HUD: FHA Announces Streamlined Claim Payment Requirements in Home Equity Conversion Mortgage Program
Action intended to speed reverse mortgage claim payments The Federal Housing Administration (FHA) today announced revised requirements for Home Equity Conversion Mortgage (HECM) servicers when they assign FHA-insured reverse mortgages to the agency for claim payment. Effective immediately, FHA-approved HECM servicers can use alternative supporting documentation in lieu of previously required materials that, in many…
CFPB: How to Tell the Difference Between a Legitimate Debt Collector and Scammers
Dealing with debt collection issues can be challenging—especially when you’re not sure if the person you’re being contacted by is legitimate or trying to scam you. When an account like a credit card, auto loan, or cell phone bill becomes past due, the original creditor may attempt to collect the amount owed. The creditor may…
CFPB: Fall 2018 Rulemaking Agenda
The Bureau’s general purpose, as specified in section 1021 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act), is to implement and enforce Federal consumer financial law consistently for the purpose of ensuring that all consumers have access to markets for consumer financial products and services and that markets for consumer financial…
SBA: Small Business Lending Momentum Continues in FY18
SBA FY18 total loan volume reaches more than $30 billion with more than 72,000 approved loans The U.S. Small Business Administration announced FY18 lending numbers showing that it guaranteed over $30 billion to small businesses that otherwise would not have had access to capital. “We are providing tools, resources and access to capital for America’s…
FHFA: Mortgage Translations Clearinghouse Launched to Help Borrowers with English Language Barriers
The Federal Housing Finance Agency (FHFA), Freddie Mac (OTCQB:FMCC), and Fannie Mae (FNMA/OTC) together announce the launch of Mortgage Translations – a centralized clearinghouse of online resources to assist lenders, servicers, housing counselors, and other real estate professionals in serving limited English proficient (LEP) borrowers. LEP borrowers make up a growing share of today’s mortgage…
FDIC: Interpretive and Procedural Rule on Partial Exemption from HMDA Requirements
FDIC FIL-58-2018 Home Mortgage Disclosure Act (HMDA): Bureau of Consumer Financial Protection Interpretive and Procedural Rule on Partial Exemptions from HMDA Requirements Printable Format: FIL-58-2018 – PDF (PDF Help) Summary: The Bureau of Consumer Financial Protection released an interpretive and procedural rule to implement and clarify amendments to HMDA made by the Economic Growth, Regulatory Relief,…