Residential Mortgage Lending in Oregon, CY 2007

Size: px
Start display at page:

Download "Residential Mortgage Lending in Oregon, CY 2007"

Transcription

1 Introduction Residential Mortgage Lending in Oregon, CY 2007 By Senate Bill 1064 (2008), the Oregon Legislature required that all mortgage banker and mortgage brokers licensed by the Oregon Division of Finance and Corporate Securities file annual reports on their residential mortgage transactions. The first reporting was done during August 2008 and covered loans originated during calendar year This report provides information based on these reports. 1 Over time, this new reporting system may provide a clearer view of the mortgage lending industry in Oregon. Report Highlights A total of 1,438 firms provided data. 1,158 firms originated more than 116,000 loans with a volume of $24.15 billion. Forty-five firms originated more than half of the loans. Half of the firms were located in Oregon; they originated 55 percent of the loans. The average first-lien loan amount was $239,200; the average subordinate-lien amount was $70,900. Legislative History Because of concern about the Oregon housing market, several bills affecting residential mortgage lending were introduced during the 2007 legislative session. Although no bills passed, many people saw a need for statutory changes. As a result, the Governor asked DCBS to convene a work group consisting of legislative, industry, and consumer representatives. The Mortgage Lending Work Group worked from the fall of 2007 through the fall of 2008 to address enhanced enforcement laws and lending practices. Recommendations from the work group resulted in two bills passed during the February 2008 legislative session. HB 3630 modified the regulation of activities by mortgage loan foreclosure consultants and equity purchasers and improved the information that must be provided to homeowners facing foreclosure. SB 1064 increased the regulation of the activities of loan originators, the loan salespeople who are employed by licensed mortgage bankers or mortgage brokers and directly negotiate terms and conditions of mortgage loans with borrowers. The bill also required the department to provide consumers with a registry of information about loan originators, including justified complaints and enforcement actions. SB 1064 also required state-regulated mortgage bankers and mortgage brokers to annually file with the department information about their residential mortgage lending. 2 ORS (3) now reads: On or before May 1 of each year or on a date the director establishes by rule, every mortgage banker and mortgage broker shall file a report with the director in a form prescribed by the director. The report shall contain information the director requires concerning the mortgage banker s or mortgage broker s business and operations related to residential mortgage lending during the preceding calendar year. The information shall include the number and nature of loans originated by loan originators that the mortgage banker or mortgage broker employed. 1 This report was written by staff of the DCBS Information Management Division in March Sections of SB 1064 are provided in Appendix 1.

2 Other sections of the statute forbid the publication of data for any individual lender and impose penalties for non-reporting. Reporting is limited to the companies regulated by the state. Federally chartered financial institutions that originate residential mortgages are not under state regulation and do not report. The administrative rules for data reporting are OAR After considering input from industry stakeholders and consumer groups, the rules were initially adopted in May In response to additional input from industry stakeholders, the rules were revised and adopted in final form in June As a result of discussions with industry representatives about the feasibility of some of the reporting, the department required the reporting of some data items and made optional the reporting of some other items. 4 Revised rules were adopted in December 2008 for the forthcoming annual reports. The rules now require that mortgage bankers and brokers provide the annual data prior to March 31 each year. Data collection summary State-regulated mortgage bankers and brokers did the first reporting of data during August 2008, covering loans originated in calendar year Most companies did not provide responses to the optional questions, so the results are not included in this report. In part because this was the first year that reporting was required, some data submitted by the bankers and brokers required cleanup. To the extent possible, the division asked the companies to clarify their responses. This report is based on these revised data. The department has modified the data reporting requirements for the calendar year 2008 data to reduce reporting errors. 5 Analysis Companies that were licensed during the last half of calendar year 2007 were required to report data. A total of 1,438 companies provided data. Of these, 280 reported that they did not originate any loans during The other 1,158 companies reported that they originated more than 116,000 loans with a volume of $24.18 billion. As shown in Table 1, the majority of firms issued no more than 25 loans during CY They originated 5 percent of the loans. There were 45 companies that originated more than 500 loans; they originated about 53 percent of all loans. The firms were nearly evenly distributed between those located within Oregon and those from outside the state. The Oregon firms originated 55 percent of the loans. In the reporting, the total numbers of loans were reported as either first-lien mortgage loans or subordinate-lien mortgage loans. This second category consists of second mortgages and includes home equity lines of credit. Eighty-one percent of the total loans were first-lien mortgage loans. They accounted for 94 percent of the total loan amount, about $22.66 billion. As shown in Table 2, the average loan amount was $239,200. As illustrated in Figure 1, the average first-lien amount for 78 percent of the firms was between $200,000 and $350, The current language for OAR is shown in Appendix 2. 4 The CY 2007 survey questions are shown in Appendix 3. 5 Details of the data revisions are discussed in Appendix 3, and the CY 2008 survey questions and the revisions to the data collecting process are discussed in Appendix 4. Page 2 of 13

3 Table 1. Summary of residential mortgage lending activity by state-regulated mortgage bankers and brokers, CY 2007 Table 2. First liens and subordinate lien activity, CY 2007 The remaining 19 percent of the loans were subordinate-lien loans. The average loan amount was $70,900. As the lower portion of Table 2 shows, the largest firms had a slightly higher volume of subordinate-lien loans than did the smallest companies. The difference was not large, however, and there was little difference in average loan amounts among firm sizes. The average subordinate-lien amount was under $100,000 for 84 percent of the firms. Page 3 of 13

4 Figure 1. Distribution of average first and subordinate lien amounts, CY 2007 Types of mortgages Mortgage bankers and brokers reported their loans by category. The analysis of these reports is somewhat difficult. For data on mortgage type, no distinction was made between first-lien and subordinate-lien mortgages. More importantly, some firms reported the same loans in the multiple categories, apparently most often reporting loans as both adjustable rate mortgages and interest-only loans. 6 As a result, the numbers of loans in these categories sum to more than the total number of reported loans. The categories are: Fixed rate mortgage: a mortgage loan where the interest rate on the note remains the same through the term of the loan. Interest-only loan: a loan in which for a set term the borrower pays only the interest on the principal balance, with the principal balance unchanged. At the end of the interest-only term, the borrower gets a new payment amount calculated on an updated amortization schedule. Negative amortization loan: a mortgage loan where the loan payment for any period is less than the interest charged over that period so that the outstanding balance of the loan increases. This method is generally used in an introductory period before loan payments exceed interest and the loan becomes self-amortizing. In this report, this category includes reverse mortgages loans. With these loans, neither the capital nor interest is repaid. The interest is rolled up with the capital, increasing the debt each year. The homeowner's obligation to repay the loan is deferred until the owner leaves the home or the home is sold. Adjustable rate mortgage (ARM): a mortgage loan where the interest rate on the note is periodically adjusted based on an index. The loans often have low initial interest rates. Prepayment penalty loan: a loan that includes a penalty when the borrower repays the principal early. 6 See Appendix 3 for more details of the clean up of this data. Page 4 of 13

5 As shown in Table 3, the majority of the firms made fixed rate, interest-only, and adjustable rate loans. Also, on average, loans that were not the traditional, fixed rate mortgages were for higher amounts. The average fixed rate mortgage was for $210,900, and the average adjustable rate mortgage was for $242,800. Table 3. Summary of types of loans, CY 2007 Nearly half of the firms originated loans that included prepayment penalties. About 10 percent of all loans had prepayment penalties. The category with the fewest loans was negative amortization loans. As mentioned earlier, the analysis of this category is somewhat difficult because it includes reverse mortgage loans. The average negative amortization loan was for $293,600, the highest of any loan type. As illustrated in Figure 2, the negative amortization loans had the least concentration in average loan amounts. Figure 2. Distribution of average loan amounts by loan type, CY 2007 Page 5 of 13

