the AffirmX blog
The fourth in a series of posts on the new mortgage servicing rules. Among the numerous changes to mortgage servicing heading our way in January 2014, there are several amendments to Regulation X (RESPA) including three new Rules about dealing with delinquent borrowers. These rules are presented separately in the regulation text, but build on [...]
The third in a series of posts on the new mortgage servicing rules. Among the numerous changes to mortgage servicing scheduled to take effect in January 2014, there are several amendments to Regulation X (RESPA) including the new Force-Placed Insurance Rule. Force-placed Insurance basically limits servicers from charging a borrower for force-placed insurance coverage unless [...]
The annual ACH audit has long been a part of the full AffirmX compliance solution. As with other compliance areas, the institution's ACH risks would be assessed, and a review would be scheduled accordingly, based on where it fit within the institution's overall risk profile. However, in response to requests from institutions seeking to supplement [...]
The second in a series of posts on the new mortgage servicing rules. The Error Resolution and Information Requests Rule establishes error-resolution procedural requirements for responding to (1) Notices of Error and (2) Information requests. Basically, there was a high number of complaints during the mortgage foreclosure crisis about the lack of communication from lenders. [...]
The first in a series of posts on the new mortgage servicing rules. The CFPB has issued the Final Rule for Mortgage Servicing, which will be effective on January 10, 2014. Among the numerous changes to mortgage servicing, there are several significant amendments to Regulation X (RESPA) and Regulation Z (TILA). On the compliance tsunami [...]
Unless you've been living lately on one of the remoter planets in our solar system, you've likely been inundated with a flood of information about the new mortgage servicing rules due to be implemented in January 2014. We've asked Coppelia Padgett, senior analyst at AffirmX, to take us through what it all means a step [...]
NCUA has issued a final rule for FCUs that makes some minor revisions to the Fixed Assets Rule and clarifies and streamlines the waiver process. The final rule takes effect 11/18/2013. […]
NCUA has issued a proposed rule to amend Part 721 (comment period closed 10/21/2013), which deals with Incidental Powers. Specifically, federal credit unions had requested the ability to expand their charitable activities by investing in third-party trust accounts that help fund charitable causes or events. Here’s a breakdown of what the proposed rule would do. [...]
Last week, the CFPB announced that it was taking action against two lenders for submitting incorrect mortgage loan information under HMDA. One institution was fined $425,000, and the other was fined $34,000. The agency wasn't subtle about its desire to use the announcement to call attention to the importance it places on accurate data submissions. [...]
One of the many changes heading our way in January 2014 (on the 18th, to be precise) is an amendment to Reg. Z incorporating new provisions concerning appraisals for higher-priced mortgages. Here’s a plain-English breakdown of what’s required. […]
