CFPB PUBLISHES PROPOSED HMDA RULE
CLARIFICATIONS AND CORRECTIONS
On April 13, 2017 CFPD Director Richard Cordray signed a proposed rule to make a number of clarifications, corrections, and changes to the revised HMDA regulation. The proposal also establishes transition rules for reporting certain loans purchased by financial institutions and includes additional information about reporting the census tract of a property using a new geo-coding tool the CFPB plans to provide online. To obtain a copy of the proposal, click HERE.
HUD WITHDRAWS MIP REDUCTION
One hour after Donald Trump became President, the Department of Housing and Urban Development announced it has withdrawn the reduction of Mortgage Insurance Premiums, which would have been effective with closing/disbursements on or after January 27, 2017. HUD will issue a subsequent Mortgagee Letter at a later date, should there be a policy change.
OHIO PASSES GOOD FUNDS LEGISLATION AND
BANS THE USE OF PLYWOOD IN WINDOW BOARDING
On the last night of the 2016 lame duck session of the Ohio Legislature, HB463 was passed. The bill contains clarifications of the changes to the sheriff sale process and the fast track foreclosure process found in HB390, which went into effect at the end of September.
HB463 also includes two new provisions in Ohio law, those being a good funds provision for escrow agents, and the banning of plywood in the window boarding process in property preservation.
OHIO LEGISLATURE PASSES FORECLOSURE REFORM BILL, INCLUDING A FAST-TRACK PROCESS FOR VACANT AND ABANDONED PROPERTY
On May 25, 2016 the Ohio Legislature passed HB390, with included a 65 page amendment to reform and improve the foreclosure process. The legislation provides for a fast-track foreclosure process for vacant and abandoned property, as well as improvements in the sheriff sale process. The bill was signed by the Governor and will become effective on September 28, 2016. The Ohio Mortgage Bankers Association worked on this amendment with other industry partners including the MBA, Ohio Bankers League and The Ohio Bar Association; as well as consumer advocacy groups, for nearly 2 years, bringing to an end a three year effort to pass legislation of this type. To view a copy of the amendment click HERE.
2016 CONVENTION SPONSORS