Monthly Archives: July 2011

ALTERNATE MORTGAGE TRANSACTION PARITY ACT AND NEW REGULATION D

Posted on July 31, 2011 by Jack Holzknecht

On July 22, 2011 the CFPB published an interim final rule establishing Regulation D (§1004 of the Bureau of Consumer Financial Protection regulations) pursuant to the Alternative Mortgage Transaction Parity Act (AMTPA). The interim final rule is necessary to avoid … Continue reading →

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SAFE ACT REMINDER

Posted on July 19, 2011 by Jack Holzknecht

Every financial institution must assure that each Mortgage Loan Originator (MLO) is registered with the National Mortgage Licensing System (http://mortgage.nationwidelicensingsystem.org/fedreg/Pages/default.aspx) by July 29, 2011. For assistance in determining who is a MLO click  for the free flowchart  on Jackscomplianceresource.com.

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HUD ISSUES ITS FINAL RESPA RULE

Posted on July 19, 2011 by Jack Holzknecht

On July 11, just ten days before its rule-writing authority transfers to the new Consumer Financial Protection Bureau, HUD published revisions to Regulation X. The revisions generally address issues already covered in the Frequently Asked Questions and the RESPA Roundup. … Continue reading →

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SHUFFLING CHAIRS AT THE CFPB

Posted on July 19, 2011 by Jack Holzknecht

It is being widely reported that President Obama will nominate former Ohio Attorney General Richard Cordray to head the Consumer Financial Protection Bureau (CFPB). The CFPB is scheduled to officially open for business on July 21, 2011. Cordray has been … Continue reading →

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New Dodd-Frank – Credit Score Disclosure Requirements

Posted on July 7, 2011 by Jack Holzknecht

On July 6 the Federal Reserve Board approved final rules to implement the credit score disclosure requirements of the Dodd-Frank Wall Street Reform and Consumer Protection Act. If a credit score is used in setting material terms of credit or … Continue reading →

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NEW APPROACH FOR A BIG COMPLIANCE HEADACHE

Posted on July 4, 2011 by Jack Holzknecht

Everyone seems to be aware of the huge challenge presented by the Dodd-Frank Act. Thousands of pages of law will become tens of thousands of pages of regulations in the next few years. But most lenders have not yet adopted … Continue reading →

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