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Apparently examiners have recently slammed a few lenders for the failure deliver a GFE or for the failure to provide the GFE within the required three business day period. The penalty examiners are imposing for this RESPA violation is a refund of all fees imposed in the transaction. Yes; you read that correctly, a refund of all fees. Some bankers are asking what happened to the 10% tolerance applicable to certain items on the GFE.
On September 24, 2010 the Federal Reserve board issued an interim rule that requires new rate and payment disclosures in the “Fed Box.” The rule is effective on January 30, 2011. On December 22, 2010 the Fed issued an interim rule that modifies the September 24th interim rule. (An interim rule that modifies an interim rule; the Fed is starting to look like HUD.) The latest interim rule makes a couple of small changes to

HAPPY NEW YEAR!!!

Posted by jholzknecht on January 1, 2011

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Category: Uncategorized
We hope all of our readers have had a great holiday season. We wish you a happy, healthy and prosperous new year.

WHAT’S UP WITH CRA

Posted by jholzknecht on January 1, 2011

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It has been years since the federal financial institution regulatory agencies have overhauled the Community Reinvestment Act regulations, but they are working on a total revision right now. And they are constantly tinkering with the rules. The agencies use the CRA regulations to advance social policy. The changes impact how your rating is determined and what activities receive community development credit. Recent Revisions Bankers should view CRA ratings as a game. They need to learn

YEAR-END HMDA NEWS

Posted by jholzknecht on December 27, 2010

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As part of the usual year-end flurry the Federal Reserve Board published its annual notice of the asset-size exemption threshold for depository institutions under Regulation C, which implements the Home Mortgage Disclosure Act (HMDA). The asset-size exemption for depository institutions will increase to $40 million based on the annual percentage change in the Consumer Price Index for Urban Wage Earners and Clerical Workers for the twelve-month period ending in November 2010. Depository institutions with assets