HUD Mortgagee Letter ML 2018-05 amends the Loss Mitigation procedures for Disaster-Affected Borrowers referenced in ML 2018-01 and Section III.A.3.c.iv. of FHA Single Family Housing Policy Handbook 4000.1 for borrowers with FHA-insured mortgages whose property and/or employment is located in the Presidentially-Declared Major Disaster Areas (PDMDAs) of Puerto Rico Hurricane Maria DR-4339 or Virgin Islands Hurricane Maria DR-4340, and who have not previously received an FHA permanent Loss Mitigati... Read More
On May 24, 2018, the President signed the Economic Growth, Regulatory Relief, and Consumer Protection Act (the Act), a section of which amends the Home Mortgage Disclosure Act (HMDA).
The Act provides partial exemptions for some insured depository institutions and insured credit unions from certain HMDA requirements. The partial exemptions are generally available to insured depository institutions and insured credit unions:
- For closed-end mortgage loans, if the institution originated few... Read More
On May 24, 2018, the President signed the Economic Growth, Regulatory Relief, and Consumer Protection Act (the Act), a section of which amends the Home Mortgage Disclosure Act (HMDA). The Office of the Comptroller of the Currency (OCC) is issuing this bulletin to inform national banks, federal savings associations, federal branches and agencies (collectively, banks), and all OCC examining personnel about the current status of implementation for provisions in the Act regarding partial exemptions ... Read More
The FDIC is releasing a statement on implementation of the Economic Growth, Regulatory Relief, and Consumer Protection Act (the Act) amendments to the Home Mortgage Disclosure Act (HMDA). The statement provides information on forthcoming guidance from the Bureau of Consumer Financial Protection on applicability of the Act to HMDA data collected in 2018, in addition to information on formatting and submission of HMDA data. The agencies are retaining their diagnostic examination approach regarding... Read More
The Office of the Comptroller of the Currency's (OCC) Comptroller's Handbook booklet, 'Compliance Management Systems,' is prepared for use by OCC examiners in connection with their examination and supervision of national banks, federal savings associations, and federal branches and federal agencies of foreign banking organizations (collectively, banks). Each bank is different and may present specific issues. Accordingly, examiners should apply the information in this booklet consistent with each... Read More
This letter provides background information about the recently restored Protecting Tenants at Foreclosure Act of 2009, which became effective on June 23, 2018. The law protects tenants from immediate eviction by persons or entities that become owners of residential property through the foreclosure process, and extends additional protections for tenants with U.S. Department of Housing and Urban Development Section 8 vouchers. The law is self-executing; no federal agency has authority to issue reg... Read More
HUD Mortgagee Letter ML 2018-04 communicates that the Office of Multifamily Production has developed a list of High Cost Areas for 2018. The threshold for a High Cost Area has been set for all areas (Special Limit Areas excepted) with a “calculated” High Cost Percentage (HCP) of 292.54 or greater, but because of the statutory cap of 170 percent or 270 multiplier, some localities have a higher HCP but still have the 270 multiplier.
The designated Annual Base City High Cost Percentages and ... Read More
HUD Mortgagee Letter ML 2018-03 communicates that HUD is extending its current Foreclosure Moratorium, expiring on May 18, 2018, for a maximum additional 90-day period for certain properties impacted by Hurricane Maria in Puerto Rico and the U.S. Virgin Islands. This extension is only applicable for FHA-insured mortgaged properties in Affected Counties in Puerto Rico and the U.S. Virgin Islands if the Conditional Extension of the Foreclosure Moratorium requirements set forth in this Mortgagee Le... Read More
The Office of the Comptroller of the Currency has adopted a final rule to increase the appraisal threshold for commercial real estate (CRE) transactions from $250,000 to $500,000. This threshold increase means that transactions at or below this level do not require appraisals that conform to Title XI of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 and the interagency appraisal rules. The final rule also makes amendments to the appraisal rules to reflect the higher CRE... Read More
The Task Force on Consumer Compliance of the Federal Financial Institutions Examination Council recently developed the attached interagency examination procedures for Regulation X - Real Estate Settlement Procedures Act (RESPA) and Regulation Z - Truth in Lending (TILA). These revised examination procedures supersede the examination procedures transmitted with CA Letter 15-6.
The attached procedures reflect the following amendments to Regulation Z and Regulation X published by the Consumer Fi... Read More