6 Refinancing loans For SB 1064 reporting of calendar year 2007 data, loans for refinancing mortgages were included within the categories of first-lien and subordinate-lien mortgages, rather than as a separate category. As shown in Table 4, 47 percent of the loans reported were for refinancing existing mortgages. Refinancing was a somewhat larger share of the business for small firms than it was for larger firms. Table 4. Summary of refinancing loans, CY 2007 Page 6 of 13

7 Appendix 1. Sections 1 and 5 of SB 1064 (2008) (Sections in bold are language added by SB 1064) SECTION 1. ORS is amended to read: (1) Every mortgage banker and mortgage broker shall make and keep such accounts, correspondence, memoranda, papers, books and other records as the Director of the Department of Consumer and Business Services by rule or order prescribes. All such records shall be preserved for five years unless the director by rule prescribes otherwise. The director may examine all such records within or without this state at any reasonable time or times and may require without subpoena the production of such records at the office of the director as often as is reasonably necessary. (2) Every mortgage banker and mortgage broker shall file financial reports or other information as the director by rule or order may require and shall promptly correct any document filed with the director that is or becomes incomplete or inaccurate in any material respect. (3) On or before May 1 of each year or on a date the director establishes by rule, every mortgage banker and mortgage broker shall file a report with the director in a form prescribed by the director. The report shall contain information the director requires concerning the mortgage banker s or mortgage broker s business and operations related to residential mortgage lending during the preceding calendar year. The information shall include the number and nature of loans originated by loan originators that the mortgage banker or mortgage broker employed. (4) The report and any records submitted to the director under this section are exempt from disclosure or production and are confidential as provided under ORS Notwithstanding the exemption and confidentiality provisions of subsection (4) of this section, the director may abstract information contained in reports submitted under subsection (3) of this section and may make the abstracted information available for public inspection provided that the abstracted information does not identify a particular mortgage banker or mortgage broker as a source of the information. SECTION 5. ORS is amended to read: (1) In addition to all other penalties and enforcement provisions provided by law, any person who violates or who procures, aids or abets in the violation of any provision of ORS to or any rule or order of the Director of the Department of Consumer and Business Services shall be subject to a penalty of not more than $5,000 for every violation, which shall be paid to the General Fund of the State Treasury. (2) Notwithstanding subsection (1) of this section, a person who fails to submit a report required under ORS (3) on the date specified is subject to a penalty of not more than $100 per day for each day after the specified date during which the failure continues. [(2)] (3) Every violation is a separate offense and, in the case of a continuing violation, each day s continuance is a separate violation, but the maximum penalty for any continuing violation shall not exceed $20,000 for each offense. [(3)] (4) Civil penalties under this section shall be imposed as provided in ORS Page 7 of 13

8 Appendix 2. OAR (effective December 2008) Residential Mortgage Lending Reports On or before March 31 of each calendar year, a mortgage banker or a mortgage broker licensed at any time during the preceding calendar year must file a report concerning the banker s or broker s business and operations conducted during the preceding calendar year related to residential mortgage transactions. (1) A licensee must report the total number and dollar amount of all loans made or funded by the licensee in any state and those loans that are Oregon residential mortgage transactions. (2) For loans made or funded for a property located in Oregon, a licensee must report the total number and dollar amount of: (a) First-lien mortgage loans. (b) Subordinate-lien mortgage loans including, but not limited to, home equity lines of credit. (c) Mortgage loans having a fixed periodic payment of principal and interest throughout the mortgage term. (d) Interest-only first-lien mortgage loans having a fixed interest rate. (e) Interest-only first-lien mortgage loans having an adjustable interest rate. (f) Negative amortization mortgage loans. (g) Adjustable rate first-lien mortgage loans. (h) Adjustable rate subordinate-lien mortgage loans. (i) Loans with a prepayment penalty in the contract at the time of closing. (j) Mortgage loans closed for the purchase of a primary owner-occupied residential dwelling. (k) Mortgage loans closed for the purchase of a secondary residence. (L) Mortgage loans closed for the purchase of a non-owner occupied property that is a one-to-four family residential dwelling. (m) Mortgage loans closed for the purpose of refinancing an existing mortgage loan secured by a primary owner-occupied residential dwelling. (n) Mortgage loans closed for the purpose of refinancing an existing mortgage loan secured by a secondary residence. (o) Mortgage loans closed for the purpose of refinance an existing mortgage loan secured by a nonowner occupied property that is a one-to-four family residential dwelling. (p) Mortgage loans insured or guaranteed by a federal agency. (3) For loans made or funded for a property located in Oregon, a licensee may report the total number and dollar amount of: (a) Loans that were originated based on all of the following factors: (A) Income documentation; (B) Employment documentation; and (C) Asset documentation. (b) Loans that were originated based on one or two of the following factors: (A) Income documentation; (B) Employment documentation; or (C) Asset documentation. (c) Loans that were not originated based on any of the following factors: (A) Income documentation; (B) Employment documentation; or (C) Asset documentation. Page 8 of 13

9 (d) Loans with a combined loan-to-value ratio of 80% or lower made to an individual having a middle credit bureau risk score of 620 or above. (e) Loans with a combined loan-to-value ratio of 80% or lower made to an individual having a middle credit bureau risk score below 620. (f) Loans with a loan-to-value ratio of greater than 80% made to an individual having a middle credit bureau risk score of 620 or above. (g) Loans with a loan-to-value ratio of greater than 80% made to an individual having a middle credit bureau risk score below 620. (4) For purposes of this rule: (a) Loan-to-value ratio means the ratio between the amount of a mortgage loan and the value of the property pledged as security, expressed as a percentage. (b) Residential mortgage transaction has the same meaning as ORS Page 9 of 13

10 Appendix 3. CY 2007 reporting and data revisions The calendar year 2007 annual report questions were: Provide the number and dollar amount of: 1. First-Lien Mortgage Loans 2. Subordinate-Lien Mortgage Loans 3. Conventional Loans 4. Interest-Only Mortgage Loans 5. Negative-Amortization Mortgage Loans 6. Adjustable Rate Mortgage Loans 7. Loans with Prepayment Penalties 8. Loans for Purchasing a Primary Owner-Occupied Residential Dwelling 9. Loans for Refinancing an Existing Home Loan The information listed in items 10 through 14 is voluntary 10. Mortgage loans insured or guaranteed by a federal agency 11. Loans that were originated based on: a. Income, employment and asset documentation b. Income, employment or asset documentation 12. Loans not based on income, employment or asset documentation. 13. Loans with a low combined loan-to-value (80% or lower) ratio made: a. For person with an average credit score of 620 or above b. For person with an average credit score of 620 or below 14. Loans with a high combined loan-to-value (over 80%) ratio made: a. For person with an average credit score of 620 or above b. For person with an average credit score of 620 or below The first reporting of state-regulated mortgage lending firms under SB1064 took place during August It resulted in 1,438 firms reporting data. Of these firms, 280 reported that they had made no loans during The validity of reported data for 150 of the 1,158 licensees reporting loan data was questioned. Four licensees reported loan averages greater than $1,000,000. In 141 cases, the sum of reported fixed and adjustable-rate loan numbers and volumes was greater than their reported loan number or volume total. Finally, 13 licensees reported individual numbers or volumes greater than their respective total. (Some licensees had more than one error.) Data were cleaned to the extent possible. Firms were contacted and asked about their responses. For cases in which this did not produce reasonable data, several rules were applied. Where the erroneous data was 100 times larger than a plausible entry, a decimal error was assumed and the entry was divided by 100. In cases where individual data were erroneous and where a decimal error was not plausible, the bad data were deleted while other, good, data from the same licensee were retained. In cases where the sum of the fixed and adjustable-rate loan number or volume exceeded the firm s respective total, a sum of 10 percent above the total was allowed. If the fixed and adjustable-rate sum was more than 10 percent above the total, then the fixed and adjustable-rate loan data were removed; the other data from the same licensee were retained. A consequence of this method is that fixed loan and adjustable-rate loan statistics may be somewhat understated. The information provided in this report is based on these revised data. Page 10 of 13

