Compliance Action, Volume 22, Number 9
*** NEW Feature: Delivering content as it is written ***
To get information to you as quickly as possible, we will post new content as soon as it is available (generally several times per week). The Table of Contents (below) will build as more information is added to each issue. This way, you will be certain to get compliance information in the fastest, most efficient way possible. And, as usual, when an issue is complete, you will continue to receive an email notification. - Patti Blenden, Editor
August 29 - September 12, 2017
The CFPB amended the mortgage servicing rules in August 2016 with a regulatory release titled Amendments to the 2013 Mortgage Rules under the Real Estate Settlement Procedures Act (Regulation X) and the Truth in Lending Act (Regulation Z). They take effect on October 19, 2017. Here's what you need to know.
The CFPB implemented the early intervention, continuity of contact, and the loss mitigation procedures to help borrowers remain in their principal residences, where possible, while minimizing potential loan losses, by ensuring servicers use clear standards of review for loss mitigation options. We review these provisions.
The new HMDA rules with the greatly expanded data fields to be reported for covered dwelling-secured mortgages are effective January 1, 2018. If the institution meets each of the criteria listed in the appropriate column in the chart, the institution will have to report its covered transactions for the current calendar year.
Compliance NotesCompliance Calendar (Updated September 12, 2017)
In the Editor's Opinion
Compliance or Business?
How a bank staffs and runs its compliance program is fundamentally a business decision.
Compliance Q & A
- Patti Blenden
- Executive Editor:
- Lucy H. Griffin, Esq.
- Board of Advisors:
- John S. Byrne, Esq.
Cliff E. Cook
Michael D. Maher
Carl G. Pry
Robert G. Rowe, III, Esq.