CFPB Updates Agency Contact Information in Various Disclosures and Regulations On March 17, 2023, the Consumer Financial Protection Bureau (“CFPB”) issued a Final Rule that makes non-substantive updates to the CFPB and other Federal agency contact information found in various…

CFPB Updates HELOC Brochure On December 16, 2022, the Consumer Financial Protection Bureau (“CFPB”) announced an updated version of “What You Should Know about Home Equity Lines of Credit,” required under Regulation Z, for immediate use. The publication, also known…

Appraisals for Higher-Priced Mortgage Loans Exemption Threshold Adjustment The Consumer Financial Protection Bureau, Federal Reserve Board, and Office of the Comptroller of the Currency announced the threshold for exempting loans from special appraisal requirements for higher-priced mortgage loans will increase…

Fannie Mae and Freddie Mac Announce Use of Form 1103 Federal Housing Finance Agency announced that Fannie Mae and Freddie Mac will require lenders to use the Supplemental Consumer Information Form (“SCIF”) as part of the application process for loans…

Fannie Mae On February 2, 2022, Fannie Mae issued Selling Guide 2022-01, which updated Section B5-3.2-06 related to the Renovation Loan Agreement. The Renovation Loan Agreement (Form 3731) has been revised to reflect these changes. Form 3731 is revised to…

FHFA Announces GSE Conforming Loan Limits for 2022 The Federal Housing Finance Agency (“FHFA”) announced that the maximum conforming loan limit for first mortgages secured by one-unit properties acquired by Fannie Mae and Freddie Mac in 2022 will be $647,200,…

Revised Dollar Amount and Thresholds Under Federal High-Cost and Qualified Mortgage Provisions The Consumer Financial Protection Bureau (“CFPB”) issued a final rule amending the high-cost mortgage thresholds and the qualified mortgage thresholds in Regulation Z. The amendments are effective January…

CFPB Delays Mandatory Compliance Date of General QM Final Rule The CFPB proposed a rule delaying the mandatory compliance date of the General Qualified Mortgage (“QM”) Final Rule issued in December 2020. On April 28, 2021, the CFPB formally delayed…

New URLA Mandatory Beginning March 1 Fannie Mae and Freddie Mac (“the GSE’s”) have redesigned the Uniform Residential Loan Application (“URLA”) and, accordingly, created new file formats for submissions to Desktop Underwriter/Loan Product Adviser. The redesigned URLA is mandatory for…

Presidential Memorandum Regarding Fair Housing Act On January 26, 2021, President Biden issued a memorandum to the Secretary of Housing and Urban Development directing the Secretary to examine the effects of various fair housing rules, including HUD’s disparate impact standard…