11 In addition to these revisions, some other reported data is not included in the report. Question 8 asked for the number and amount of loans for purchasing a primary owner-occupied residential dwelling. The results showed that 44 percent of all loans were for this purpose. This is substantially lower than other estimates. For example, data gathered under the Home Mortgage Disclosure Act indicates that owner occupied mortgages accounted for 88 percent of total mortgages in Oregon in Therefore, the results from this question did not seem reasonable and are not reported in the body of this report. Also, fewer than 30 percent of the firms reported data for the optional questions Therefore, the results from these questions are not provided in this report. 7 IMD analysis of 2007 Oregon data reported by financial institutions required by the Home Mortgage Disclosure Act and provided by the Federal Financial Examinations Council. Page 11 of 13

12 Appendix 4. CY 2008 data reporting The calendar year 2008 annual report questions are: Provide the number and amount of: 1. All loans on property secured by real estate in any state 2. All Oregon loans The information listed in items 3 through 15 is for Oregon loans only. 3. First-lien mortgage loans 4. Subordinate-lien mortgage loans 5. Fixed-rate mortgage loans 6. a. Interest-only fixed-rate first-lien mortgages b. Interest-only adjustable-rate first-lien mortgages 7. Negative-amortization mortgage loans 8. a. Adjustable rate first-lien mortgage loans b. Adjustable rate second-lien mortgage loans 9. Loans with prepayment penalties 10. a. Loans for purchasing a primary owner-occupied residence b. Loans for purchasing a secondary owner-occupied home c. Loans for purchasing a non-owner occupied residence 11. a. Loans for refinancing a primary owner-occupied residence b. Loans for refinancing a secondary owner-occupied home c. Loans for refinancing a non-owner occupied residence 12. Mortgage loans insured or guaranteed by a federal agency The information listed in items 13 through 15 is voluntary. 13. a. Loans that were originated based upon income, employment and asset documentation b. Loans that were originated based upon income, employment or asset documentation c. Loans that were not originated based upon income, employment or asset documentation 14. a. Loans with a combined loan-to-value of 80% or less made for a person with a middle credit score of 620 or greater b. Loans with a combined loan-to-value of 80% or less made for a person with a middle credit score of less than a. Loans with a combined loan-to-value higher than 80% made for a person with a middle credit score of 620 or greater b. Loans with a combined loan-to-value higher than 80% made for a person with a middle credit score of less than 620 The calendar year 2008 data will be collected during March and April The questions have been revised by asking explicitly for the total number and volume of Oregon loans by asking for two categories of interest-only loans and adjustable rate loans, and by asking whether the loans are for purchasing or refinancing primary residences, secondary residences, or non-owner-occupied homes. Page 12 of 13

13 Appendix 5. Other sources of mortgage lending data We are not aware of sources that provide national or state-by-state data similar to the data contained in this report. Following are several other sources of mortgage data. Mortgage Lending Workgroup Information about the Mortgage Lending Workgroup is available on the department s website at Mortgage Banker Association The Mortgage Banker Association has historical data for all loans since 1979 and for subprime loans since They have annual and quarterly data for Oregon and the U.S. The website is New York Federal Reserve reporting of Subprime and Alt-A Loan information The New York Federal Reserve tracks inventories of subprime and Alt-A mortgages by state including delinquency rates and loan characteristics. The data along with interactive maps can be accessed at Home Mortgage Disclosure Act Data The Home Mortgage Disclosure Act enacted by Congress in 1975 requires lending institutions to report public loan data. Data is reported for Oregon s 6 Metropolitan Statistical Areas. The Portland MSA includes Clark and Skamania counties. The data is available about a year after reporting and includes different loan types, demographics, owner occupied lending and incidence of higher priced lending. The website is at American Community Survey The American Community Survey is an ongoing survey conducted by the U.S. Census Bureau to collect data between the decennial census. It has demographic information about mortgages and home prices. Page 13 of 13

Residential Mortgage Lending in Oregon Calendar Year 2010

Residential Mortgage Lending in Oregon Calendar Year 2010 Residential Mortgage Lending in Oregon Calendar Year 2010 Department of Consumer and Business Services Division of Finance and Corporate Securities December 2011 Introduction: This report marks the fourth

More information

SENATE BILL 465. 3lr2733 CF HB 522 A BILL ENTITLED. Refinancing of First Mortgage Loans Subordination

SENATE BILL 465. 3lr2733 CF HB 522 A BILL ENTITLED. Refinancing of First Mortgage Loans Subordination I SENATE BILL By: Senator Klausmeier Introduced and read first time: January 0, Assigned to: Judicial Proceedings and Finance lr CF HB A BILL ENTITLED AN ACT concerning Refinancing of First Mortgage Loans

More information

ICBA Summary of the Home Mortgage Disclosure Act (HMDA) Revisions to Regulation C

ICBA Summary of the Home Mortgage Disclosure Act (HMDA) Revisions to Regulation C ICBA Summary of the Home Mortgage Disclosure Act (HMDA) Revisions to Regulation C November 2015 Month Year Mon Contact: Joe Gormley Assistant Vice President & Regulatory Counsel joseph.gormley@icba.org

More information

Florida Senate - 2010 SB 1532

Florida Senate - 2010 SB 1532 By Senator Fasano 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 A bill to be entitled An act relating to reverse mortgage loans to senior individuals; providing purposes;

More information

HOUSE BILL 2242 AN ACT AMENDING TITLE 6, ARIZONA REVISED STATUTES, BY ADDING CHAPTER 16; RELATING TO REVERSE MORTGAGES.

HOUSE BILL 2242 AN ACT AMENDING TITLE 6, ARIZONA REVISED STATUTES, BY ADDING CHAPTER 16; RELATING TO REVERSE MORTGAGES. Senate Engrossed House Bill State of Arizona House of Representatives Forty-ninth Legislature Second Regular Session HOUSE BILL AN ACT AMENDING TITLE, ARIZONA REVISED STATUTES, BY ADDING CHAPTER ; RELATING

More information

Early Summary of Ability to Repay and Qualified Mortgage Rules under Dodd-Frank Wall Street Reform and Consumer Protection Act.

Early Summary of Ability to Repay and Qualified Mortgage Rules under Dodd-Frank Wall Street Reform and Consumer Protection Act. Early Summary of Ability to Repay and Qualified Mortgage Rules under Dodd-Frank Wall Street Reform and Consumer Protection Act January 11, 2013 OVERVIEW - On January 10, 2013, the Consumer Financial Protection

More information

COMMUNICATION NO. 313635 PROPOSED ORDINANCE AMENDMENT. Sponsored by

COMMUNICATION NO. 313635 PROPOSED ORDINANCE AMENDMENT. Sponsored by COMMUNICATION NO. 313635 PROPOSED ORDINANCE AMENDMENT Sponsored by THE HONORABLE TONI PRECKWINKLE, PRESIDENT, EARLEAN COLLINS, JERRY BUTLER, JOHN P. DALEY, JESUS G. GARCIA, EDWIN REYES, ROBERT B. STEELE

More information

QUARTERLY UPDATE TO THE SENATE BUSINESS AND COMMERCE COMMITTEE January 16, 2014 BY THE OFFICE OF CONSUMER CREDIT COMMISSIONER

QUARTERLY UPDATE TO THE SENATE BUSINESS AND COMMERCE COMMITTEE January 16, 2014 BY THE OFFICE OF CONSUMER CREDIT COMMISSIONER QUARTERLY UPDATE TO THE SENATE BUSINESS AND COMMERCE COMMITTEE January 16, 2014 BY THE OFFICE OF CONSUMER CREDIT COMMISSIONER SB 247: Property Tax Loans IMPLEMENTATION OF LEGISLATION FROM THE 83RD LEGISLATURE

More information

Mortgage Terms Glossary

Mortgage Terms Glossary Mortgage Terms Glossary Adjustable-Rate Mortgage (ARM) A mortgage where the interest rate is not fixed, but changes during the life of the loan in line with movements in an index rate. You may also see

