September Compliance Roundup

We didn’t see a great deal of activity from state departments in September and nothing from the federal agencies or secondary market investors. That will likely change soon, as September saw the U.S. Senate confirming Rohit Chopra as the new Director of the Consumer Financial Protection Bureau. Our compliance team will keep you abreast of relevant changes the new Director decides to make. 

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Government Compliance News
There were no changes required by the various states, federal regulators or investors in September. As a result, our compliance department was able to provide a thoughtful article on the important Supreme Court case Collins v. Yellin. 

The case centered on the constitutionality of certain portions of the Federal Housing Finance Agency (FHFA) charter. The outcome and its impact on the industry are explored in this article.

Document Changes
Our compliance team delivered a number of document updates in September. The changes have been summarized below with links to the full descriptions of the updates.

• The Texas Finance Commission has supplied guidance on the TX Notice Concerning Extension of Credit (Cx4549) and its Spanish version, and we have updated our documents to match the forms the state has supplied. Learn more.
• We have updated our Multistate Condominium Rider form Cx2482 to better conform to Fannie Mae and Freddie Mac form 3140. Learn more.
• We have updated several documents to conform to Section 184 Indian Housing Loan Guarantee Program processing guidelines, specifically around late fees. Learn more.
• A number of documents related to one-time close (construction to permanent) loans have been updated for consistency. Learn more.
• The OH Business Relationship Disclosure Notice (Cx12271) has been discontinued and replaced with an Affiliated Business Arrangement Disclosure due to changes in the state’s code. Learn more.
• The number of “Non-Purchasing Entity” name fields has been increased in ConformX from 4 per NPE to 25 per NPE. Fields for names 5 to 25 will only appear on the form if the field has a value. Learn more.

For full details related to document and mortgage compliance updates, visit our website here. Fill out the form at the bottom of the page to subscribe and receive updates as they are published.