Although the 2017 amendments to the TRID rule, often referred to as TRID 2.0, added commentary to TRID provisions of Regulation Z and, particularly, Appendix D to Regulation Z, that addresses multiple advance construction loans, there has continued to be confusion in the industry on how to properly disclose construction-to-permanent, one-time-close loans, especially as a
Mortgages
Congress Agrees to Extend NFIP Through September 2020
By Richard J. Andreano, Jr. on
Posted in Flood Insurance, Mortgages
As part of legislation to fund various federal government agencies after December 20, 2019, the House of Representatives and Senate agreed to extend the National Flood Insurance Program (NFIP) until September 30, 2020. President Trump is expected to sign the legislation.
Congress previously agreed to a short-term extension of the NFIP from November 21 to…
IRS Issues Clarification Regarding Taxpayer First Act Disclosure of Information Provision
By Richard J. Andreano, Jr. on
Posted in Mortgages
The Taxpayer First Act adopted in the summer of 2019 includes the following provision that has an effective date of December 28, 2019:
“Persons designated by the taxpayer under this subsection to receive return information shall not use the information for any purpose other than the express purpose for which consent was granted and shall …
This week’s podcast: HUD’s proposed changes to its Fair Housing Act disparate impact rule
By Barbara S. Mishkin on
Our podcast looks at the proposed changes to HUD’s rule for establishing liability under the FHA for discriminatory practices based on disparate impact even without discriminatory intent. We discuss the proposal’s history, five-part burden-shifting framework, available defenses (looking closely at those for models used to assess credit risk), and HUD’s likely next steps.
Congress Further Extends National Flood Insurance Program
By Richard J. Andreano, Jr. on
Posted in Flood Insurance, Mortgages
CFPB to Assess TRID Rule’s Effectiveness
By Amanda E. Phillips on
The Dodd-Frank Act requires the CFPB to conduct an assessment of each “significant rule” adopted by the Bureau. The Bureau has determined that the TILA/RESPA Integrated Disclosure (TRID) Rule qualifies as a “significant rule.” Assessment reports must be published no later than five years after the effective date of the rule being assessed. The TRID…
FDIC RESPA Section 8 Settlement Acknowledges Legitimacy of Marketing Arrangements
By Richard J. Andreano, Jr. on
HomeStreet Bank recently agreed to the issuance of an order to settle an allegation by the FDIC that the bank’s discontinued Home Loan Center-based mortgage business line violated the Real Estate Settlement Procedures Act (RESPA) “by entering into co-marketing agreements using online platforms and desk rental agreements that resulted in the payment of fees to…
CFPB Issues Final HMDA Rule
By Richard J. Andreano, Jr. on
The CFPB recently issued in final form two elements of a May 2019 Home Mortgage Disclosure Act (HMDA) proposed rule.
As previously reported, the May 2019 proposal would:
- Increase the volume threshold that triggers reporting of closed-end mortgage loans from at least 25 originated loans in each of the prior two calendar years to
…
Federal Banking Agencies Increase Transaction Value Appraisal Exemption
By Richard J. Andreano, Jr. on
As we previously reported, last November the FDIC, Federal Reserve Board and Comptroller of the Currency (the federal banking agencies) proposed a rule to implement a rural residential property appraisal exemption under the Economic Growth, Regulatory Relief, and Consumer Protection Act (the Growth Act) and also increase the appraisal exemption based on transaction value…
Congress Votes to Extend National Flood Insurance Program
By Richard J. Andreano, Jr. on
The U.S. Senate recently voted to approve legislation previously passed by the U.S. House of Representatives to extend the National Flood Insurance Program (NFIP) until November 21, 2019. The NFIP is scheduled to expire on September 30, 2019 without an extension. The extension is included in a stopgap spending bill and according to press reports…