Compliance Alert Archive

• Regulation Z Final Rule Regarding Loan Originator Compensation

  February 25, 2011

  The Federal Reserve Board issued this final rule which amends Section 226.36 of Regulation Z.  The rule prohibits payments to loan originators, which includes mortgage brokers and loan officers, based on the terms or conditions of the transaction other than the amount of credit extended and further prohibits any person other than the consumer from paying compensation to a ...

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• Arizona, Colorado, Illinois, Massachusetts and North Carolina Regulatory Update

  February 24, 2011

  The Arizona Department of Financial Institutions and The Colorado Board of Mortgage Loan Originators recently amended their loan originator rules.  The Illinois Division of Banking established the points and fees trigger under the High Risk Loan Act.  The Massachusetts Division of Banks issued a Regulatory Bulletin addressing reverse mortgages, and the North Carolina Commissioner of Banks recently adopted ...

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• District of Columbia Legislative and District of Columbia, Idaho, New Mexico, Ohio and Utah Regulatory Update

  February 18, 2011

  The District of Columbia (“D.C”) extended the “Saving D.C. Homes from Foreclosure Emergency Amendment Act,” and the D.C. Commissioner of Insurance, Securities and Banking adopted Final Rules.  The Idaho Department of Finance issued a Policy Statement.  The New Mexico Financial Institutions Division of the Regulation and Licensing Department and the Utah Division of Real Estate recently amended their ...

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• Federal Legislative and Regulatory and Tennesee Regulatory Update

  February 17, 2011

  The < region=''>U. S.< region=''> Congress recently enacted legislation extending protection for service members.  On February 3, 2011 the federal agencies announced the initial registration period for Federal registration of loan originators.  The Tennessee Department of Financial Institutions (the “Department”) recently amended its Mortgage Lending, Loan Servicing, and Loan Brokering Rules.

   

  FEDERAL S. 4058 (effective January 1, 2011)...

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• Massachusetts, Montana and New York Legislative Update

  February 08, 2011

  The Massachusetts legislature recently repealed and enacted new homestead laws.  The Montana Department of Administration Division of Banking and Financial Institutions (the “Department”) recently adopted and repealed rules under the Montana Mortgage Broker, Mortgage Lender, and Mortgage Loan Originator Licensing Act (the “Act”).  The New York legislature recently enacted a new law prohibiting certain fees.  If you ...

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