More information

Chapter 2d Utah High Cost Home Loan Act

Chapter 2d Utah High Cost Home Loan Act Chapter 2d Utah High Cost Home Loan Act 61-2d-101 Title. This chapter is known as the "Utah High Cost Home Loan Act." 61-2d-102 Definitions. As used in this part: (1) "Accelerate" means a demand for immediate

More information

ESCROW REQUIREMENTS UNDER TILA

ESCROW REQUIREMENTS UNDER TILA Overview Escrow Requirements Reg. Z High Cost Mortgage and Counseling - Reg. Z & X Ability to Repay & Qualified Mortgages Reg. Z & X Mortgage Servicing Reg. Z & X Loan Originator Compensation Reg. Z Copies

More information

Florida Mortgage Laws and Regulations. Introduction. LegalEase was asked to review and summarize any legislation since January of 2007

Florida Mortgage Laws and Regulations. Introduction. LegalEase was asked to review and summarize any legislation since January of 2007 23400 Michigan Avenue, Suite 101 Dearborn, MI 48124 Tel: 1-(866) 534-6177 (toll-free) Fax: 1-(734) 943-6051 Email: contact@legaleasesolutions.com www.legaleasesolutions.com Florida Mortgage Laws and Regulations

More information

GENERAL ASSEMBLY OF NORTH CAROLINA SESSION 2009 SESSION LAW 2009-457 HOUSE BILL 1222

GENERAL ASSEMBLY OF NORTH CAROLINA SESSION 2009 SESSION LAW 2009-457 HOUSE BILL 1222 GENERAL ASSEMBLY OF NORTH CAROLINA SESSION 2009 SESSION LAW 2009-457 HOUSE BILL 1222 AN ACT TO UPDATE THE RATE SPREAD AND HIGH-COST HOME LOANS STATUTES, AND TO MAKE A CONFORMING CHANGE TO THE EMERGENCY

More information

Assumable mortgage: A mortgage that can be transferred from a seller to a buyer. The buyer then takes over payment of an existing loan.

Assumable mortgage: A mortgage that can be transferred from a seller to a buyer. The buyer then takes over payment of an existing loan. MORTGAGE GLOSSARY Adjustable Rate Mortgage (ARM): A mortgage loan with payments usually lower than a fixed rate initially, but is subject to changes in interest rates. There are a variety of ARMs that

More information

Appendix A: Description of the Data

Appendix A: Description of the Data Appendix A: Description of the Data This data release presents information by year of origination on the dollar amounts, loan counts, and delinquency experience through year-end 2009 of single-family mortgages

More information

Section 1715z-20. Insurance of home equity conversion mortgages for elderly homeowners 1

Section 1715z-20. Insurance of home equity conversion mortgages for elderly homeowners 1 Section 1715z-20. Insurance of home equity conversion mortgages for elderly homeowners 1 (a) Purpose The purpose of this section is to authorize the Secretary to carry out a program of mortgage insurance

More information

ANALYSIS OF HOME MORTGAGE DISCLOSURE ACT (HMDA) DATA FOR TEXAS, 1999-2001

ANALYSIS OF HOME MORTGAGE DISCLOSURE ACT (HMDA) DATA FOR TEXAS, 1999-2001 LEGISLATIVE REPORT ANALYSIS OF HOME MORTGAGE DISCLOSURE ACT (HMDA) DATA FOR TEXAS, 1999-2001 REPORT PREPARED FOR THE FINANCE COMMISSION OF TEXAS AND THE OFFICE OF CONSUMER CREDIT COMMISSIONER BY THE TEXAS

More information

Comparison of Section 35(HPML) & Section 32(HOEPA) Regulations Including CFPB 2013 & 2014 Updates As of 01/07/2014

Comparison of Section 35(HPML) & Section 32(HOEPA) Regulations Including CFPB 2013 & 2014 Updates As of 01/07/2014 Comparison of Section 35(HPML) & Section 32(HOEPA) Regulations Including CFPB 2013 & 2014 Updates As of 01/07/2014 General Consumer Loan Type Not Applicable HPML (12 CFR 1026.35) A closed-end consumer

More information

CHAPTER 86. C.46:10B-36 Short title. 1. This act shall be known and may be cited as the Save New Jersey Homes Act of 2008.

CHAPTER 86. C.46:10B-36 Short title. 1. This act shall be known and may be cited as the Save New Jersey Homes Act of 2008. CHAPTER 86 AN ACT concerning certain residential mortgages, and supplementing Title 46 of the Revised Statutes. BE IT ENACTED by the Senate and General Assembly of the State of New Jersey: C.46:10B-36

More information

Regulatory Practice Letter February 2013 RPL 13-07

Regulatory Practice Letter February 2013 RPL 13-07 Regulatory Practice Letter February 2013 RPL 13-07 High Cost Mortgages and Homeownership Counseling; Escrow Requirements - CFPB Final Rules Executive Summary The Bureau of Consumer Financial Protection

More information

CONSUMER MORTGAGE PROTECTION ACT Act 660 of 2002. The People of the State of Michigan enact:

CONSUMER MORTGAGE PROTECTION ACT Act 660 of 2002. The People of the State of Michigan enact: CONSUMER MORTGAGE PROTECTION ACT Act 660 of 2002 AN ACT to prohibit certain lending practices; to require disclosure of certain information for home loans; to prescribe certain duties and obligations of

More information

Department of Legislative Services Maryland General Assembly 2010 Session

Department of Legislative Services Maryland General Assembly 2010 Session House Bill 799 Economic Matters Department of Legislative Services Maryland General Assembly 2010 Session FISCAL AND POLICY NOTE Revised (Delegate Kramer, et al.) Reverse Mortgage Homeowners Protection

More information

CFPB Regulations on Ability to Repay and Qualified Mortgages. MDDCCUA Training

CFPB Regulations on Ability to Repay and Qualified Mortgages. MDDCCUA Training CFPB Regulations on Ability to Repay and Qualified Mortgages MDDCCUA Training October 30, 2013 E. Andrew Keeney, Esq. Kaufman & Canoles, P.C. Ability-to-Repay and Qualified Mortgage Rules E. Andrew Keeney,

More information

National Delinquency and Foreclosure Trends Mortgage Category Definitions National percentage change in mortgage delinquencies and

National Delinquency and Foreclosure Trends Mortgage Category Definitions National percentage change in mortgage delinquencies and Volume 31, December 2007 Policy Points A publication of the Southern Good Faith Fund Public Policy program Mortgage Foreclosures: A Review of Trends in Arkansas and Strategies Used The rising rate of mortgage

More information

House of Representatives

House of Representatives House of Representatives General Assembly File No. 44 February Session, 2002 Substitute House Bill No. 5073 House of Representatives, March 18, 2002 The Committee on Banks reported through REP. DOYLE of

More information

STATE HIGH COST/PREDATORY LENDING REGULATIONS Updated 1/10/2014

STATE HIGH COST/PREDATORY LENDING REGULATIONS Updated 1/10/2014 STATE HIGH COST/PREDATORY LENDING REGULATIONS Updated 1/10/2014 State: Law: Cite: North Carolina NC High Cost Home Loan Law NC Rate Spread Home Loans Check both rules HB 2188 effective 10/01/2008 changes

More information

MORTGAGE TERMS. Assignment of Mortgage A document used to transfer ownership of a mortgage from one party to another.

