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| Legislative - Regulation Z Proposed Rule on Consumer's "Ability-to-Repay" | Regulation Z Proposed Rule on Consumer's "Ability-to-Repay"  Legislative - | Where are we on LO Comp? Legislative - TDSML Disclosures | TDSML Disclosures This memorandum is to advise all clients of the following technical changes by the TDSML to the disclosures required, respectively, under §79.122 and §80.9 of Title 7 of the Texas Administrative Code. These changes are set out in the April 29, 2011 issue of the Texas Register.Legislative - Truth-in-Lending Itemization of Amount Financed in a Transaction involving Consumer Paid Loan Originator Compensation | Truth-in-Lending Itemization of Amount Financed in a Transaction involving Consumer Paid Loan Originator Compensation For an application received by a creditor on and after April 1, 2011, the creditor and the broker, if applicable, are required to comply with the compensation rules promulgated by the Board of Governors of the Federal Reserve System ("FRB") in Regulation Z §226.36(d). In a transaction in which the loan originator’s compensation is paid by the consumer, under §226.36(d), clients will need to identify the transaction as consumer paid compensation.Legislative - Proposed Credit Risk Retention Rules by Federal Agencies to Implement | Proposed Credit Risk Retention Rules by Federal Agencies to Implement Those clients who would be adversely affected by these proposed rules are urged to submit written comments on or before the June 10, 2011 deadline.Legislative - | Update on LO COMP...the next step Legislative - Mortgage Call Reports required to be submitted to NMLS | Mortgage Call Reports required to be submitted to NMLS Starting May 2, 2011, state mortgage licensees will be required to submit Mortgage Call Reports to the NMLS as required by the federal SAFE Act and the applicable state SAFE Act statutes.Legislative - Regulation Z Threshold Amount Exemption Raised | Regulation Z Threshold Amount Exemption Raised Revised Section 226.3(b) of Regulation ZLegislative - Appellate Court Grants Stay | Appellate Court Grants Stay DC Court of Appeals temporarily stays Order denying the NAMB and NAIHP Motions for Temporary Restraining Order and Temporary Injunction regarding the FRB Rule on Loan Originator Compensation. Legislative - Disclosure (short) | Disclosure (short) Legislative - Disclosure | Disclosure Black, Mann & Graham has allowed us to share sample disclosures meant to comply with the Federal Reserve Board's Final Rules dealing with Loan Originator Compensation and Steering. Although there is no requirement that the disclosure be provided and although there is no prescribed form of disclosure, it is recommended that such a disclosure is provided. Legislative - Regulation Z APR Threshold for Required Account Increased for "Jumbo" Loans-Effective April 1, 2011 | Regulation Z APR Threshold for Required Account Increased for "Jumbo" Loans-Effective April 1, 2011 The Federal Reserve Board publishes final rule establishing a higher APR threshold for "jumbo" first lien, higher-priced mortgage loans in regard to the escrow account requirements implemented by Regulation Z.Legislative - | Is The Devil You Know Better Than The Devil You Don't Know?BY Edward Kampf; GHAMB PresidentPresident Obama is proposing a new housing finance system to replace Fannie & Freddie. While I applaud any attempt to dismantle those disasters, Obama is stuck between a rock and a hard place. More specifically, the Republican-controlled House and the Democratic-controlled Senate, not to mention NAR & the mortgage lending industry. The debate over the future of Fannie & Freddie has only just begun. The trickiest problem will be where to draw the line between government involvement and privatization. Regardless the outcome, I have full confidence the final plan will be a missed opportunity to provide an acceptable system that doesn't hammer the consumer. In other news, House Republicans are taking aim at four of the administration's foreclosure-prevention programs, arguing that they failed to help many homeowners and are a waste of time and money. The GOP plans to move quickly to terminate the much maligned Home Affordable Modification Program, or HAMP. The Obama administration introduced HAMP two years ago in an effort to help 3 to 4 million troubled borrowers modify their mortgages. But the program's accomplishments have fallen well short of expectations, helping just more than half a million borrowers to date. Of course, Rep. Barney Frank is preparing to protest the moves. Get ready for Barney's temper tantrum. (The phlegm flies when Barney doesn't get his way!). Legislative - NAR Takes Position on Fannie Mae and Freddie Mac Reform | NAR Takes Position on Fannie Mae and Freddie Mac Reform Legislative - | Message from Mike Anderson: NAMB Needs You...and You Need NAMBLegislative - FHA Annual MIP Increase | FHA Annual MIP Increase The FHA announced a 25 basis points increase in the annual mortgage insurance premiums effective for case numbers assigned on or after April 18, 2011. Legislative - | Greetings from NAMB, The Association of Mortgage Professionals.You recently signed a petition opposing the Fed's rule on loan officer compensation. We at NAMB thank you for that! By signing this petition, it tells us two things: One is that what is happening in Washington, D.C. is having a negative impact on your ability to serve the borrowing public, and two, we share some common interests and concerns. This makes