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FHA Releases Two New Draft Handbook Sections

FHA has published  two additional draft sections of their new Single Family Handbook. The sections are titled “Doing Business with FHA”  & “Quality Control, Oversight and Compliance”. Both new draft sections of the Handbook can be accessed on the FHA Single Family Drafting Table website. Comments are due by July 29, 2014.

OHIO ADOPTS THE UNIFORM STATE TEST & THE USE OF FEDERAL CALL REPORTS

On June 16, 2014, Governor Kasich signed House Bill 483. OMBA was able to insert language in the bill that allows Ohio to move to the Uniform State Test (UST) for mortgage loan originators (MLOs), that has been developed by the National Mortgage Licensing System (NMLS) and the State Regulatory Registry , LLC (SRR). To date, the UST has been adopted by 36 states, Puerto Rico, Guam, the U.S. Virgin Islands and the District of Columbia.  House Bill 483 also allows non-depository lenders to submit federal call reports, in lieu of separate state financial reports. The Department of Commerce Division of Financial Institutions has announced the implementation of both the UST and the use of Federal Call Reports will be effective September 15, 2014.

 

SUSAN STEVENSON INSTALLED AS 2014-2015 OMBA PRESIDENT

Susan Stevenson,  Area Manager for Union National           Susan at podium
Mortgage Corporation, was installed as President of the OMBA on May 5, 2014, at the annual convention in Cincinnati.  Susan has been a very involved advocate for the industry, both on the federal and state level. Over the last several years,  she has been an active and valuable member of the Board of Directors and Executive Committee.  MBA Chairman-Elect and Union National Mortgage CEO, Bill Cosgrove, was on hand to introduce Susan and install the new Officers and Board. Congressman Steve Chabot gave the keynote speech. Visit the “Board Members” page for a list of  Officers and Board Members.

Press Release

Compliance Essentials Now Available                                      

Get Ready to Comply! MBA Compliance Essentials provides a clear picture of what your company needs to do to comply with new and existing mortgage rules. Our in-depth resource guides include model policies and procedures, and are meant to support your company’s creation of a robust Compliance Management System (CMS). Learn more…

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