MORTGAGE TERMS. Assignment of Mortgage A document used to transfer ownership of a mortgage from one party to another. MORTGAGE TERMS Acceleration Clause This is a clause used in a mortgage that can be enforced to make the entire amount of the loan and any interest due immediately. This is usually stipulated if you default

More information

GENERAL ASSEMBLY OF NORTH CAROLINA 1991 SESSION CHAPTER 546 HOUSE BILL 22

GENERAL ASSEMBLY OF NORTH CAROLINA 1991 SESSION CHAPTER 546 HOUSE BILL 22 GENERAL ASSEMBLY OF NORTH CAROLINA 1991 SESSION CHAPTER 546 HOUSE BILL 22 AN ACT TO REGULATE REVERSE MORTGAGES. The General Assembly of North Carolina enacts: Section 1. Chapter 53 of the General Statutes

More information

The Consumer Financial Protection Bureau s Ability-to-Repay and Qualified Mortgage Rule

The Consumer Financial Protection Bureau s Ability-to-Repay and Qualified Mortgage Rule ADVISORY February 2013 The Consumer Financial Protection Bureau s Ability-to-Repay and Qualified Mortgage Rule On January 10, 2013, the Consumer Financial Protection Bureau ( CFPB ) issued its final Ability-to-Repay

More information

QUARTERLY UPDATE TO THE SENATE BUSINESS AND COMMERCE COMMITTEE October 10, 2013 BY THE OFFICE OF CONSUMER CREDIT COMMISSIONER

QUARTERLY UPDATE TO THE SENATE BUSINESS AND COMMERCE COMMITTEE October 10, 2013 BY THE OFFICE OF CONSUMER CREDIT COMMISSIONER QUARTERLY UPDATE TO THE SENATE BUSINESS AND COMMERCE COMMITTEE October 10, 2013 BY THE OFFICE OF CONSUMER CREDIT COMMISSIONER SB 247: Property Tax Loans IMPLEMENTATION OF LEGISLATION FROM THE 83RD LEGISLATURE

More information

HOME OWNERSHIP EQUITY PROTECTION ACT OF 1994. Raymond Natter 1

HOME OWNERSHIP EQUITY PROTECTION ACT OF 1994. Raymond Natter 1 HOME OWNERSHIP EQUITY PROTECTION ACT OF 1994 Raymond Natter 1 Recent Congressional attention to the problems of predatory mortgage lending has led for calls for the Federal Reserve Board to use its authority

More information

4/20/2015. Dodd Frank Sections 1411 and 1412. Defines pretty specifically the terms and dimensions of each. On this one, you can't blame the CFPB

4/20/2015. Dodd Frank Sections 1411 and 1412. Defines pretty specifically the terms and dimensions of each. On this one, you can't blame the CFPB Ability To Repay and Qualified Mortgages Presented by: TriComply, a Temenos Product Presenter: Blair Rugh, Compliance Director Florida Banker's Association, Annual Consumer Compliance Seminar April 29

More information

SB 1343. REFERENCE TITLE: home loans; prohibited activities. State of Arizona Senate Forty-fifth Legislature Second Regular Session 2002

SB 1343. REFERENCE TITLE: home loans; prohibited activities. State of Arizona Senate Forty-fifth Legislature Second Regular Session 2002 PLEASE NOTE: In most BUT NOT ALL instances, the page and line numbering of bills on this web site correspond to the page and line numbering of the official printed version of the bills. REFERENCE TITLE:

More information

63rd Legislature AN ACT REPEALING THE MONTANA TITLE LOAN ACT; AMENDING SECTIONS 31-1-106, 31-1-111,

63rd Legislature AN ACT REPEALING THE MONTANA TITLE LOAN ACT; AMENDING SECTIONS 31-1-106, 31-1-111, 63rd Legislature HB0118 AN ACT REPEALING THE MONTANA TITLE LOAN ACT; AMENDING SECTIONS 31-1-106, 31-1-111, 31-1-112, 31-1-401, AND 32-5-103, MCA; REPEALING SECTIONS 31-1-801, 31-1-802, 31-1-803, 31-1-804,

More information

FREQUENTLY ASKED QUESTIONS ABOUT THE NEW HMDA DATA. General Background

FREQUENTLY ASKED QUESTIONS ABOUT THE NEW HMDA DATA. General Background March 31, 2005 FREQUENTLY ASKED QUESTIONS ABOUT THE NEW HMDA DATA General Background 1. What is the Home Mortgage Disclosure Act (HMDA)? HMDA, enacted by Congress in 1975, requires most mortgage lenders

More information

GLOSSARY COMMONLY USED REAL ESTATE TERMS

GLOSSARY COMMONLY USED REAL ESTATE TERMS GLOSSARY COMMONLY USED REAL ESTATE TERMS Adjustable-Rate Mortgage (ARM): a mortgage loan with an interest rate that is subject to change and is not fixed at the same level for the life of the loan. These

More information

*HB0160S02* H.B. 160 2nd Sub. (Gray) LEGISLATIVE GENERAL COUNSEL 6 Approved for Filing: S.M. Snyder 6 6 02-10-04 4:26 PM 6

*HB0160S02* H.B. 160 2nd Sub. (Gray) LEGISLATIVE GENERAL COUNSEL 6 Approved for Filing: S.M. Snyder 6 6 02-10-04 4:26 PM 6 LEGISLATIVE GENERAL COUNSEL 6 Approved for Filing: S.M. Snyder 6 6 02-10-04 4:26 PM 6 H.B. 160 2nd Sub. (Gray) Representative Wayne A. Harper proposes the following substitute bill: 1 MORTGAGE ACT AMENDMENTS

More information

Senate Bill 1149 Summary -- Prohibit Predatory Lending

Senate Bill 1149 Summary -- Prohibit Predatory Lending MEMORANDUM TO: FROM: Hal D. Lingerfelt Commissioner of Banks L. McNeil Chestnut Assistant Attorney General DATE: August 25, 1999 RE: Senate Bill 1149 Summary -- Prohibit Predatory Lending I. Background

More information

MRS Title 9-A 8-103. Definitions and rules of construction

MRS Title 9-A 8-103. Definitions and rules of construction 9-A 8-103. Definitions and rules of construction The text included in this publication was prepared by the Maine Bureau of Financial Institutions and is current through July 15, 2008. It is a version that

More information

Home Mortgage Disclosure Act - Regulation C

Home Mortgage Disclosure Act - Regulation C Home Mortgage Disclosure Act - Regulation C Revised Date: 12/20/2013 Introduction: The Home Mortgage Disclosure Act (HMDA), implemented by Regulation C, provides the members with loan data that can be

More information

Break Out Session: Mortgage Loan Underwriting and Pricing

Break Out Session: Mortgage Loan Underwriting and Pricing Break Out Session: Mortgage Loan Underwriting and Pricing Agenda Ability to Repay (ATR)/Qualified Mortgages (QMs) Effective Date: Applications received on or after January 10, 2014 2013 Home Ownership

More information

CUNA s SUMMARY OF THE CFPB s MORTGAGE LENDING RULES Spring 2013

CUNA s SUMMARY OF THE CFPB s MORTGAGE LENDING RULES Spring 2013 MANDATORY ESCROW ACCOUNTS Effective: June 1, 2013 REGULATION Requires escrow accounts be maintained for five years (rather than the current one year) for higher-priced mortgage loans. A higher-priced mortgage

More information

Page 1417 TITLE 12 BANKS AND BANKING 2802

Page 1417 TITLE 12 BANKS AND BANKING 2802 Page 1417 TITLE 12 BANKS AND BANKING 2802 loans to the Corporation for such purpose in the same manner as loans may be made for insurance purposes under such section, subject to the maximum limitation

More information

QUICK REFERENCE GUIDE TO DISCLOSURES TRUTH IN LENDING ACT AND REGULATION Z (1) (CLOSED-END HOME MORTGAGE TRANSACTIONS)

QUICK REFERENCE GUIDE TO DISCLOSURES TRUTH IN LENDING ACT AND REGULATION Z (1) (CLOSED-END HOME MORTGAGE TRANSACTIONS) QUICK REFERENCE GUIDE TO DISCLOSURES TRUTH IN LENDING ACT AND REGULATION Z (1) (CLOSED-END HOME MORTGAGE TRANSACTIONS) Type of (2) Contents of Truth in Lending Statements 226.17 226.36 Early s 226.19(a)(1)

More information

Comparison of Section 32(HOEPA) Regulation; Current Rules vs. January 10, 2014 CFPB Changes As of 10/16/14

Comparison of Section 32(HOEPA) Regulation; Current Rules vs. January 10, 2014 CFPB Changes As of 10/16/14 Comparison of Section 32(HOEPA) Regulation; Current Rules vs. January 10, 2014 CFPB Changes As of 10/16/14 General Loan Type 1994 TILA amendments apply to homeowners that already owned their homes and

More information

MORTGAGE DICTIONARY. Amortization - Amortization is a decrease in the value of assets with time, which is normally the useful life of tangible assets.

