To help compliance professionals keep abreast of developments on the mortgage reform efforts being developed by federal agencies and Congress, the Center for Regulatory Compliance is establishing a new Web Page to track mortgage reform initiatives.
Dodd-Frank Act developments are tagged 
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Recent News
ABA Staff Analysis
CFPB's "Know Before You Owe Initiative"
The Basics
Legislative
Regulatory
Private Sector and Non-Profit Initiatives
Breaking Legislative and Regulatory Items on Mortgage
Recent News
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ABA Staff Anaysis
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CFPB's "Know Before You Owe" Initiative
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The Basics
- Breaking Legislative and Regulatory Items on Mortgage
- ABA Policy Position on Mortgage Disclosure Reform (RESPA-TILA Merger)
- ABA's MDIA/Truth in Lending Act FAQs
- ABA on Homeowner Affordability and Stability Plan
- ABA HMDA Topics page
- CFPB Report Finds Confusion About Reverse Mortgages (6/29/12)
- CFPB Expects to Meet RESPA-TILA Disclosures Deadline; ABA Recommends Deliberative Process (6/21/12)
- Amicus Filed in TILA Case (5/3/12)
- CFPB Issues SAFE Act Exam Procedures (3/7/12)
- CFPB Releases Sample Mortgage Statement (2/13/12)
- CFPB Publishes Mortgage Origination Examination Procedures (1/11/12)
- State Regulators Issue Mortgage Loan Originator Compensation Guidance (10/7/11)
- OCC Supervisory Guidance on Foreclosure Management (6/30/11)
- Fannie, Freddie to Align Servicing Standards for Delinquent Borrowers (4/28/11)
- Fed Proposes Minimum Mortgage Underwriting Standards (4/19/11)
- Appeals Court Denies Request to Further Delay Loan Originator Compensation Rule (4/5/11)
- Loan Originator Compensation Rule Delayed (4/4/11)
- Revised Interagency Examination Procedures for Regulation Z (3/18/11)
The Federal Reserve on March 18 issued revised interagency examination procedures for Regulation Z - Truth in Lending. These revised procedures supersede the Regulation Z interagency examination procedures transmitted with CA Letter 11-1. The revisions reflect recently issued final rules that prohibit certain practices related to loan originator compensation.
- Agencies Announce Start of Initial Registration Period under MLO Provisions (1/31/11)
The OCC, Federal Reserve Board, FDIC, OTS, FCA, and NCUA (the Agencies) are issuing a notice announcing that the initial registration period for Federal registrations required by the Secure and Fair Enforcement for Mortgage Licensing Act (the S.A.F.E. Act) is now open and will run from January 31,2011 through July 29, 2011. Following expiration of the 180-day initial registration period on July 29, 2011, any employee of an agency-regulated institution who is subject to the registration requirements will be prohibited from originating residential mortgage loans without first meeting these requirements. For questions, contact ABA's Rod Alba.
- Agency Guidance on Registration of Residential Mortgage Loan Originators (1/4/11)
- Agencies Adopt Rule Implementing Mortgage-Originators Registration System (7/28/10)
The federal banking agencies adopted a final rule implementing a nationwide licensing and registration system mandated by the Secure and Fair Enforcement for Mortgage Licensing Act for mortgage loan originators. The rule requires employees of banks, savings association and certain other financial institutions who act as residential mortgage-loan originators to register with the Nationwide Mortgage Licensing System and Registry, maintain that registration, and obtain a unique identifier. Agency-regulated institutions also must adopt and follow written policies and procedures designed to assure compliance with those requirements. Although the draft rule that the agencies released lists an Oct. 1, 2010, effective date, the agencies make clear that there is no compliance obligation until the registry system is fully operable which will not be until at least January 2011. The six-month initial compliance period will begin from that time. For more information, contact ABA's Rod Alba.
- HUD Final Rule: Strengthening Risk Management Through Responsible FHA-Approved Lenders (4/20/10)
- FFIEC FAQs on S.A.F.E. Act (3/10/10)
- CSBS Federal Registrant Page
At this time there is no action required in the Nationwide Mortgage Licensing System (NMLS) of any mortgage loan originator who is an employee of a federally insured depository institution or an owned and controlled subsidiary of such a depository institution that is federally regulated.
- Escrow Table (2010)
New Reg Z rules under § 226.35(b)(3), effective on April 1, 2010 will require creditors to establish escrow accounts for taxes and insurance for certain High Priced Mortgage Loans. This chart is intended to assist lenders in determining mortgage escrow requirements for any state in which the financial institution is making home-secured loans.
- HUD Proposal on SAFE Mortgage Licensing Act (12/15/09)
- Board Interim Rule on Sec. 404 of the Helping Families Save Their Homes Act (11/16/09)
- Fed Publication Provides MDIA Q&As (10/28/09)
- GSE Requirements Regarding Safe Act Registry Verification (10/14/09)
- TILA Proposal/Board proposes significant changes to Regulation Z (7/23/09)
- S.A.F.E. Proposal (6/1/09)
- RESPA Final Rule (1/15/09)
- FRB Final Amendments to Regulation C on Higher-Priced Mortgage Loans (10/20/08)
- Fed Adopts New Mortgage-Lending Rules (7/14/08)
- OTS Foreclosure Prevention Proposal (4/1/08)
- SEC Issues Guidance on Modifying Securitized Loans(1/8/08)
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Legislative
Regulatory
Private Sector and Non-Profit Initiatives
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Commentary