In OCC Bulletin 2017-28 (dated August 21, 2017 and available at: https://www.occ.gov/news-issuances/bulletins/2017/bulletin-2017-28.html), the Office of the Comptroller of the Currency announced its support for national banks and federal savings associations efforts “to assist in the revitalization, stabilization,…
FNMA announced a new standard ARM program, as follows:
“We are adding a five year ARM plan to our standard eligible ARM plans. Some of the characteristics associated with this plan are:
- Plan Number – 3846
- Initial Fixed Period – 5 years
- Subsequent Adjustments – every 5 years
- Index – 5-year Weekly CMT
- Caps – 2% initial adjustment and 2% subsequent adjustments
- Lifetime Interest Rate Cap – 6%
- Lifetime Interest Rate Floor – the rate can never go below the margin
- Execution – eligible for MBS only
Refer to the updated Standard ARM Plan Matrix for additional details….
On July 10, 2017, the Office of the Attorney General of Ohio published amendments to Ohio Admin. Code 109:4-3-23 & 109-4-3-23 App. which modifies the format of the Ohio “Closing Disclosure” required under these regulations, as well as Ohio Rev….
On July 10, 2017, the CFPB issued a finalization of their proposed rule (see 81 FR 32830 ) “to regulate arbitration agreements in contracts for specified consumer financial product [sic] and services.” (see https://www.consumerfinance.gov/policy-compliance/rulemaking/final-rules/arbitration-agreements/).
Despite rumors to the contrary,…
In July, 2016 the CFPB issued proposed amendments to the “TILA-RESPA Integrated Disclosure” rule (81 FR 54318 ). Today, the CFPB has issued a finalization of these amendments, as well as proposing new amendments “addressing when a creditor may use a Closing Disclosure,…
On June 13, 2017, Gov. John Kasich (R-OH) signed into law S.B. 24 (2017) which enacts a new “Ohio Consumer Installment Loan Act” under Ohio Rev. Code Ann. §§ 1321.62 through 1321.702 (see https://www.legislature.ohio.gov/legislation/legislation-summary?id=GA132-SB-24; press release of the signing can be found at: http://www.governor.ohio.gov/MediaRoom/PressReleases/TabId/200/ArticleId/703/kasich-signs-four-bills-6-13-17.aspx)….
Currently under Maryland law, the state license number of a licensed mortgage lender and licensed mortgage loan originator must be disclosed on each security instrument that is recorded (see Md. Code Ann., Real Prop. § 3-104.1 and Md. Code Regs….
On June 9, 2017 Gov. Brian Sandoval (R) signed into law AB 413 (2017), which amends various provisions of Nevada’s laws concerning electronic signatures, including electronic notary acknowledgments (see https://www.leg.state.nv.us/App/NELIS/REL/79th2017/Bill/5521/Overview).
The day before, the Governor also signed into law AB 468 (2017),…
On June 8, 2017 Gov. Phil Scott (R-VT) signed into law S.B. 136 (2017) which “adopts miscellaneous consumer protection provisions relating to residential construction contracts, escrow account analyses, and fantasy sports contests” (see http://legislature.vermont.gov/bill/status/2018/S.136). Among other changes,…
On June 1, 2017 Gov. Greg Abbott (R-TX) signed into law TX HB 1217 (2017), which amends various parts of Chapter 121 of the Texas Civil Practice and Remedies Code to support online notary publics and online notarial acts. Notably,…