Archive

WISH YOU WERE HERE!

The Compliance Resource team sends you greetings from sunny St. Petersburg, Florida! We’ve flown south to warmer temperatures to enjoy a few days of team building, meeting with our Board of Advisors to decide what we can offer you this year and beyond, and also to present a couple of important training sessions. We’re having a blast taking in the sights of beautiful St. Pete, from the stunning views, world-renowned art, and lovely beaches to […]

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TAXPAYERS FIRST ACT

On July 1, 2019, the Taxpayer First Act of 2019 was signed into law.  The legislation expands taxpayer rights and reforms the Internal Revenue Service (IRS) into a more consumer friendly agency through focus on customer service, technology and enhancing cyber security. Effective December 28, 2019, Section 2202 of the Act, amends IRS law 26 USC 6103(c) to include the following language: “Persons designated by the taxpayer under this subsection to receive return information shall […]

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REVISED, REVISED URLA

The most recent version of the uniform Residential Loan Application (URLA) has been published.  According to the current schedule, acceptance of the form by FNMA and FHLMC will begin September 1, 2020, and use of the new form will be mandatory on November 1, 2020.  The current version of the URLA will no longer be accepted on or after November 1, 2020. The 2019 effort by FNMA and FHLMC to implement a new URLA was […]

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NMLS REGISTRATION RENEWAL BEGINS NOVEMBER 1

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 […]

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FINAL HMDA REVISIONS PUBLISHED

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 […]

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