The mortgage industry is fighting efforts to include hybrid adjustable-rate mortgages and potentially other ARM products within the scope of recently issued federal and state guidelines on nontraditional mortgage products. Lenders have suddenly found their...
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State-regulated mortgage providers could be subject to state enforcement action if they ignore recommendations in a recently issued state guidance on nontraditional mortgage products, according to the Conference of State Bank Supervisors. In a recent posting in...
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Compliance officers at federally supervised institutions may be able to prepare for upcoming regulatory reviews of their Fair Credit Reporting Act compliance efforts with the recent release of revised interagency examination procedures. The changes were mostly on exam...
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Financial institutions will benefit from a government analysis of how federal examiners identify and address unfair or deceptive practices in subprime lending and other business areas. The analysis can help financial institutions in evaluating their...
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U.S. banks not subject to the more risk-sensitive Basel II international risk-based capital standards have some tough business decisions to make in the wake of a recent federal proposal to allow those institutions to choose between two risk-based capital rules...
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Providers of nontraditional mortgage products may now provide appropriate disclosures to borrowers about interest-only loans, reduced documentation, and option ARMs with the issuance of an updated Consumer Handbook on ARMs. The CHARM booklet is a document...
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If lenders had any qualms about complying with recently issued federal and state guidelines on nontraditional mortgages, Fannie Mae has put those to rest, at least partially. On orders from its primary regulator, the Office of Federal Housing Enterprise Oversight...
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Massachusetts: Boston Mayor Thomas Menino intends to propose state legislation this month to stem the rising home foreclosure rates in... Ohio: The state Supreme Court has invalidated the City of Toledo’s anti-predatory lending ordinance, widening the door for...
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Federal Trade Commission: Credit Report Fee. The maximum fee that a credit reporting agency can charge for a credit... Federal Reserve Board: Regulation C Exemption. The Fed has increased the asset-size exemption from reporting...
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Fannie Says No to HOEPA Loans: It’s now official: Fannie Mae will not purchase mortgages that are subject to... 2007 Brings New Privacy Laws: Mortgage loan providers face new consumer privacy laws that are...
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