It’s that time of year again…the Nationwide Multistate Licensing System and Registry’s (NMLS) renewal period for 2021 begins November 1 and continues through December 31, 2020. All Mortgage Loan Originators (MLO), as defined in Regulation G, 12 CFR 1007, who are registered with the Registry are required to complete the annual registration renewal. One exception to the renewal requirement is for MLOs who completed their initial registration with the Registry less than six months prior
Daylight Saving Time (DT) ends on November 1, 2020 at 2:00 a.m. What does DT have to do with TRID? The TRID rules under Regulation Z require creditors to disclose the time zone applicable to its location when disclosing the date and time the interest rate lock and estimate of closing costs will expire on the loan estimate. As a result, financial institutions located in areas that observe DT need to remember to change the
On October 7, 2020, the Consumer Financial Protection Bureau published guidance in the form of fourteen Frequently Asked Questions (FAQs) on the Real Estate Settlement Procedures Act (RESPA) Section 8 topics. The FAQs provide an overview of the provisions of RESPA Section 8 and respective Regulation X sections, and address the application of certain provisions to common scenarios described in CFPB inquiries involving gifts and promotional activities, and marketing services agreements (MSAs). In addition, the CFPB determined
With the publication of OCC Bulletin 2020-86 the Office of the Comptroller of the Currency (OCC) released: A compliance guide for small banks; An initial illustrative list of qualifying activities; and A form to request consideration of items to be added to the list of qualifying activities. The OCC’s website includes these items and other information regarding the OCC’s new CRA regulation
In the early hours of October 1, 2020, the President signed H.R. 8337, which, among other provisions, extends the National Flood Insurance Program (NFIP) for a year until September 30, 2021. While the NFIP expired for an hour, the operations of the program were not disrupted.
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