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Arlington, TX, April 2014
CFPB has released a Guide to Completing TILA-RESPA Integrated Disclosure Forms
-  On April 17, 2004, CFPB has releasted a Guide to Completing TILA-RESPA Integrated Disclosure Forms, a companion to the Small Entity Compliance Guide we released recently. The guide provides instructions for completing the Loan Estimate and Closing Disclosure and also highlights common situations that may arise when completing the forms. It may also be helpful to settlement service providers, software providers, and other firms that serve as business partners to creditors.


Arlington, TX, April 2014:
FNMA Updates DU Government Loans Release Notes
-  On April 15, 2014, Fannie Mae has provided DU Release Notes for Government loans. This update includes variations and changes to the Credit Risk Assessment on VA loan casefiles; thereby, FNMA notes that customers may see an increase in approvals. This changes will be put in place the weekend of May 17, 2014, and will affect all VA loans created on or after October 19, 2013 and submitted or resubmitted on or after May 17, 2014.


Arlington, TX, April, 2014:
FNMA has released Selling Guide Announcement SEL-2014-03
-  On April 15, 2014 Fannie Mae released Announcement SEL-2014-13,. This announcement includes updates to the Selling Guide including; Property Eligibility and Appraisal Requirements, QM clarifications, and the incorporation of MERS Rider for specific Geographic Areas. Further it provides information on the retirement of additional ARM plans, an update to the Standard ARM Matrix and the new web based PDF Selling Guide:


ARLINGTON, TX, April, 2014:
CFPB Releases TILA-RESPA Integrated Disclosure Compliance Guide
-  On March 31, 2014 the CFPB released a Small Entity Compliance Guide for the new TILA-RESPA Integrated Disclosure Rule, to assist in determining compliance obligations for creditors, and understanding for settlement service providers, and investors. The CFPB additionally has plans to release a companion guide, detailing how to complete the new disclosure forms in the weeks to come.


ARLINGTON, TX, April, 2014:
Freddie Mac Releases Guidance on Rural Appraisals
-  FHLMC has released Bulletin 2014-5 to provide guidance regarding appraisals in the rural market area. This includes information on appraiser selection, property eligibility with unique properties, and selection of comparable sales and analysis.


ARLINGTON, TX, January, 2014:
Wells Fargo Approval
-  Wells Fargo Funding has announced the approval of PPDocs’s version of the Wells Fargo Fee Details Form. Wells has confirmed that the form include the data needed to complete their pre-purchase points and fees review and may be submitted. A number of other investors are also adopting the Fee Details Form. Sellers to Wells Fargo may begin using the form immediately.


ARLINGTON, TX, January, 2014:
Bureau Updates Consumer Booklets
-  The Consumer Financial Protection Bureau has published in today's Federal Register a notice of availability of three revised consumer publications, including a consumer information brochure and two booklets required under the Real Estate Settlement Procedures Act (RESPA), Regulation X, the Truth in Lending Act (TILA), and Regulation Z. The CFPB is making technical and conforming changes to each of the three publications in conjunction with the January 2014 effective dates for many provisions of the Bureau's rulemakings that regulate practices in mortgage origination and servicing. Those who provide these publications may use earlier versions until existing supplies are exhausted. However, when reprinting these publications, the most recent version should be used.

  • What You Should Know About Home Equity Lines of Credit(HELOC Brochure)
  • Consumer Handbook on Adjustable-Rate Mortgages(CHARM Booklet)
  • Shopping for Your Home Loan, Settlement Cost Booklet


ARLINGTON, TX, November, 2013:
PPDocs Training Sessions: Ordering Docs for 2014 Changes
-  As a continual effort to keep our clients informed on system changes, we are offering a comprehensive training session on how to order documents within the PPDocs system come January. Please keep in mind this is not meant to educate you on the changes themselves rather how to adjust for those changes in regards to data entry. This next training will commence Wednesday, December 18, 2013 at 10:30 am (CST) – please register at support@ppdocs.com.

The training will be conducted via WebEx, an online meeting center where we will conference via phone as well as sharing our desktop so each of you may see the steps involved. Because of the number of people participating in this training session we are asking you to mute your phone and direct all questions to cfpb@ppdocs.com – your questions will be answered in an inclusive email to all participants within 48 hours.

