Recent changes to two state laws have prompted us to change the late fee restrictions that apply to these states.
Alabama H.B. 3 amends the late fee restrictions set forth in Ala. Code §5-19-4(a) for consumer credit transactions….
The Dodd-Frank Act was enacted to as a response to the financial crisis of the late 2000’s. Part of the blame for this crisis was a perceived lack of responsibility for the quality of securitized loans by loan originators….
by Lotstein Legal PLLC
www.lotsteinlegal.com
The Department of Housing and Urban Development’s (HUD) RESPA team answers questions about the use of the 2010 Good Faith Estimate. Keep in mind the Frequently Asked Questions document and the RESPA ROUNDUP documents must all be consulted to get the benefit of HUD’s cumulative guidance….
On August 26, 2009, the Federal Reserve Board proposed a new rule to be included in Regulation Z (12 CFR §§226 et seq.) that eliminates dual compensation paid to loan originators and prohibits the practice of “steering” consumers into making loans that were not “in their interest because the loans would result in greater compensation for the loan originator” (Federal Register,…
Under the Dodd-Frank Act, lenders will have to retain five percent of every loan sold on the secondary market, except for those that meet the definition of “qualified residential mortgages” (QRM)….
Per Mortgagee Letter 2011-10, the FHA Annual Mortgage Insurance Premium will be increased by 0.25% for case numbers assigned on and after April 18, 2011.
The one-time Upfront Mortgage Insurance Premium will stay at 1.00%,…
The new setting “Use New Loan Originator Compensation Rule” indicates whether the Federal Reserve Board’s Loan Originator Compensation rule (effective April 1, 2011) applies to a given loan.
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Fredric J. Gooch
General Counsel – VP Compliance
DocuTech Corporation
Introduction
New loan originator compensation rules enacted by the Federal Reserve Board go into effect on April 1, 2011. The final rules were released by the Federal Reserve Board on August 16,…
For the past year, we’ve been discussing the potential impact of the Dodd-Frank law, especially the risk retention guidelines.
As covered in the December issue of the DocuTech newsletter,…
