Mortgages, Regulatory Requirements, Financial Regulatory Reform

Trigger Leads – Don’t Forget about the States

Ballard Spahr LLP on 5/21/2025

As Rich Andreano blogged on April 15, 2025, legislation to prohibit or restrict so-called “trigger leads” in the home-buying process has been reintroduced in the House and Senate. The legislation has broad industry and...more

CFPB rescinds 67 guidance documents

Ballard Spahr LLP on 5/19/2025

Contending that policies implemented by guidance represent an unfair regulatory burden and might be contrary to federal law, the CFPB is rescinding 67 guidance documents issued since the bureau began operating in 2011....more

FCA consultation on simplifying mortgage lending rules

A&O Shearman on 5/15/2025

The UK Financial Conduct Authority (FCA) has published a consultation paper (CP25/11) on simplifying its rules on mortgage lending and increasing flexibility, with an updated webpage and press release. This is the first set...more

VA Winding Down VASP Program

Ballard Spahr LLP on 4/28/2025

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

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

Alston & Bird on 4/25/2025

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

CFPB Announces 2025 Supervision and Enforcement Priorities

Troutman Pepper Locke on 4/18/2025

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

FCA feedback statement on rule review in response to consumer duty

A&O Shearman on 4/1/2025

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

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

Troutman Pepper Locke on 3/28/2025

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

Central Bank Modernises Consumer Protection Code and introduces Standards for Business

Walkers on 3/25/2025

Today, the Central Bank of Ireland published the Consumer Protection Code 2025 ("CPC 2025") comprising: (i) the Consumer Protection Code Central Bank Reform Act 2010 (Section 17A) (Standards for Business) Regulations 2025...more

Mortgages and the UK government’s pro-growth agenda: FCA outlines plans to refine and simplify regulatory regime

Hogan Lovells on 3/21/2025

Following the FCA’s January 2025 response to the government’s request for ideas to support its growth mission for the UK economy, the regulator has now written to the Economic Secretary to the Treasury, and released other...more

Maryland OFR Responds to Market Concerns Over Licensing Requirements for Mortgage and Installment Loan Assignees

Sheppard Mullin Richter & Hampton LLP on 3/10/2025

On February 18, the Maryland Office of Financial Regulation (OFR) issued an alert to address industry concerns regarding its January guidance on licensing requirements for assignees of residential mortgage and installment...more

CFPB will reportedly continue to update Average Prime Offer Rate tables

Orrick, Herrington & Sutcliffe LLP on 2/14/2025

On February 11, it was reported that, despite the temporary halt in the CFPB’s operations, the Bureau’s tables for the Average Prime Offer Rate (APOR) will continue to be updated weekly by the CFPB. A Bureau spokesperson...more

Maryland Secondary Market Imperiled by Sweeping Regulatory Change Requiring Licensure for All Assignees of Mortgage Loans

Alston & Bird on 1/17/2025

What Happened? A development with far-reaching consequences for the secondary market, on January 10, 2025, the Maryland Office of Financial Regulation (“OFR”) issued guidance that requires mortgage trusts and their assignees...more

HUD extends compliance date for portions of “Modernization of Engagement with Mortgagors in Default’’ rule

Ballard Spahr LLP on 12/11/2024

The U.S. Department of Housing and Urban Development (HUD) has extended from January 1, 2025 until July 1, 2025, the compliance date for certain provisions of the department’s rule entitled “Modernization of Engagement with...more

VA proposes changes to loan reporting and guaranty loss rules

Ballard Spahr LLP on 12/2/2024

The U.S. Department of Veterans Affairs (VA) recently proposed rules to modify the requirements for the reporting of VA guaranteed mortgage loans, and the rules regarding when the VA would assert a defense for a partial or...more

Highlights from the CFPB’s Spring 2024 Semi-Annual Regulatory Agenda

Troutman Pepper Locke on 7/22/2024

The Consumer Financial Protection Bureau (CFPB or Bureau) recently released its semi-annual regulatory agenda, outlining its planned rulemaking initiatives. The CFPB releases regulatory agendas twice a year in voluntary...more

CFPB Releases Mortgage Servicing Report on Borrower Experiences During the COVID-19 Pandemic

Ballard Spahr LLP on 7/16/2024

The complexity of loss mitigation programs designed to assist distressed mortgage borrowers during the COVID-19 pandemic may have been too daunting for many borrowers to seek help, the CFPB said, in a report released last...more

CFPB Issues Proposed Rule Amending Mortgage Servicing Rules

Ballard Spahr LLP on 7/16/2024

The CFPB recently issued its long-awaited proposed rule amending the mortgage servicing rules under Regulation X, with a focus on streamlining and expanding the loss mitigation procedures and foreclosure protections. The...more

The Answers to the CRA Questions Everyone is asking: What must we do on April 1?

GeoDataVision on 3/20/2024

With April 1, 2024, the effective date for the new CRA rule fast approaching, every bank is asking what must we do on April 1? Here are the answers....more

Federal Reserve Announces Results From the Review of the Supervision and Regulation of SVB

Goodwin on 5/5/2023

Regulatory Developments - Federal Reserve Announces Results From the Review of the Supervision and Regulation of SVB - On April 28, the Federal Reserve released its report analyzing SVB’s failure (Report). The Report...more

Arkansas amends sponsorship licensing requirements under Fair Mortgage Lending Act

Orrick, Herrington & Sutcliffe LLP on 3/31/2023

On March 21, Arkansas enacted HB 1439 to clarify the sponsorship process and amend licensing requirements under the state’s Fair Mortgage Lending Act. The amendments modify the definition of a “transitional loan officer...more

New Fannie Mae Temporary Requirements for Condo and Co-Op Projects – What Do Illinois Condominium Associations and Co-Ops Need To...

Levenfeld Pearlstein, LLC on 1/27/2022

In the wake of the tragic condominium building collapse in Surfside, Florida, Fannie Mae issued new temporary eligibility guidelines for loans insured by Fannie Mae for condominium units or co-op apartments which are...more

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