The final training will be held on December 18, 2013 at 10:30am (CST).


ARLINGTON, TX, November, 2013:
Upcoming Fee Changes for 2014
- Game changing Dodd-Frank "Ability to Repay" (ATR) regulations go into effect, January 10, 2014. These broad sweeping changes will expand the risk for everyone in the mortgage industry. To prepare for these upcoming changes, we have committed and will continue to commit substantial resources to our staffing and to the training and education thereof. These, along with other factors, have had a significant financial impact on the firm and have substantially increased our cost of doing business in recent years. Therefore, effective January 1st, 2014, we will be increasing our fee by $25 for most of our loan document preparation. This marks the first time the firm has instituted a fee adjustment in its history. An updated fee matrix is available online under “my account” page.

Our team has been hard at work over the past few months to prepare for what’s ahead. We have created a QM analyzer along with a Compliance Certificate for you to test current and future loans against the new rules. With it, you can easily test your secondary market loans as well as the portfolio loans that you keep in house. Whether you are a small creditor, serve a rural and underserved area, or simply want to test for a General QM, Temporary QM or an ATR Standard, we can help. Our compliance and legal teams, as well as our staff, will be at your fingertips to answer any questions and to offer guidance. Most importantly, our support staff will be available to walk you through the ordering process and answer any questions you may have along the way. As always, our staff is available to you and dedicated to your continued success in the mortgage business. In addition, each month we host webinars that detail the changes to our site and how to test your loans against the new rules. If you haven’t had time to sit in on one, we’ve made some of our most recent webinars available here.

We wanted to inform you of our fee adjustment early so that you can begin properly disclosing our fee on the GFE for transactions anticipated to close after the first of the year. Although the fee increase is very minimal and paid for by the borrower, we wanted to give you plenty of notice. Please note that our fee is excluded from the QM points and fees test. We appreciate your business and look forward to working with you as always.


WASHINGTON, D.C., November, 2013:
CFPB Releases Online Database of Housing Counselors
- The Bureau of Consumer Financial Protection released an online tool to help consumers find local housing counseling agencies near them in order to answer consumer questions and address concerns. The online database can be found at the following link: http://www.consumerfinance.gov/find-a-housing-counselor/


WASHINGTON, D.C., October, 2013:
Selling Guide Updates, DU Updates and New Training Tool
- In this Announcement, a number of topics have been updated in the Selling Guide, including the addition of new requirements for the use of a power of attorney, the adoption of the note date as an eligibility criterion for DU Refi Plus™ and Refi Plus™ loans, and the discontinuance of master hazard insurance policies for multiple unaffiliated projects in a single insurance policy. An updated version of FAQs for Project Insurance Requirements is now available on Fannie Mae's business portal.
-Joint Press Release


WASHINGTON, D.C., October, 2013:
Federal regulators provide guidance on Qualified Mortgage fair lending risks
- Five federal regulatory agencies today issued a statement to address industry questions about fair lending risks associated with offering only Qualified Mortgages. Creditors have asked for clarity regarding whether the disparate impact doctrine of the Equal Credit Opportunity Act (ECOA) and its implementing regulation, Regulation B, allows them to originate only Qualified Mortgages. For the reasons described in the statement, the five agencies do not anticipate that a creditor's decision to offer only Qualified Mortgages would, absent other factors, elevate a supervised institution's fair lending risk.
-Joint Press Release


WASHINGTON, D.C., October, 2013:
CFPB Issues Further Guidance for New Servicing Rules
- On October 15, 2013 the CFPB drafted additional guidance on implementation of upcoming RESPA and TILA Servicing Final Rules. This bulletin covers several procedures including servicers’ obligations under the Fair Debt Collection Practices act, the Early Intervention Rule and communication requirements with successors in interest.
-Bulletin: Implementation Guidance for Certain Mortgage Servicing Rules
-Article: CFPB Provides Guidance on Mortgage Servicing Rules


WASHINGTON, D.C., October, 2013:
Federal Reserve to put on FREE webinar on Fair Lending Hot Topics
- The Federal Reserve has announced they will host an Interagency "Fair Lending Hot Topics" webinar on Thursday, October 24, 2013. During this session, representatives from the Non-Discrimination Working Group will discuss a variety of emerging fair lending issues and hot topics. Speakers at this event will represent a variety of agencies, including:

  • Department of Justice;
  • Consumer Financial Protection Bureau;
  • Federal Deposit Insurance Corporation;
  • Office of the Comptroller of the Currency;
  • Federal Reserve Board;
  • Department of Housing and Urban Development; and,
  • National Credit Union Administration.

