcast

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In this episode of The Consumer Finance Podcast, Chris Willis is joined by colleagues Megan Burns, Jason Manning, and Punit Marwaha to explore the arcane world of reverse mortgages. They provide valuable insights about how...more

A&O Shearman

UK FCA consultation on loan to income flow limit in mortgage lending

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The UK Financial Conduct Authority (FCA) has published a consultation on proposed amendments to the Prudential Regulation Authority's (PRA) rulebook and FCA guidance on the de minimis threshold for the loan to income flow...more

Alston & Bird

Consumer Finance State Roundup

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The latest edition of the Consumer Finance State Roundup highlights recently enacted measures of potential interest from three states: Arkansas: House Bill 1184, which we expect to take effect on or about August 8, amends...more

Mayer Brown

Home Equity Investment (HEI) Contracts

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In this podcast episode, partner Holly Bunting discusses the evolving regulatory landscape for home equity investment (HEI) contracts, which have gained popularity as an alternative to traditional home equity lines of credit...more

Ballard Spahr LLP

2024 HMDA Modified Loan Application Data Published

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The CFPB has announced that Home Mortgage Disclosure Act (HMDA) Modified Loan Application Register (LAR) data for 2024 are now available on the Federal Financial Institutions Examination Council’s (FFIEC) HMDA Platform for...more

Orrick, Herrington & Sutcliffe LLP

CFPB publishes 2024 HMDA Modified Loan Application Register data

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On March 31, the CFPB announced it published the 2024 HMDA Modified Loan Application Register data on the FFIEC’s HMDA Platform. The data, sourced from nearly 5,000 HMDA filers, included loan-level information to assess...more

A&O Shearman

FCA feedback statement on rule review in response to consumer duty

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The Financial Conduct Authority (FCA) has published a feedback statement on immediate areas for action and further plans for reviewing FCA requirements following introduction of the Consumer Duty. It follows the FCA's call...more

GeoDataVision

Former Senator: Bankers Can’t Be Passive About Proposed CRA Rule Rollback

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Yesterday, as I was writing this article the news broke about the regulators deciding they intend to rescind the 2023 CRA rule. My first reaction was to toss this article in the “trash” folder. But upon further reflection I...more

Alston & Bird

HUD Revises Borrower Residency Requirements for FHA-Insured Mortgages

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What Happened? On March 26, 2025, the U.S. Department of Housing and Urban Development (HUD or the Department) issued Mortgagee Letter 2025-09 (ML 2025-09), which updates HUD’s residency requirements for borrower eligibility...more

Hogan Lovells

UK Consumer Duty rule review: FCA sets out ‘targeted steps’ to simplify requirements for firms

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Following feedback to its July 2024 Call for Input (CfI) on placing greater reliance on the Consumer Duty instead of specific rules and guidance, the FCA won’t be carrying out a wholesale Handbook review. It has instead...more

Troutman Pepper Locke

FHFA Director Pulte Terminates Mortgage-Related Special Purpose Credit Programs for GSEs

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In a significant policy shift under the Trump administration, the new Federal Housing Finance Agency (FHFA) Director Bill Pulte issued an order on March 25, 2025 terminating special purpose credit programs (SPCPs) supported...more

A&O Shearman

UK FCA call for evidence on interest rate 'stress test' rule for mortgage lenders

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The UK's Financial Conduct Authority (FCA) has updated its webpage on the interest rate 'stress test' rule for mortgage lenders, and issued a call for evidence on the impact of the FCA handbook rule on considering the effect...more

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