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The CFPB recently announced that the Filing Instruction Guide (FIG) for the submission of Home Mortgage Disclosure Act (HMDA) data collected in 2025 is now available. The FIG, issued by the Federal Financial Institutions Examination Council, may be accessed here.

HMDA data for 2025 must be submitted on or before March 2, 2026.… Continue Reading

The House and Senate on September 25, 2024 passed legislation that would extend key parts of the National Flood Insurance Program (NFIP) until December 20, 2024. The extension is included in H.R. 9747, which also would provide funds for much of the federal government to keep operating until that date.

President Biden has said he will sign the legislation.… Continue Reading

In connection with its guaranteed home loan program, the Department of Veterans Affairs (VA) announced in Circular 26-24-17 requirements when a party assuming a VA guaranteed loan in connection with the purchase of a home also obtains a secondary mortgage to help finance the purchase.  The VA notes that a VA guaranteed home loan, other than for repairs, alterations, or improvements, must be secured by a first lien and that when a party assuming an existing VA loan also obtains secondary financing, if the secondary loan is not processed correctly it can jeopardize the VA guaranteed home loan’s first lien position.… Continue Reading

The National Flood Insurance Program’s authorization to issue new flood insurance contracts will expire on Sept. 30 unless Congress votes to extend it.

Congress has been unable to enact a long-term extension of parts of the program. Traditionally an extension of the authorization to write new insurance contracts has been included in short-term and end-of-year appropriations measures.… Continue Reading

As previously reported, in connection with its guaranteed home loan program, in June 2024 the Department of Veterans Affairs (VA) adopted a temporary local variance allowing veterans to pay the commission of the real estate broker or agent assisting them (a “buyer-broker”) in the purchase of a home.  In Circular 26-24-15, the VA announced an enhancement made to the Issue Guaranty screen in VA’s WebLGY system related to veteran-paid buyer-broker charges.… Continue Reading

The Conference of State Bank Supervisors (CSBS) will release the first phase of major enhancements to the Nationwide Multistate Licensing System & Registry (NMLS) on July 20.

The updates are intended to address certain issues industry users have raised, including allowing users to create a username and password without having to contact the NMLS Call Center, and allowing users who have multiple NMLS accounts to access their accounts using one username and password.… Continue Reading

The complexity of loss mitigation programs designed to assist distressed mortgage borrowers during the COVID-19 pandemic may have been too daunting for many borrowers to seek help, the CFPB said, in a report released last week.

“Many respondents faced challenges accessing these programs even among those who reported communicating with their servicer,” the CFPB said.… Continue Reading

We discuss various issues faced by lenders and servicers when attempting to foreclose on “zombie” mortgages, meaning second mortgages on which the borrower has not made a payment for a considerable period of time and the lender or servicer has not previously taken action to foreclose.  First, we look at the CFPB’s May 2023 advisory guidance on the enforcement of time-barred mortgage loans. … Continue Reading

On April 26, 2023, the CFPB will hold a field hearing in Brooklyn, New York on “zombie second mortgages.”  At the event, Director Chopra will host a discussion with local community organizations, advocates, leaders, and members of the public about such mortgages and debt collection issues.  The CFPB describes “zombie second mortgages” as “debts that consumers thought were satisfied long ago by loan modifications or bankruptcy proceedings or that were written off by lenders as uncollectable.”… Continue Reading