Bank Law Monitor

Bank Law Monitor

A Legal Blog for the Financial Services Industry

Tag Archives: Mortgage

New Fannie Mae Lending Product Counts Extended Family Income

Posted in Mortgage Servicing, Trending News
Today, Fannie Mae announced a new lending product, the HomeReady mortgage, which is intended to help creditworthy borrowers with low and moderate incomes to gain access to a mortgage. In order to qualify for the HomeReady mortgage, borrowers will be required to complete an online education course, called “Framework”, to educate and prepare them for… Continue Reading

Spotlight on TILA’s Duty to Provide Timely Mortgage Payoff Statements

Posted in CFPB, Mortgage Servicing, Regulatory Developments, TILA/RESPA
Given the growing complexity of the mortgage servicing rules faced by both bank and non-bank mortgage servicers, it is worthwhile to shine a spotlight on some rules which at first glance seem fairly straight forward, but upon scrutiny, require more analysis. As previously discussed on this blog, the CFPB amended the Truth in Lending Act (TILA)… Continue Reading

CFPB: Big Changes to the Mortgage Servicing Rules

Posted in CFPB, Mortgage Servicing, Regulatory Developments, TILA/RESPA
On October 22, 2014, the CFPB finalized amendments granting nonprofit small servicers an exemption from new mortgage servicing rules. These mortgage servicing rules are part of several rules regulating mortgages, including the Ability-to-Repay rules, that went into effect on January 10, 2014.   The servicing related changes impacts nine key areas: Periodic billing statements Interest rate… Continue Reading