New Florida Law Addresses Private Flood Insurance Policies

The lending industry generally has a difficult time assessing whether a private policy meets or exceeds NFIP requirements because the process requires a full policy review and is very cumbersome.  A new Florida law is designed to address this issue and gives lenders an additional way of verifying that a private flood insurance policy is […]

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Nevada Revises HOA “Super Lien Laws”

The State of Nevada adopted important changes to its law that will help lenders protect their liens from being extinguished by a homeowner association’s (HOA) super priority lien. To read more, please log into Compliance Resources and view article under Federal, State & Agency Resources.

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Compliance Update: Mandatory Flood Insurance Requirements Revised for Detached Structures

Proper flood insurance coverage for low value, detached structures (also known as appurtenant structures), such as sheds and pole barns, has been problematic for lenders and borrowers.  The Homeowner Flood Insurance Affordability Act of 2014 (“HFIAA”) revised the Flood Disaster Protection Act of 1973 changing the mandatory flood insurance requirements on detached structures.   According to […]

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OCC Issues Updated RESPA Booklet

On April 14, 2015, The Office of the Comptroller of the Currency (OCC) issued its revised Real Estate Settlement Procedures Act booklet. According to the OCC Bulletin 2015-25, the “Real Estate Settlement Procedures Act” booklet of the Comptroller’s Handbook replaces the booklet issued in back in October 2011 and provides updated information including recent changes […]

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ABA: CFPB Issues Guidance on Housing Counselor Requirement

“The CFPB released a final interpretive rule on how to provide mortgage applicants with a list of local homeownership counseling organizations. In addition to the guidance issued by the CFPB in 2013, the rule includes instructions about: how to provide applicants abroad with homeownership counseling lists; permissible geolocation tools; combining the homeownership counseling list with […]

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ABA: House Passes ABA-Backed Regulatory Relief Bills

“By virtually unanimous votes, the House passed four regulatory relief bills that are part of ABA’s Agenda for America’s Hometown Banks. The bills that sailed through would eliminate the annual privacy notice disclosure requirement for institutions that haven’t changed their policies (H.R. 601), establish a process for designating an area rural for purposes of CFPB […]

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DS News: The Underappreciated Impact of Dodd-Frank: The Rise of Federal and State Regulatory Cooperation

“When it was passed in 2010, the Dodd-Frank Wall Street Reform and Consumer Protection Act (“Dodd-Frank”) was the most sweeping piece of financial regulation enacted since the 1930s. Before legislators approved Dodd-Frank, consumer protection functions were dispersed among the alphabet soup of federal regulators. But the new law changed that, introducing a single agency – […]

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CFPB Announces New ‘Know Before You Owe’ Mortgage Shopping Toolkit

“WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) today released a new toolkit that guides consumers through the process of shopping for a mortgage and buying a house. Developed as part of the CFPB’s “Know Before You Owe” mortgage initiative, the toolkit will help consumers take full advantage of the new Loan Estimate and […]

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