Why not take advantage of this free opportunity to look at the current issues? It may help uncover some problems at your bank and allow you to fix any problems before examiners arrive. This webinar may also spur some areas to focus on when putting together your Fair Lending Risk Assessment.

Written questions can be submitted via email in advance of the event, or may be submitted during the event using online chat. Log-in and email information will be provided with registration confirmation.
-Register


WASHINGTON, D.C., October, 2013:
Fannie Mae Servicing Guide Announcement
- Fannie Mae released Announcement SVC-2013-20; which outlines updates to their Servicing Guide in response to the CFPB Mortgage Servicing Final Rule. Updates include; borrower solicitations, delinquency management, foreclosure alternatives and process of appeals to be implemented on packages received on or after January 10, 2014.
-Servicing Guide Announcement


WASHINGTON, D.C., October, 2013:
Freddie Mac Bulletin on Servicing Released
- On October 11, 2013 Freddie Mac released Bulletin 2013-21; which indicates their response to the CFPB Mortgage Servicing Final Rule. This outlines the new policies and procedures regarding servicing including; delinquency management, right of appeals, foreclosure, and error resolution, to be implemented for complete borrower packages received on or after January 10, 2014.
-Bulletin


WASHINGTON, D.C., October, 2013:
Freddie Releases Bulletin on Gov’t Shutdown
- Freddie Mac has released Bulletin 2013-19 as an updated response to the government shutdown; with guidance affective October 8, 2013. Temporary issues include verifications for government employees, and 4506-T processing.
-Read Bulletin


WASHINGTON, D.C., October, 2013:
Freddie Mac Releases QM Industry Letter 100113
- Freddie Mac has released an Industry Letter outlining its Quality Control procedures moving forward, and updates regarding Ability-to-Repay and Qualified Mortgage regulation alignments for purchasing.
-Information Relating To The CFPB Final Rule On Ability To Repay


WASHINGTON, D.C., October, 2013:
VA Releases Response to Gov't Shutdown
- Department of Veterans Affairs has released a response to the government shutdown indicating that they will continue to operate within normal parameters.
-Circular 26-13-20


WASHINGTON, D.C., October, 2013:
HUD Releases proposed QM rules for Insured and Single Family Mortgages
- HUD has released their proposed rule aligning procedures with TILA Ability-to-Repay and Qualified Mortgage. Proposal includes stipulations on regular periodic payments, term limitation and points and fees requirements. Comment period ends October 30, 2013.
-Proposed Rule (web)
-Proposed Rule (Web PDF)
-Proposed Rule (Newspaper Article)


WASHINGTON, D.C., October, 2013:
Fannie Releases Lender Letters on ATR/QM QC policy, and Gov’t Shutdown Allowances
- Fannie Mae has released two lender letters on October 1, 2013. Lender Letter 2013-07 reiterates FNMA Quality Control procedures and additional changes aligning existing policies with the upcoming ATR and QM requirements. Additionally, Lender Letter 2013-08 provides guidance on temporary revisions to required procedures in light of the government shutdown.
-Quality Control and Additional Information Related to the ATR and QM Requirements
-Federal Government Shutdown


WASHINGTON, D.C., September, 2013:
Consolidation of Title I and Title II Lender ID Numbers
- FHA announces the consolidation of Title I and Title II Lender Identification (Lender ID) numbers. Lenders will now have a single Lender ID. Effective March 31, 2014.
-Mortgagee Letter 2013-35


WASHINGTON, D.C., September, 2013:
V.A. Same Sex Marriage rules
- V.A. Circular 26-13-18 - Effective immediately, the Department of Veterans Affairs (VA) will, to the extent legally possible, begin reviewing applications for the home loan guaranty benefit for same-sex married couples in a manner consistent with processes currently used for opposite-sex married couples.
-Circular 26-13-18


