NMLS DELAYS SOME PROPOSED REPORTING REQUIREMENTS
On Friday, based on comments from the industry, state regulators announced that some proposed changes in the Mortgage Call Report (MCR) will be postponed. State regulators have decided not to implement the proposed definition of “application”, until 2016. This new definition will trigger additional reporting. The additional reporting requirements will be optional in 2015. In addition, the field to capture Change in Application Amount will be added in the first quarter, but supplying the information will also be optional until the first quarter of 2016. Information on the number and dollar volume of Qualified Mortgage (QM) and Non-QM loans by state will be required starting in the first quarter of 2015. Reporting of nationwide and state specific servicing data will be required starting in the first quarter of 2015. The Ohio Mortgage Bankers Association had previously joined in a comment letter with the Mortgage Bankers Association (MBA), requesting a delay in implementation of the proposed changes.
OHIO HOUSE REPRESENTATIVE RICHARD ADAMS RECEIVES OMBA “LEGISLATOR OF THE YEAR” AWARD
On September 9, 2014, OMBA awarded Ohio House Representative, Richard Adams, the “Legislator of the Year” award. Representative Adams is Chairman of the Committee on Financial Institutions, Housing and Urban Development. The award is presented to a member of the Ohio Legislature that has gone above and beyond in the effort make sure that legislation is well thought out and workable for all concerned. “Chairman Adams has been a shining example of a hard working, honest and compassionate member of the legislature. The residents of Ohio District 80, and the entire state of Ohio, are extremely fortunate to have Richard Adams in the Ohio Legislature. We are thrilled to present the Chairman with this award”, said OMBA President Susan Stevenson. OMBA Executive Director and COO, Marianne Collins, said “Chairman Adams’ door is always open. He has an incredible grasp of what is best for the consumer and the industry alike. This is the first year that OMBA has presented this award to a Legislator, and I can’t think of anyone more deserving of this honor than Chairman Adams.
” 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…