The Fate of the QM Patch

How can mortgage lenders best navigate the fine line between reducing the risk of lending to highly leveraged borrowers and making homeownership available to more people? Over the decades, the pendulum has swung between tight lending standards that are safer (but more restrictive) and looser standards intended to help first-time homebuyers, lower income borrowers, or those with student loan debt.

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December 2019 Compliance Roundup: CCPA, URLA Implementation Timeline and More

There wasn’t a lot of investor activity in December, as you might expect, given the holidays. The states were likewise fairly quiet last month. But our compliance team was quite busy.

In this post, you’ll find links to some of the work our experts were engaged in last month to keep our clients up to date and fully compliant. We bring you all the news in this month’s compliance update.

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November Compliance Roundup: Laying the Foundation for 2020

November was a relatively quiet month on the rules side, with only a couple of states making any changes of note. However, Fannie Mae is previewing its plans for early 2020, and between URLA and new ARM products, we expect to see several significant new regulations in the first quarter of the year. November was busy on the document update side, however.

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MERS eRegistry Secured Party Field Now Supported on Solex eVault

While automating the mortgage experience for consumers is a top priority in the industry, true success in adopting eMortgages includes creating the tools to support electronic workflows post-closing as well. These tools must not only ensure security and privacy, but make it easy to store, transfer and access closed eNotes.

To provide a more secure eVault experience for interim funders like warehouse lenders and secured parties like the Federal Home Loan Banks, MERSCORP Holdings, Inc., the parent company of Mortgage Electronic Registration Systems, Inc. (MERS), has launched the MERS eRegistry Secured Party and Secured Party Delegatee fields.  These new Rightsholder fields enable those parties to better identify their security interests in electronic promissory notes.

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Mortgage Bankers Association’s Annual Show Recap

MBA’s  annual convention is the largest and most content-packed mortgage industry conferences of the year. This year’s event in Austin, Texas, was no exception.

For those of you who may have missed the conference, key themes were eClosing and the increasing the acceptance of eNotes, economic trends and secondary market issues.

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October Compliance Roundup: URLA, Regulation Z, and California Privacy Laws

October saw several national and state rules and revisions announced, many of which go into effect in early 2020. In addition to an update to Regulation Z, Fannie Mae continued to provide minor updates to the URLA. However, lenders still do not have a timeframe for implementing the new applications and forms. In addition, California confirmed the details of its privacy law, which goes into effect in January. This law could impact some loan documents, so see below for additional details.

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