MORTGAGE DICTIONARY. Amortization - Amortization is a decrease in the value of assets with time, which is normally the useful life of tangible assets. MORTGAGE DICTIONARY Adjustable-Rate Mortgage An adjustable-rate mortgage (ARM) is a product with a floating or variable rate that adjusts based on some index. Amortization - Amortization is a decrease

More information

2012 Foreclosure Trends Report

2012 Foreclosure Trends Report 2012 2012 Foreclosure Trends Report Division of Banks Commonwealth of Massachusetts 12/20/2013 Background In November of 2007, to address rising foreclosures in the Commonwealth, Governor Deval Patrick

More information

Enrolled Copy S.B. 120

Enrolled Copy S.B. 120 Enrolled Copy S.B. 120 1 REGULATION OF REVERSE MORTGAGES 2 2015 GENERAL SESSION 3 STATE OF UTAH 4 Chief Sponsor: Wayne A. Harper 5 House Sponsor: Ken Ivory 6 7 LONG TITLE 8 General Description: 9 This

More information

Mortgage Lending laws and how it affects you, the REALTOR. Presented by Anders Hostelley and Leonard Loventhal

Mortgage Lending laws and how it affects you, the REALTOR. Presented by Anders Hostelley and Leonard Loventhal Mortgage Lending laws and how it affects you, the REALTOR. Presented by Anders Hostelley and Leonard Loventhal Secure and Fair Enforcement for Mortgage Licensing Act Title V of P.L. 110-289, the Secure

More information

Assembly Bill No. 344 CHAPTER 733

Assembly Bill No. 344 CHAPTER 733 Assembly Bill No. 344 CHAPTER 733 An act to amend Sections 4970, 4973, 4974, 4975, 4977, 4978, 4978.6, 4979, and 4979.7 of the Financial Code, as added by Assembly Bill 489 of the 2001-02 Regular Session,

More information

The Consumer Financial Protection Bureau (Bureau) is issuing a final rule to implement

The Consumer Financial Protection Bureau (Bureau) is issuing a final rule to implement SUMMARY OF THE ABILITY-TO-REPAY AND QUALIFIED MORTGAGE RULE AND THE CONCURRENT PROPOSAL The Consumer Financial Protection Bureau (Bureau) is issuing a final rule to implement laws requiring mortgage lenders

More information

TILA Escrow Requirements for High Priced Mortgage Loans (12 CFR 1026.35)

TILA Escrow Requirements for High Priced Mortgage Loans (12 CFR 1026.35) TILA Escrow Requirements for High Priced Mortgage Loans (12 CFR 1026.35) The Consumer Financial Protection Bureau s (CFPB) mortgage rules include new escrow account requirements for higher-priced mortgage

More information

CONFERENCE OF STATE BANK SUPERVISORS AMERICAN ASSOCIATION OF RESIDENTIAL MORTGAGE REGULATORS GUIDANCE ON NONTRADITIONAL MORTGAGE PRODUCT RISKS

CONFERENCE OF STATE BANK SUPERVISORS AMERICAN ASSOCIATION OF RESIDENTIAL MORTGAGE REGULATORS GUIDANCE ON NONTRADITIONAL MORTGAGE PRODUCT RISKS CONFERENCE OF STATE BANK SUPERVISORS AMERICAN ASSOCIATION OF RESIDENTIAL MORTGAGE REGULATORS GUIDANCE ON NONTRADITIONAL MORTGAGE PRODUCT RISKS I. INTRODUCTION On October 4, 2006, the Office of the Comptroller

More information

Objectives for today s program

Objectives for today s program 2013-2014 Connecticut Legislative Update Fritz Conway Gaffney, Bennett & Associates Norm Roos Robinson+Cole, LLP June 11, 2014 Objectives for today s program Discuss the following: CMBA initiatives enacted

More information

Uncertainty Regarding Fed Proposal and CFPB Action on Minimum Underwriting Standards for Consideration of a Consumer s Ability to Repay

Uncertainty Regarding Fed Proposal and CFPB Action on Minimum Underwriting Standards for Consideration of a Consumer s Ability to Repay June 2011 Uncertainty Regarding Fed Proposal and CFPB Action on Minimum Underwriting Standards for Consideration of a Consumer s Ability to Repay BY KEVIN L. PETRASIC, HELEN Y. LEE & AMANDA M. JABOUR Comments

More information

To: Counsel, Agents, and Readers From: Michael J. Berey Dated: September 5, 2008 Re: Mortgages: Chapter 472, Laws of 2008

To: Counsel, Agents, and Readers From: Michael J. Berey Dated: September 5, 2008 Re: Mortgages: Chapter 472, Laws of 2008 To: Counsel, Agents, and Readers From: Michael J. Berey Dated: September 5, 2008 Re: Mortgages: Chapter 472, Laws of 2008 Chapter 472 of the Laws of 2008 was signed into law on August 5, 2008. According

More information

SPECIAL ALERT: CFPB PROPOSES SIGNIFICANT EXPANSION OF HMDA REPORTING REQUIREMENTS

SPECIAL ALERT: CFPB PROPOSES SIGNIFICANT EXPANSION OF HMDA REPORTING REQUIREMENTS SPECIAL ALERT: CFPB PROPOSES SIGNIFICANT EXPANSION OF HMDA REPORTING REQUIREMENTS JULY 30, 2014 On July 24, the Consumer Financial Protection Bureau (the CFPB or Bureau) issued a proposed rule that would

More information

Home Mortgage Disclosure Act 1

Home Mortgage Disclosure Act 1 Home Mortgage Disclosure Act 1 The Home Mortgage Disclosure Act (HMDA) was enacted by the Congress in 1975 and is implemented by Regulation C (12 CFR Part 1003). 2 The period of 1988 through 1992 saw substantial

More information

CFPB Proposal Would Make 'HMDites' Of Us All

CFPB Proposal Would Make 'HMDites' Of Us All Portfolio Media. Inc. 860 Broadway, 6th Floor New York, NY 10003 www.law360.com Phone: +1 646 783 7100 Fax: +1 646 783 7161 customerservice@law360.com CFPB Proposal Would Make 'HMDites' Of Us All Law360,

More information

A Guide to Mortgage Products. A Glossary of Lending Terms and. True. Know Before You Go...To Get A Mortgage. False. Federal Reserve Bank of Boston

A Guide to Mortgage Products. A Glossary of Lending Terms and. True. Know Before You Go...To Get A Mortgage. False. Federal Reserve Bank of Boston A Guide to Mortgage Products A Glossary of Lending Terms and True Know Before You Go...To Get A Mortgage False or? Federal Reserve Bank of Boston The purpose of this guide is to provide general mortgage

More information

State of North Carolina

State of North Carolina Michael F. Easley Governor State of North Carolina Office of the Commissioner of Banks September 4, 2008 Joseph A. Smith, Jr. Commissioner of Banks TO: FROM: All Mortgage Lenders and Mortgage Brokers North

More information

GENERAL ASSEMBLY OF NORTH CAROLINA SESSION 1991 H 1 HOUSE BILL 22

GENERAL ASSEMBLY OF NORTH CAROLINA SESSION 1991 H 1 HOUSE BILL 22 GENERAL ASSEMBLY OF NORTH CAROLINA SESSION H HOUSE BILL Short Title: Regulate Reverse Mortgages. (Public) Sponsors: Representatives Brubaker, Easterling, Hasty, Ligon, Lineberry, Privette, and Woodard.