WASHINGTON, D.C., September, 2013:
Fannie Mae DU Updates
- FNMA has released an announcement outlining changes to DU casefiles submitted to 9.1. In addition to ATR/QM changes indicated in SEL-2013-06, they will further remove product allowances for ARM loans. This includes interest only features or terms greater than 30 years; with changes beginning for files submitted on or after November 16, 2013.
-Selling Guide Announcement SEL-2013-07
-Standard ARM Plan Matrix


WASHINGTON, D.C., September, 2013:
CFPB Finalizes Amendments to 2014 Rules
- On September 12, 2014 the CFPB finalized several proposed amendments applicable to ECOA, RESPA and TILA. These finalizations are cited to strengthen consumer protections, assist in clarifying numerous interpretations and help facilitate the highest level of compliance possible for the upcoming changes slated for January 2014.
-Read Document


WASHINGTON, D.C., August, 2013:
Fannie and Freddie Release ATR and QM Updates
- In light of the most recent amendments and updates to the CFPB Ability-to-Repay (ATR) and Qualified Mortgages (QM) final rules, FNMA and FHLMC have released announcements indicating revised sections of their respective Selling Guides to align with requirements addressed. These updates include loan terms, amortization, and Points and Fees restrictions. Additionally, FNMA and FHLMC address “ATR Exempt” loan eligibility requirements, and provide that in staying consistent with current requirements, all loans to Inter Vivos Revocable Trusts must underwritten as ATR Covered Loans in order to be eligible for sale to FNMA or FHLMC. Further, FHLMC indicates that effective for applications on or after January 10, 2014 Prepayment Penalty Mortgages will not be eligible for purchase.
-Fannie Mae Update
-Freddie Mac Update


WASHINGTON, D.C., July, 2013 - The CFPB has released an official Readiness Guide, that can be used by institutions of all sizes to evaluate their readiness for the impending mortgage rule changes. The guide provides many topics that institutions may need to consider as they implement these rule changes.
-CFPB Mortgage Implementation Readiness Guide


WASHINGTON, D.C., July, 2013 - On July 2, 2013 FHLMC released Industry Letter; Freddie Mac’s New Mortgage Eligibility Criteria outlining upcoming changes to loan requirements in coordination with the CFPB’s Ability-to-Repay (ATR) and Qualified Mortgage (QM) requirements effective January 10, 2014. Much like FNMA, FHLMC will be removing eligibility for loans including toxic features, extended terms and those exceeding the Points and Fees threshold.
-Read Letter


WASHINGTON, D.C., July, 2013 - On July 2, 2013 FNMA released LL-2013-06: Additional Information about Ability to Repay and Qualified Mortgage Requirements, to provided lenders with updated status on their upcoming requirements pertaining to ATR and QM loans. This includes removal of specific toxic features, extended loan terms and Points and Fees requirements on any loans to be purchased with application dates on or after January 10, 2014.
-Read Letter


TEXAS, June, 2013 - Breaking News!!!! In Texas, home equity loans as of closings on 06/21/13, discount points must be included in 3% cap. It makes no difference whether Discount Point Acknowledgement form is used or not.
-Click here for the release


WASHINGTON, D.C., June, 2013 - In order to ensure that the industry is compliant and ready to initiate all new borrower protections, the CFPB has launched the Regulatory Implementation web page. In the webpage provided they have consolidated all of the new 2013 mortgage rules, and providing all related implementation materials and guides into one quick reference location.
-Website


WASHINGTON, D.C., June, 2013 - With today’s postings, compliance guides are now available for all of the new mortgage rules originally issued by the CFPB in January. The CFPB plans to update these guides periodically as rule clarifications are finalized as part of the ongoing commitment to supporting implementation of the new mortgage rules.
-2013 Loan Originator Rule
-2013 Mortgage Servicing Rule


WASHINGTON, D.C., June, 2013 - the Consumer Financial Protection Bureau released its first round of updates to its examination procedures to address several of the new mortgage regulations issued by the Bureau earlier this year. The updated examination procedures cover the extended escrow account period for higher-priced mortgage loans and the prohibitions on mandatory arbitration clauses and waivers of certain consumer rights, each of which were effective on June 1, 2013.
-CFPB site.


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