Updated Regulations The Texas Department of Savings and Mortgage Lending (“Department”) issued updated rules relating to mortgage companies, loan originators, mortgage bankers, and mortgage servicers. The revisions are aimed at modernizing and updating the rules by adding and replacing language for clarity, removing unnecessary or duplicative provisions, and updating terminology.    Mortgage Loan Originators, Mortgage Companies […]

Misleading Marketing Laws As of January 1, 2024, mortgage companies soliciting consumers in Illinois will need to ensure their marketing materials do not run afoul of the state’s new law designed to protect consumers from being misled. The new law provides that any marketing materials from a mortgage company with no connection to the consumer’s […]

Redlining Updates The CFPB’s first lawsuit against a nonbank mortgage lender for redlining has been dismissed byan Illinois federal Court. The Court held that the protections offered to actual loan applicants arenot extended to prospective applicants. Bureau of Consumer Fin. Prot. V. Townstone Fin., Inc.,2023 U.S. Dist. LEXIS 18405, 2023 WL 1766484 (N.D. Ill. Feb. […]

HMDA Reporting Threshold On September 23, 2022, the United States District Court for the District of Columbia entered a judgment invalidating the CFPB’s rule raising the HMDA reporting threshold to 100 covered loans. The court's decision returns the operative HMDA reporting threshold to 25 closed-end loans originated. Notably, the court’s ruling did not alter the […]

Section 1071 Compliance requirements are ever-changing, and it’s crucial for banking, lending, and other financial institutions to not only stay up to date with the latest regulatory updates and changes, but also have access to a comprehensive — and flexible — regulatory compliance analytics platform. Regulatory agencies, such as the Consumer Financial Protection Bureau (CFPB) […]

The CFPB issued a report on HMDA data collected in 2018, 2019, and 2020 that outlines a number of trends in residential mortgage originations.

On Thursday, April 16, the CFPB announced an amendment to Regulation C raising the loan-volume coverage thresholds for financial institutions reporting data under the Home Mortgage Reporting Act (HMDA).

MICHIGAN HOUSE BILL 5084 The Michigan legislature amended their Mortgage Loan Originator Licensing Act effective December 5, 2019. An individual who is a registered loan originator will have temporary authority to act as a mortgage loan originator for a specified period without first obtaining a mortgage loan originator license, if all of the following apply: […]

Regulatory Updates The Alaska Department of Commerce, Division of Banking and Securities (“Department”) has amended their regulations dealing with mortgage lending and nonprofit exemptions, effective February 6, 2020.  The Massachusetts Department of Banking has amended the rules related to licensing of mortgage loan originators, effective January 10, 2020. 3 ALASKA ADMINISTRATIVE CODE CHAPTER 14 A […]

Regulatory Updates The New Jersey Department of Banking has updated their definition of a high cost loan.  The Oklahoma Secretary of State has issued rules implementing the Oklahoma Remote Online Notary Act (“Act”).  Both provisions discussed here were effective January 1, 2020. NEW JERSEY DEPARTMENT OF BANKING AND INSURANCE BULLETIN 20-01 The New Jersey Department […]

Regulatory Updates The Colorado and Georgia regulators have amended their rules related to temporary authority for mortgage loan originators.  COLORADO RULES 4 CCR 725-3 CHAPTER 2 The Colorado Department of Regulatory Agencies, Division of Real Estate (the “Division”) has amended the rules related to temporary authority for mortgage loan originators, effective November 20, 2019. An […]

Regulatory Updates The Consumer Financial Protection Bureau (“CFPB”) announced the asset-size exemption thresholds for 2020 for Regulation C and Regulation Z.  The Oregon Department of Consumer and Business Services has amended its rules for mortgage lenders and mortgage servicer licensees.  All updates discussed are effective January 1, 2020. REGULATION C (HOME MORTGAGE DISCLOSURE ACT) The […]