More information

Federal Reserve Proposes Changes to Regulation Z to Implement New Ability-to-Repay Requirement for Residential Mortgage Loans

Federal Reserve Proposes Changes to Regulation Z to Implement New Ability-to-Repay Requirement for Residential Mortgage Loans Federal Reserve Proposes Changes to Regulation Z to Implement New Ability-to-Repay Requirement for Residential Mortgage Loans April 22, 2011 On April 20, 2011, the Federal Reserve released a proposed rule

More information

FREQUENTLY ASKED QUESTIONS ABOUT THE NEW HMDA DATA. General Background

FREQUENTLY ASKED QUESTIONS ABOUT THE NEW HMDA DATA. General Background April 3, 2006 FREQUENTLY ASKED QUESTIONS ABOUT THE NEW HMDA DATA General Background 1. What is the Home Mortgage Disclosure Act (HMDA)? HMDA, enacted by Congress in 1975, requires most mortgage lenders

More information

Mon. ICBA Summary of the Military Lending Act Updated Regulation. August 2015. Month Year. Contact:

Mon. ICBA Summary of the Military Lending Act Updated Regulation. August 2015. Month Year. Contact: ICBA Summary of the Military Lending Act Updated Regulation August 2015 Month Year Mon Contact: Joe Gormley Assistant Vice President & Regulatory Counsel joseph.gormley@icba.org www.icba.org ICBA Summary

More information

MORTGAGE REFORM AND THE IMPACT ON FINANCING AND FORECLOSURES

MORTGAGE REFORM AND THE IMPACT ON FINANCING AND FORECLOSURES MORTGAGE REFORM AND THE IMPACT ON FINANCING AND FORECLOSURES Lauren E. Winters, Senior Policy Analyst (503) 947-7039 Department of Consumer and Business Services, March 20, 2013 IMPORTANT INFORMATION ABOUT

More information

Broker. Financing Real Estate. Chapter 12. Copyright Gold Coast Schools 1

Broker. Financing Real Estate. Chapter 12. Copyright Gold Coast Schools 1 Broker Chapter 12 Financing Real Estate Copyright Gold Coast Schools 1 Learning Objectives Describe the difference between a note and a mortgage Explain the benefits of having the first recorded lien on

More information

PRIVATE MORTGAGE INSURANCE DISCLOSURES AND DOCUMENTS

PRIVATE MORTGAGE INSURANCE DISCLOSURES AND DOCUMENTS PRIVATE MORTGAGE INSURANCE DISCLOSURES AND DOCUMENTS By Michael H. Patterson Peirson & Patterson, L.L.P. 1111 W. Arkansas Lane Arlington, Texas 76013 (817) 461-5500 mike@ppdocs.com Presented to Independent

More information

Be it enacted by the People of the State of Illinois,

Be it enacted by the People of the State of Illinois, AN ACT concerning financial regulation. Be it enacted by the People of the State of Illinois, represented in the General Assembly: Section 5. The Illinois Credit Union Act is amended by changing Sections

More information

CFPB Issues Much Anticipated Final Rules: Ability to Repay, Qualified Mortgages, Escrow Requirements and Homeownership Counseling

CFPB Issues Much Anticipated Final Rules: Ability to Repay, Qualified Mortgages, Escrow Requirements and Homeownership Counseling CFPB Issues Much Anticipated Final Rules: Ability to Repay, Qualified Mortgages, Escrow Requirements and Homeownership Counseling The Consumer Financial Protection Bureau ( CFPB ) issued their much anticipated

More information

JANUARY 2014. Shopping for a mortgage? What you can expect under federal rules

JANUARY 2014. Shopping for a mortgage? What you can expect under federal rules JANUARY 2014 Shopping for a mortgage? What you can expect under federal rules You ll be offered a mortgage that s set up to be affordable. When you apply for a mortgage, you may struggle to understand

More information

The CFPB s Ability-to-Repay Regulation Z Rules: (12 CFR 1026.43)

The CFPB s Ability-to-Repay Regulation Z Rules: (12 CFR 1026.43) The CFPB s Ability-to-Repay Regulation Z Rules: (12 CFR 1026.43) This has been updated to include changes from the CFPB final rule issued on September 13, 2013. In addition, this CompNOTES only covers

More information

SHOPPING FOR A MORTGAGE

SHOPPING FOR A MORTGAGE SHOPPING FOR A MORTGAGE The Traditional Fixed-Rate Mortgage Key characteristics: Level payments, fixed interest rate, fixed term. This mortgage is the one which most of us know, and it is still the loan

More information

Comparison of Section 35(HPML) & Section 43(HPCT) Regulations

Comparison of Section 35(HPML) & Section 43(HPCT) Regulations Comparison of Section 35(HPML) & Section 43(HPCT) Regulations As of 01/07/2014-VS General Consumer Loan Type Not Applicable A closed-end consumer credit transaction secured by the consumer s principal

More information

Interest-Only Mortgage Payments and Payment-Option ARMs Are They for You?

Interest-Only Mortgage Payments and Payment-Option ARMs Are They for You? Board of Governors of the Federal Reserve System Federal Deposit Insurance Corporation National Credit Union Administration Office of the Comptroller of the Currency Office of Thrift Supervision Interest-Only

More information

TITLE I-RESIDENTIAL MORTGAGE LOAN ORIGINATION STANDARDS

TITLE I-RESIDENTIAL MORTGAGE LOAN ORIGINATION STANDARDS TITLE I-RESIDENTIAL MORTGAGE LOAN ORIGINATION STANDARDS Residential Mortgage Origination: Adds a number of new regulations and requirements to mortgage loan originators. The bill requires originators to

More information

The New Mortgage Servicing Rules. FMS East Coast Regional Conference September 17, 2013

The New Mortgage Servicing Rules. FMS East Coast Regional Conference September 17, 2013 The New Mortgage Servicing Rules FMS East Coast Regional Conference September 17, 2013 What are the new Mortgage Servicing Rules? Ability to Repay/Qualified Mortgage Rule 2013 HOEPA Rule Loan Originator

More information

STATE OF OKLAHOMA. 2nd Session of the 50th Legislature (2006) AS INTRODUCED

STATE OF OKLAHOMA. 2nd Session of the 50th Legislature (2006) AS INTRODUCED STATE OF OKLAHOMA 2nd Session of the 50th Legislature (2006) SENATE BILL 1385 By: Johnson (Mike) AS INTRODUCED An Act relating to insurance; creating the Oklahoma Homeowner s Private Mortgage Insurance

More information

CFPB Mortgage Amendments. Get Caught Up!

CFPB Mortgage Amendments. Get Caught Up! CFPB Mortgage Amendments Get Caught Up! Agenda HPML Appraisal Requirements High Cost Mortgage QM Points and Fees QM Cure Provision HPML Escrow Requirements HMDA Revisions Loan Estimate Form Closing Disclosure

More information

Variable Names & Descriptions

Variable Names & Descriptions Variable Names & Descriptions Freddie Mac provides loan-level information at PC issuance and on a monthly basis for all newly issued fixed-rate and adjustable-rate mortgage (ARM) PC securities issued after

More information

The New Ability-to-Pay Rules; Qualified Mortgage Lending under the Dodd-Frank Act

The New Ability-to-Pay Rules; Qualified Mortgage Lending under the Dodd-Frank Act The New Ability-to-Pay Rules; Qualified Mortgage Lending under the Dodd-Frank Act October 2011 Scott D. Samlin Partner T +1 212-398-5819 scott.samlin@snrdenton.com Stephen F. J. Ornstein Partner T +1 202-408-9122

More information

Frequently Asked Questions Short Sale Negotiators & Foreclosure Consultants

Frequently Asked Questions Short Sale Negotiators & Foreclosure Consultants ***These questions and answers represent a majority of the specific issues contained in the questions that were collected at the Fraud Symposium. The answers are a collaborative effort from DOJ, DCBS and

