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Federal Banking Agencies final SAFE Act rule:
Safe Act Final Rule Affecting Banks Adopted
Financial Regulatory Reform Update: Dodd-Frank Legislation Summary prepared by the Mortgage Bankers Association
HUD issues Guidance on Implementation of FHA Reform to strengthen Risk Management
FHA recently issued ML 2010-20 which provides an overview of key provisions of HUD’s final rule referenced above, and provides guidance to mortgagees on HUD’s implementation of this final rule. This rule increased the net worth requirements for FHA-approved mortgagees, eliminated FHA approval of loan correspondents, codified requirements of the Helping Families Save Their Homes Act of 2009 (Public Law 111-22), and made minor modifications to other aspects of FHA’s regulations governing lender activities. You can view a copy of ML 2010-20 online at: http://www.hud.gov/offices/adm/hudclips/letters/mortgagee/
A copy of Final Rule FR 5356-F-02 can be viewed at: http://edocket.access.gpo.gov/2010/pdf/2010-8837.pdf
Effective July 1, 2010, the Illinois Anti-Predatory Lending Database (APLD) Program expands to three additional counties: Kane, Peoria, and Will. The APLD Program has been in effect since July 1, 2008 in Cook County and is set to expand to Kane, Peoria and Will counties starting July 1, 2010. Visit www.ilapld.com for more information on this program.
Mortgage News from Lipson, Neilson, Cole, Seltzer & Garin, P.C.
Check out the Top Stories and the latest Economic News from the Mortgage Bankers Association that affect the mortgage industry.
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