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Federal Highlights

GSEs Announce Update to Uniform Residential Loan Application On August 9, 2019, Fannie Mae and Freddie Mac (GSEs) announced the mandatory use of the redesigned Uniform Residential Loan Application (URLA) and AUS datasets will no longer begin on February 1,

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Spring 2019 Federal Highlights

Banking Agencies Implement the Private Flood Insurance Provisions of the Biggert-Waters Flood Insurance Reform Act of 2012 (Biggert-Waters Act) The Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance

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Fall 2018-Winter 2019 Federal Highlights

FHFA Announces GSE Conforming Loan Limits for 2019 The Federal Housing Finance Agency announced that the maximum conforming loan limit for first mortgages secured by one-unit properties acquired by Fannie Mae and Freddie Mac in 2019 will be $484,350.00, with

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Spring-Summer 2018 Federal Highlights

CFPB Issues Final Rule to Address the “Black Hole” and Resetting Fee Tolerances Using Closing Disclosures The CFPB issued its long-anticipated final rule to address the “black hole” under TRID and when fee tolerances may be reset using a Closing

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Winter 2017-2018 Federal Highlights

CFPB Issues Final Rule Amending Regulation B The Consumer Financial Protection Bureau issued a final rule to amend Regulation B (the Equal Credit Opportunity Act) which will provide additional flexibility for mortgage lenders in the collection of consumer ethnicity and

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Fall 2017 Federal Highlights

CFPB Issues Final Rule Revising TRID The Consumer Financial Protection Bureau (CFPB) issued its final rule revising certain provisions of TRID. The rule was effective October 10, 2017. However, compliance with the final rule is not required on the effective

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Winter 2016-2017 Federal Highlights

CFPB Compliance Bulletin and Policy Guidance The CFPB revised its 2012 bulletin on oversight of third party service providers to make clear that supervised banks and non-banks may adopt a risk-based approach which is not “one size fits all.” The

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Fall 2016 Federal Highlights

Big Win for PHH in Case Against CFPB The U.S. Court of Appeals for the DC Circuit has released its opinion in PHH’s case against the CFPB, and it’s a resounding win for PHH and the industry. In its 110-page

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Summer 2016 Federal Highlights

The Department of Labor Revises Rules Governing Overtime Compensation The Department of Labor (“Department”) announced it will publish a Final Rule updating regulations related to overtime compensation and exemption provisions for executive, administrative and professional employees, as well as for

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Spring 2016 Federal Highlights

FHA Clarifies Discrepancy In New Handbook Relating To Model Mortgages The Federal Housing Administration (“FHA”) announced a waiver of a provision in Single Family Housing Policy Handbook 4000.1 relating to the required content of security instruments. FHA Allows Two New

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