Mortgages

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In January 2020 the Federal Housing Finance Agency (FHFA) published a request for input on Property Assessed Clean Energy (PACE) transactions involving residential property. FHFA describes PACE transactions as being part of residential energy retrofitting programs that are created through special state legislation and result in the financed part of the transaction resulting in a tax assessment on the home, which is a ‘‘super-priority lien’’ over existing and subsequent first mortgages.… Continue Reading

The CFPB recently updated its Home Mortgage Disclosure Act (HMDA) FAQs, regarding the reporting of race, ethnicity and sex for applications taken by mail, internet or telephone.

The CFPB addresses the following question:

If a natural person applicant submits a mail, internet, or telephone application under Regulation C but does not provide race, ethnicity, or sex information, what should the financial institution report regarding whether this information was collected on the basis of visual observation or surname?… Continue Reading

The CFPB recently published ten new TRID FAQs related to lender credits.

Previously the CFPB staff provided informal verbal guidance regarding lender credits, and the 2017 amendments to the TRID rule, often referred to as TRID 2.0, added commentary to TRID provisions of Regulation Z that address the disclosure and treatment of lender credits.… Continue Reading

The Federal Financial Institutions Examination Council (FFIEC) recently issued the 2020 edition of the Guide to HMDA Reporting: Getting It Right! (2020 Guide).

As previously reported, in October 2019 the CFPB issued a Home Mortgage Disclosure Act (HMDA) final rule that:

  • Continues until January 1, 2022 the temporary volume threshold that triggers reporting of open-end, dwelling-secured lines of credit of at least 500 originated lines of credit in each of the prior two calendar years.
… Continue Reading

As previously reported, in October 2019 the CFPB issued a final rule under the Home Mortgage Disclosure Act (HMDA) to:

  • Continue until January 1, 2022 the temporary volume threshold that triggers reporting of open-end, dwelling-secured lines of credit of at least 500 originated lines of credit in each of the prior two calendar years.
… Continue Reading

On December 18, 2019, the New York Department of Financial Services (DFS) issued its Final Regulations detailing the business conduct rules for mortgage loan servicers. Originally proposed on April 12, 2019, these Final Regulations revise the existing mortgage servicing regulations in Part 419 of the Superintendent’s Regulations, which were adopted on an emergency basis, (the “Emergency Regulations”).… Continue Reading

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 single transaction on the Loan Estimate and Closing Disclosure.… Continue Reading

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 December 20, 2019.… Continue Reading

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 not disclose return information to any other person without the express permission of, or request by, the taxpayer.”… Continue Reading

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.… Continue Reading