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Mortgage Reform Initiatives

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.  For additional information about subprime, click here.

RECENT NEWS

• Board Interim Rule on Sec. 404 of the Helping Families Save Their Homes Act (11/16/09)
• ABA to Fed: Reg Z Rules Having Detrimental Impact (11/4/09)
• Fed Publication Provides MDIA Q&As (10/28/09)
• GSE Requirements Regarding Safe Act Registry Verification (10/14/09)
  • Fannie Mae Guide on Mortgage Loan Data Requirements
• ABA Joint Letter on FHA Loans And The New Regulation Z Threshold For Higher-Price
  Mortgage Loans (9/30/09)
  On September 23rd, ABA sent communication to the Federal Reserve Board and HUD, warning that the form of notes commonly used on FHA loans would permit what will be deemed an impermissible prepayment penalty under the Board's new "Higher Priced Mortgage Loan" (HPML) rule.  On September 29, 2009, the Board released an interpretive letter that resolves this difficulty by clarifying that the definition of prepayment penalty under the Board's regulations do not specifically cover interest charge methodologies employed under FHA programs.  This interpretation, solicited by ABA and industry partners, avoids a prohibition of FHA loans at HPML levels. Click here for a copy of ABA's inquiry, and the Board's response.
• 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.
• ABA's MDIA/Truth in Lending Act FAQs
• HMDA Topics page
• Homeowner Affordability and Stability Plan
• 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) 
• ABA Summary of Regulation Z Amendments (7/14/08)
• 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) 

LEGISLATIVE

• Mortgage Cram Down Comparison Table (March 2009)
• ABA: Oppose H.R. 3609 (1/23/08)
• H.R. 3915, the Mortgage Reform and Anti-predatory Lending Act of 2007
  • Detailed section-by-section analysis

REGULATORY

• OTS Issues Mortgage Banking Exam Guidance (7/31/07)
• Agencies Announce Pilot on Cooperative Oversight of Subprime Lenders (7/17/07)

PRIVATE SECTOR AND NON-PROFIT INITIATIVES

• HOPE NOW – a foreclosure prevention initiative in cooperation with NeighborWorks America
• ABA Foundation Advice on Mortgages

Questions?  Contact the Center for Regulatory Compliance.