you our member, even if you are not paying dues. Unfortunately, when we speak out about issues that affect us all, we can only report that we represent dues-paying members. We are more effective when we can say we represent "you." Every week, NAMB is on the "Hill" in D.C., talking about this issue and others that are important to you, the mortgage professional. NAMB has worked hard to earn a reputation among legislators and regulators as the go-to association for information on MLO issues. Small mortgage companies have effectively served communities in your state with products and services that have allowed your neighbors to buy, build and refinance their homes. More and more, the public is being denied this service in favor of large national banks who lack the commitment and motivation that borrowers expect and deserve. NAMB's effectiveness is limited only to the support of the mortgage community. The more loan officers and companies we represent, the louder our voice. YOU NEED A VOICE IN WASHINGTON, D.C.! NAMB, the Association Mortgage Professionals is that voice. Government Affairs Committee Chair Mike Anderson Please take the time to view the message from NAMB Government Affairs Committee Chair Mike Anderson, and take your place alongside me and the thousands like us who want nothing more than to help our customers and their families. Stand up, join our association and become a part of the only organization that speaks on behalf of you, the small mortgage professional. If you believe that an independent, multisource network of mortgage originators is critical to homeownership in your state, then you need to become a member of NAMB. Do it today. Donald E. Fader, CRMS Director, National Association of Mortgage Brokers NAMB Membership Committee ChairLegislative - | NAMB Call to Action Sparks Congressional Exam of LO Compensation Rules-Mike AndersonLegislative - NAMB Call to Action Sparks Congressional Exam of LO Compensation Rules
| NAMB Call to Action Sparks Congressional Exam of LO Compensation Rules February 9, 2011 - National Association of Mortgage Brokers (NAMB) Government Affairs Committee Chair Mike Anderson, CRMS has praised the House Financial Service Committee for including an examination of the impact the Federal Reserve Board's recent regulation controlling employee pay will have on loan originators in its Oversight Plan.
In the House Financial Services Committee's Oversight Plan released today, the Committee will examine the implementation of proposed rules issued by the Federal Reserve governing mortgage origination compensation, which are scheduled to become effective April 1, 2011.
The committee release outlines: "[T]he Committee is concerned that the rules may have an adverse impact on the ability of small businesses that originate mortgages to remain in business."
The Committee added: "[T]he Committee will also review the interaction of existing real estate settlement rules with rules mandated by the Dodd-Frank Act."
In a separate activity, the Office of Advocacy of the Small Business Administration (SBA) has sent two letters to the Federal Reserve Board asking for more guidance for small business compliance regarding loan officer compensation.
You can view the oversight plan here Legislative - FHA Extends Property Flipping Exemption to December 31, 2011 | FHA Extends Property Flipping Exemption to December 31, 2011 FHA published notice that it is extending its temporary waiver of its porperty flipping regulations until December 31, 2011.Legislative - | NAMB Call to Action: Delay the Fed Rule on LO Compensation 1. Dial the U.S. Capitol Switchboard at (202) 224-3121 today! 2. Ask to be connected to your Member of Congress' office 3. Urge them to Delay the Fed Rule on LO Compensation Regulation Z: 12 CFR 226 ASK FOR THEIR EMAIL OR FAX NUMBER TO SEND YOUR LETTER 4. Write your letter to the to the Federal Reserve Board and email or fax to your members of Congress. Also, please email a copy to locomp@namb.org. A sample letter can be found here. Call Your Members of Congress Today. Urge them to Delay the Fed Rule on LO Compensation Regulation Z: 12 CFR 226 What: NAMB is issuing this action alert and calls on its members to contact their Senators' or Representative and urge them to stop the Fed's Rule on Loan Originators Compensation. Congress must examine this issue and call for an immediate delay in the rule so that it may be addressed in the CFPB and a complete compliance guide that answers all questions is published. First Step: Call your Members of Congress to voice your opposition to the Fed's rule on Loan Originator Compensation. Write: Write your letter to the Federal Reserve Board and fax or email a copy to your lawmakers. Legislative - NAMB Sends Letter to Board of Governors of the Federal Reserve Board
| NAMB Sends Letter to Board of Governors of the Federal Reserve Board NAMB requests 12-month delay in LO compensation enforcement and further clarification on changes to Regulation Z
The National Association of Mortgage Brokers (NAMB) has announced the release of a letter (copy of the letter can be found here) that the trade association has forwarded to the Honorable Ben S. Bernanke, Chairman of the Federal Reserve Board, and Sandra Braunstein, Director of Consumer and Community Affairs of the Federal Reserve Board. In the letter, NAMB has asked for the delay in enforcement of the changes to Regulation Z for 12 months and for further clarification pertaining to loan originator (LO) compensation which is set to be enforced as of April 1, 2011.
