News & Analysis as of

Policies and Procedures Mortgages

Bradley Arant Boult Cummings LLP

Potential Impact of FHA’s Revised Defect Taxonomy on Mortgage Originators and Servicers

On January 7, 2025, the Federal Housing Administration (FHA) officially revised its Defect Taxonomy (Final Defect Taxonomy) with the publication of Mortgagee Letter (ML) 2025-01 and the related attachment detailing those...more

Sheppard Mullin Richter & Hampton LLP

FHA’s Releases 12-Hour Cyber Incident Notification Rule

On May 23, the U.S. Department of Housing and Urban Development (HUD) announced that Federal Housing Administration-approved Mortgagees are subject to a heightened cybersecurity incident reporting regime. The new requirement,...more

Davis Wright Tremaine LLP

Banking and Consumer Regulatory Digest - February 2024 - 3

Editor's Note: The following newsletter provides a roundup summarizing enforcement actions, guidance, rulemakings, and other public statements taken by a federal and/or state financial services regulatory agency, specifically...more

Husch Blackwell LLP

FFIEC Issues Statement on Examination Principles Related to Valuation Discrimination and Bias in Residential Lending

Husch Blackwell LLP on

On February 12, 2024, the Federal Financial Institutions Examination Council (FFIEC) issued a statement of principles that relate to valuation discrimination and bias for its member entities to consider in preparation for...more

Bradley Arant Boult Cummings LLP

FHA Amends HECM Assignment Claim Type 22 Submission Requirements

Affirming its commitment to the senior citizen population, on May 17, 2023, the Federal Housing Administration (FHA) issued Mortgagee Letter 2023-10, implementing amendments to the Home Equity Conversion Mortgage (HECM)...more

Ballard Spahr LLP

Update: COVID-19 & Real Estate and Mortgage Closings

Ballard Spahr LLP on

The impact of the coronavirus (COVID-19) on real estate and mortgage closings is rapidly evolving. Several new policies and procedures have been established by title insurance underwriters related to the impact over the past...more

Ballard Spahr LLP

CFPB addresses RESPA issue in its first no-action letter under the revised final policy

Ballard Spahr LLP on

In its first No-Action Letter under the new revised policy, the CFPB addresses a long-standing issue under the Real Estate Settlement Procedures Act regarding certain payment arrangements between mortgage lenders and housing...more

Ballard Spahr LLP

Federal Reserve Board Launches “Consumer Compliance Supervision Bulletin”

Ballard Spahr LLP on

On July 26, 2018, the Federal Reserve Board (“FRB“) announced the launch of the “Consumer Compliance Supervision Bulletin” (the “Bulletin“) and simultaneously published its first issue. ...more

Troutman Pepper Locke

OCC's High-LTV Bulletin Is a Win for Banks and Consumers

Troutman Pepper Locke on

Since the financial crisis, it has been difficult for consumers and developers to obtain mortgages to buy and build in the areas most hurt by the recession. The Office of the Comptroller of the Currency (OCC) has...more

Ballard Spahr LLP

Maryland Issues Revised Proposed Rules for Servicing Transfers

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The Maryland Commissioner of Financial Regulation recently issued a revised proposed regulation impacting servicing transfers. The Commissioner previously issued proposed regulations on this topic in January 2015. This...more

Bradley Arant Boult Cummings LLP

CFPB Releases Guiding Principles for the Future of Loss Mitigation

The Consumer Financial Protection Bureau (CFPB) recently released new consumer protection and loss mitigation-related principles in an effort to guide mortgage servicers, investors, government housing agencies, and...more

MoFo Reenforcement

CFPB Sends Industry Letter on TRID

MoFo Reenforcement on

On October 1, regulators including the CFPB sent a letter to mortgage industry trade groups regarding TRID. The letter states that...more

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