More information

CFPB issues ability-to-repay and qualified mortgage rules

CFPB issues ability-to-repay and qualified mortgage rules 1 FEBRUARY 4, 2013 CFPB issues ability-to-repay and qualified mortgage rules By Raymond J. Gustini, Lloyd H. Spencer, Tiana M. Butcher, Courtney L. Lindsay II, and Pierce Han No standard is perfect, but

More information

Title 9-A: MAINE CONSUMER CREDIT CODE

Title 9-A: MAINE CONSUMER CREDIT CODE Maine Revised Statutes Title 9-A: MAINE CONSUMER CREDIT CODE Article : 8-506. ENHANCED RESTRICTIONS ON CERTAIN CREDITORS In addition to the compliance requirements of section 8-504, subsection 1, unless

More information

S. 3085 Responsible Homeowner Refinancing Act of 2012

S. 3085 Responsible Homeowner Refinancing Act of 2012 CONGRESSIONAL BUDGET OFFICE COST ESTIMATE August 24, 2012 S. 3085 Responsible Homeowner Refinancing Act of 2012 As introduced in the United States Senate on May 10, 2012 SUMMARY The Home Affordable Refinance

More information

IC 24-9-3 Chapter 3. Prohibited Lending Practices Generally

IC 24-9-3 Chapter 3. Prohibited Lending Practices Generally IC 24-9-3 Chapter 3. Prohibited Lending Practices Generally IC 24-9-3-0.1 Chapter not applicable to loans made before January 1, 2005 Sec. 0.1. Notwithstanding the addition of this chapter and IC 24-9-4

More information

9-Jul-08 State Responses to Housing Crisis: Legislative Solutions

9-Jul-08 State Responses to Housing Crisis: Legislative Solutions 9-Jul-08 State Responses to Housing Crisis: Legislative Solutions Arkansas 4/16/03 7/15/03 HB 2598 California 7/8/08 7/8/08 SB 1137 10/5/07 10/5/07 SB 223 10/5/07 SB 385 Enacts Arkansas Home Loan Protection

More information

Regulatory Practice Letter

Regulatory Practice Letter RPL Number 10-17 Financial Services Regulatory Practice Regulatory Practice Letter ADVISORY Amendments to Mortgage Loan Provisions under Regulation Z Executive Summary The Federal Reserve Board ( Fed )

More information

Mortgage Laws and Regulations-Georgia. Introduction. LegalEase was asked to review and summarize any legislation since January of 2007

Mortgage Laws and Regulations-Georgia. Introduction. LegalEase was asked to review and summarize any legislation since January of 2007 Mortgage Laws and Regulations-Georgia Introduction 23400 Michigan Avenue, Suite 101 Dearborn, MI 48124 Tel: 1-(866) 534-6177 (toll-free) Fax: 1-(734) 943-6051 Email: contact@legaleasesolutions.com www.legaleasesolutions.com

More information

NEW CFPB RULES FOR HIGH COST MORTGAGES AND HOMEOWNERSHIP COUNSELING February 3, 2013

NEW CFPB RULES FOR HIGH COST MORTGAGES AND HOMEOWNERSHIP COUNSELING February 3, 2013 NEW CFPB RULES FOR HIGH COST MORTGAGES AND HOMEOWNERSHIP COUNSELING February 3, 2013 On January 10, 2013, the Consumer Financial Protection Bureau ( CFPB ) issued a final rule that carries out changes

More information

STATE OF OKLAHOMA. 2nd Session of the 44th Legislature (1994) AS INTRODUCED An Act relating to mortgages; providing for reverse

STATE OF OKLAHOMA. 2nd Session of the 44th Legislature (1994) AS INTRODUCED An Act relating to mortgages; providing for reverse STATE OF OKLAHOMA 2nd Session of the 44th Legislature (1994) HOUSE BILL NO. 2004 By: Caldwell AS INTRODUCED An Act relating to mortgages; providing for reverse mortgages; stating legislative intent; providing

More information

Glossary of Lending Terms

Glossary of Lending Terms Glossary of Lending Terms Adjustable Rate Loan or Adjustable Rate Mortgage (ARM) A loan with an interest rate that changes during the term of the loan. The payments generally increase or decrease with

More information

ACTION ITEM REVISIONS AND MODIFICATIONS TO UNIVERSITY OF CALIFORNIA LOAN PROGRAM POLICIES AND PROCEDURES EXECUTIVE SUMMARY

ACTION ITEM REVISIONS AND MODIFICATIONS TO UNIVERSITY OF CALIFORNIA LOAN PROGRAM POLICIES AND PROCEDURES EXECUTIVE SUMMARY F9 Office of the President TO MEMBERS OF THE COMMITTEE ON FINANCE: For Meeting of November 14, 2013 ACTION ITEM REVISIONS AND MODIFICATIONS TO UNIVERSITY OF CALIFORNIA LOAN PROGRAM POLICIES AND PROCEDURES

More information

Senate Bill No. 1609 CHAPTER 202. An act to amend Sections 1632, 1923.2, and 1923.5 of the Civil Code, relating to reverse mortgages.

Senate Bill No. 1609 CHAPTER 202. An act to amend Sections 1632, 1923.2, and 1923.5 of the Civil Code, relating to reverse mortgages. Senate Bill No. 1609 CHAPTER 202 An act to amend Sections 1632, 13.2, and 13.5 of the Civil Code, relating to reverse mortgages. [Approved by Governor September 5, 2006. Filed with Secretary of State September

More information

BROWN, FOWLER & ALSUP A Professional Corporation Attorneys at Law MEMORANDUM

BROWN, FOWLER & ALSUP A Professional Corporation Attorneys at Law MEMORANDUM BROWN, FOWLER & ALSUP A Professional Corporation Attorneys at Law J. Alton Alsup 10333 Richmond, Suite 860 Telephone 713/468-0400 Board Certified in Residential Real Estate Law Texas Board of Legal Specialization

More information

DOCUMENT REQUEST - COMPLIANCE REVIEWS - LENDING

DOCUMENT REQUEST - COMPLIANCE REVIEWS - LENDING Please prepare the Summary of Information items. Electronic format is preferred. () to be provided Pre-Exam () - to be available upon rrival COMPLINCE REVIEWS General Provide the names, titles, e-mail

More information

Home Mortgage Disclosure Act: CFPB Finalizes Amendments to Regulation C Implementing Significant Changes to HMDA Reporting

Home Mortgage Disclosure Act: CFPB Finalizes Amendments to Regulation C Implementing Significant Changes to HMDA Reporting December 2015 RPL15-05 Home Mortgage Disclosure Act: CFPB Finalizes Amendments to Regulation C Implementing Significant Changes to HMDA Reporting Executive Summary The Consumer Financial Protection Bureau

More information

COLORADO CONSUMER EQUITY PROTECTION ACT July 1, 2011

COLORADO CONSUMER EQUITY PROTECTION ACT July 1, 2011 COLORADO CONSUMER EQUITY PROTECTION ACT July 1, 2011 Table of Contents COLORADO CONSUMER EQUITY PROTECTION ACT... 1 PART 1 OBLIGOR PROTECTION... 1 5-3.5-101. Definitions.... 1 5-3.5-102. Protection of

More information

CHAPTER 454M MORTGAGE SERVICERS

CHAPTER 454M MORTGAGE SERVICERS CHAPTER 454M MORTGAGE SERVICERS SECTION 454M-1 Definitions 454M-2 License required 454M-2.5 Unlicensed foreclosure actions voided 454M-3 Exemptions 454M-4 License; fees; renewals; voluntary surrender of

More information

June 10, 2010. 2010 Legislative Amendments to the Indiana Code Relating to First Lien Mortgage Act (the Act )

June 10, 2010. 2010 Legislative Amendments to the Indiana Code Relating to First Lien Mortgage Act (the Act ) June 10, 2010 2010 Legislative Amendments to the Indiana Code Relating to First Lien Mortgage Act (the Act ) Effective July 1, 2010 (except as otherwise indicated) Questions, Answers, and Administrative

More information