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It’s that time of year again…the National Multistate Licensing System and Registry’s (NMLS) 2019 renewal period begins November 1 and continues through December 31. All Mortgage Loan Originators (MLO), as defined in Regulation G, 12 C.F.R. 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 6 months prior to the end
On October 10 the Consumer Financial Protection Bureau (CFPB) published a rule that completes portions of the proposed rule, issued last May, to revise the Regulation C coverage thresholds and complete partial Economic Growth, Regulatory Relief and Consumer Protection Act (EGRRCPA) exemptions.. The good news is the final rule: Extends for another two years, until January 1, 2022, the current temporary coverage threshold of 500 open-end lines of credit. For data collection years 2020 and
The previously announced $400,000 residential appraisal threshold is effective today (October 9, 2019) following publication of the final rule in yesterday’s Federal Register.
Daylight Saving Time (DT) ends on November 3, 2019 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
The Financial Crimes Enforcement Network (FinCEN) updated the Currency Transaction Reporting (CTR) Electronic Filing Instructions, FinCEN XML Schema 2.0 User Guide, on October 1, 2019. The version 1.4 update to the instructions includes technical corrections, changes how reporters should complete Part I of the CTR when multiple Item 2 roles apply to the person identified in Part I, and clarify when to complete Item 3 for multiple transactions involving multiple Part I sections with different