Fannie Mae has developed a new Uniform Residential Loan Application form (Fannie Mae Form 1003 – revised 6/09). Use of the new form is required for applications taken on or after July 1, 2010. Among other changes the new form now includes the Loan Originator Identifier and the Loan Origination Company Identifier. Banks should use the new form, but these two new fields of information are not required by banks at the present time. (See
The Secure and Fair Enforcement for Mortgage Licensing Act of 2008 (S.A.F.E. Act) became law on July 30, 2008. It requires the licensing of all non-bank mortgage loan originators (MLOs). It also requires a national registry of all MLOs (both bank and non-bank). The licensing and registration of non-bank MLOs has been unfolding during the past two years. Registration of bank MLOs is still in flux. STATUS What is the status of the requirement for
In the early morning hours on Friday June 25th a congressional panel reached agreement on a sweeping overhaul of the financial system. The agreement now must go to the full Senate and House of Representatives for final votes and is expected to be on President Obama’s desk for signing by July 4th. Major compliance issues include: A new financial regulator, but only for institutions with assets exceeding $10 billion. A restriction that prohibits
Horrendous floods recently ravaged Nashville, Tennessee. I am spending the day explaining the details of the National Flood Insurance Act and related laws and regulations to a group of Tennessee bankers.
The world of lending compliance continues to rock. We are still waiting on the new SAFE Act rules and the major revisions to Regulation Z – HELOCs and closed-end mortgages.
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