In September 2010, NAMB Government Affairs Committee Chair Michael Anderson, CRMS and NAMB Chief Lobbyist Roy DeLoach attended an invitation-only session with members of the Small Business Association (SBA) to discuss the effects of the new rules and regulations in the Dodd-Frank Wall Street Reform and Consumer Protection Act on the small business community.
On January 6, 2011, representatives from three NAMB state affiliates in Massachusetts, Maine and New Hampshire met with Dr. Winslow Sargeant, Chief Counsel for SBA's Office of Advocacy, and Lynn Bromley, Regional Advocate with the Small Business Administration Office of Advocacy. The Office of Advocacy is an independent voice for small business within the federal government. Those in the meeting on behalf of NAMB were Denise Leonard from Massachusetts, Tony Armstrong and Dick Moran from Maine, and Kurt Strandson and Ben Stiles from New Hampshire. NAMB's representatives stated that the primary request was to have the rule delayed due to fact that there was no compliance guide written by the Federal Reserve Board for the changes to Regulation Z.
A compliance guide is mandated by the Small Business Regulatory Enforcement Fairness Act (SBREFA). It is NAMB's argument that mortgage brokers and lenders are ill-equipped with how to fully comply with the rule, and therefore, have no idea how to project for income. Without guidance from the Federal Reserve, investors also have not been able to put together pricing models and have yet to conduct consumer testing. The Federal Reserve has also not been able to forecast the impact that the enforcement of loan originator compensation would have on small business.
The National Association of Mortgage Brokers (NAMB)-The Association of Mortgage Professionals, is a trade association of mortgage professionals with membership in all 50 states and the District of Columbia. NAMB provides education, certification and government affairs representation for the mortgage industry.
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Contact: Eric C. Peck
NMP Media Corp. (516) 409-5555, ext. 312
pr@nmpmediacorp.comLegislative - NAMB Receives Word That the Fed will issue a
Compliance Guide On the Loan Originator Compensation Rule | NAMB Receives Word That the Fed will issue a Compliance Guide On the Loan Originator Compensation Rule Legislative - NAMB Receives Word That the Fed will issue a Compliance Guide On the Loan Officer Compensation Rule
| NAMB Receives Word That the Fed will issue a Compliance Guide On the Loan Officer Compensation Rule Federal Reserve Board working to produce guidelines for April 1, 2011 compliance with Regulation Z
The National Association of Mortgage Brokers (NAMB) has learned today that the Federal Reserve Board (FRB) is working on a compliance guide for small entities on the loan officer (LO) compensation rule, pursuant to Section 212 of the Small Business Regulatory Enforcement Fairness Act (SBREFA), and it will be published in the immediate future. NAMB will ask for a significant delay on the April 1st deadline in order for Office of Advocacy Small Business Administration to interpret and implement any guidelines coming from the federal reserve board at such a late date.
As you all know, this is great news and NAMB will be following up with additional information as it is received. See short video from NAMB Government Affairs Committee Chair Michael Anderson for more information.
Legislative - Loan Officer Compensation | Loan Officer Compensation During the NAMB Governmental Affairs Panel, a power point explaining the concerns of the new Fed Rule on Loan Officer Compensation. At that time many members in the audience requested a copy of the power point. Below you will find a link to the power point. Legislative - | URGENT CALL TO ACTION on the FED rule on Loan Originator compensation Legislative - | NAMB News Loan Originators Take Major Blow Legislative - NEW FHA RULES STRENGTHEN RISK MANAGEMENT | NEW FHA RULES STRENGTHEN RISK MANAGEMENT HUDNo.10-070
HUD No. 10-070
Lemar Wooley
(202) 708-0685
FOR RELEASE
Monday
April 5, 2010
NEW FHA RULES STRENGTHEN RISK MANAGEMENT
New regulations boost lender oversight, tighten controls and streamline lender approval
WASHINGTON - The Federal Housing Administration (FHA) today announced new regulations to further reduce and better manage counterparty risks to its insurance funds as it continues to play a critical role in today's housing market. FHA will issue regulations to increase the net worth requirements of FHA-approved lenders, strengthen lender approval criteria, and make lenders liable for the oversight of mortgage brokers.
