The Consumer Financial Protection Bureau (CFPB) released the Summer 2023 edition of its Supervisory Highlights this week, which included a section on loan originator (LO) compensation. In describing … more CFPB Mentions LO Comp In Latest Supervisory Highlights
Regulations
HUD Updates Processes for HECM Borrower Payments
The Federal Housing Administration today published Mortgagee Letter 2023-15 to improve FHA’s ability to make prompt payments in the event of a mortgagee default and to ensure that HECM borrowers receive … more HUD Updates Processes for HECM Borrower Payments
FHA Publishes Documents In New Languages
The Federal Housing Administration published more than 30 single-family mortgage documents and related resources used in the origination of FHA-insured mortgages, including HECMs, in Chinese, Korean, Spanish, Tagalog, and Vietnamese. … more FHA Publishes Documents In New Languages
Ginnie Mae Issues LIBOR Transition Guidance
Ginnie Mae published guidance for issuers on the transition of all outstanding HECM Mortgage-Backed Securities tied to the London Interbank Offered Rate (LIBOR) to the Secured Overnight Financing … more Ginnie Mae Issues LIBOR Transition Guidance
FHA Finalizes Policies to Expedite HECM Assignments
The Federal Housing Administration published Mortgagee Letter 2023-10 to allow for faster payment of funds to mortgagees when they assign a Home Equity Conversion Mortgage to HUD. Effective immediately, ML 2023-10: … more FHA Finalizes Policies to Expedite HECM Assignments
Financial Assessment Is Working (Part VII)
Financial Assessment is still working. Now in its ninth year, FHA’s policy of requiring the financial assessment (FA) of borrowers’ ability to pay has helped cut tax and … more Financial Assessment Is Working (Part VII)
HUD Selling Vacant Properties Once Backed by HECMs
The Department of Housing and Urban Development announced in the Federal Register this week that it will be selling 1,237 reverse mortgage notes secured by vacant properties with … more HUD Selling Vacant Properties Once Backed by HECMs
HUD Publishes Final Rule On LIBOR Transition
The Department of Housing and Urban Development published Mortgagee Letter 2023-09, which implements the Department’s final rule published on March 1 that governs the transition away from the … more HUD Publishes Final Rule On LIBOR Transition
MISMO Announces Call For Participation
MISMO®, the real estate finance industry’s standards organization, issued a call for subject matter experts to participate in a new development workgroup (DWG) focused on analyzing and developing … more MISMO Announces Call For Participation
Joint Statement On Completing the LIBOR Transition
The Consumer Financial Protection Bureau issued a joint statement with four other federal regulatory agencies, and state bank and credit union regulators, as a reminder that use of … more Joint Statement On Completing the LIBOR Transition
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