"These changes support quality mortgage lenders while excluding organizations that are ill-equipped to handle the risk associated with market variations," said FHA Commissioner David H. Stevens. "That is particularly important now when a robust, competitive mortgage finance market is a crucial element in rebuilding the American economy. Lenders bear the overall risk of FHA-endorsed loans, therefore it makes sense for them to approve their counterparties and have sufficient capital to operate."
The final rule permits FHA to more effectively focus its resources on lenders that pose the greatest potential threat to its insurance funds and to ensure that lenders possess the resources appropriate for the financial services they deliver. FHA solicited public comments on this new regulation and considered those comments in the development of the final rule.
On September 18th 2009 Stevens announced a set of credit policy changes that enhanced FHA's risk management function, including the hiring of a Chief Risk Officer for the first time in the agency's 75-year history. In addition, Stevens announced his intent to propose new regulations to further strengthen FHA's risk management. The final rule, to be published in the next few days, makes good on that promise and will:
* Strengthen the Capacity of FHA-Approved Lenders – Since 1993, FHA has required approved lenders to have a net worth of at least $250,000. To ensure that FHA lenders are sufficiently capitalized to meet potential need, effective immediately, all new lender applicants for FHA programs must now possess a minimum net worth of $1 million.
* Provide Sufficient Time for Current FHA Lenders to Increase Net Worth – Effective one year following the enactment of this rule:
o Current FHA approved lenders – with the exception of small businesses – must possess a minimum net worth of $1 million;
o Current FHA approved small business lenders must possess a minimum net worth of $500,000.
Effective three years following the enactment of this provision:
* Approved lenders and applicants to FHA single-family programs must have a net worth of $1 million plus 1% of total loan volume in excess of $25 million.
* Approved lenders and applicants to FHA multifamily programs must have a minimum net worth of $1 million.
o Multifamily lenders that also engage in mortgage servicing must have an additional 1% of total volume in excess of $25 million.
o Multifamily lenders that do not perform mortgage servicing must have an additional 0.5% of total loan volume in excess of $25 million.
· Streamline Lender Approval – FHA-approved lenders currently assume liability for all the loans they originate and/or underwrite. While mortgage brokers will continue to be able to originate FHA-insured loans through their relationships with approved lenders, they will no longer receive independent FHA eligibility approval. These changes align FHA with Fannie Mae and Freddie Mac and have potential to increase the number of mortgage brokers eligible to originate FHA-insured loans while providing for more effective oversight of brokers by FHA-approved lenders. Mortgage brokers or other third-party originators, already approved by FHA, will be authorized to continue to originate FHA-insured loans through the end of the calendar year without sponsorship of an FHA-approved lender. Commencing January 1, 2011, however, the origination authority will end.
Together, these new regulations align with risk management practices within the conventional marketplace and permit FHA to mitigate losses and decrease risk to its insurance funds. These represent significant steps toward ensuring that FHA resources are entrusted to lenders strong and healthy enough to meet the needs of the market.
Legislative - Home Valuation Code of Conduct | Home Valuation Code of Conduct To help enhance the integrity of the home appraisal process in the mortgage finance industry, in March 2008, Fannie Mae entered into an agreement with our regulator - the Federal Housing Finance Agency (FHFA) (then the Office of Federal Housing Enterprise Oversight) - and the New York Attorney General's office to adopt certain policies relating to appraisals for loans delivered to us. Following a public comment period, the Home Valuation Code of Conduct has been modified and will be effective for single-family mortgage loans (except government-insured loans) that are originated on or after May 1, 2009, and delivered to Fannie Mae. Home Valuation Code of Conduct Legislative - S.A.F.E. Act | S.A.F.E. Act The S.A.F.E. Act is to be implemented on January 1, 2010. Why is this important to you as a loan originator? All loan originators nationwide will fall under this act. As per outlined in the S.A.F.E Act all loan originators in Texas will have to be retested, refingerprinted, relicensed, new background checks, possibly take more education classes and meet new financial requirements. | |||||
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