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Legal News | May 24, 2019

First American Financial Corp. Leaked Hundreds of Millions of Title Insurance Records

Krebon Security--

The Web site for Fortune 500 real estate title insurance giant First American Financial Corp. [NYSE:FAF] leaked hundreds of millions of documents related to mortgage deals going back to 2003, until notified this week by KrebsOnSecurity. The digitized records — including bank account numbers and statements, mortgage and tax records, Social Security numbers, wire transaction receipts, and drivers...

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State News | May 24, 2019

Minnesota Modifies Provisions Regarding Licensing Requirements

Bill Title: Residential mortgage originators licensing requirements exemption added, and conformity with federal truth in lending requirements provided.Spectrum: Bipartisan Bill

The state of Minnesota modified its provisions relating to licensing requirements that include licensing exemptions. These provisions are effective on August 1, 2019.

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Federal Legislation | May 24, 2019

OCC NR 2019-54 Office of the Comptroller of the Currency Issues Final Rule to Enhance Business Flexibility for Federal Savings Associations

WASHINGTON — The Office of the Comptroller of the Currency (OCC) has issued a final rule that provides more business flexibility to federal savings associations.

“Federal savings associations need the ability to adapt to the needs of their customers and the marketplace,” Comptroller of the Currency Joseph Otting said. “Today’s rule implementing section 206 of the Economic Growth Act help...

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Federal Legislation | May 24, 2019

OCC BULLETIN 2019-25 Covered Savings Associations: Final Rule

Description: Final Rule Summary

On May 24, 2019, the Office of the Comptroller of the Currency (OCC) issued a final rule to allow federal savings associations with total consolidated assets of $20 billion or less as of December 31, 2017, to elect national bank powers and operate as covered savings associations. The final rule aims to provide certain federal savings...

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Industry News | May 24, 2019

OCC report highlights risks arising from innovation and nonbank competition

Ballard Spahr LLP--Alan S. Kaplinsky

The OCC’s Semiannual Risk Perspective report focuses on key issues that pose threats to bank safety and soundness and legal compliance.  Among such issues discussed in the Spring 2019 report, which generally reflects bank data as of December 31, 2018, are risks arising from financial innovation and new technologies.

One of the most significant issues discussed in the report involves  Read Article

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Disaster News | May 24, 2019

$19.1B Disaster Relief Bill Stalls in House

DS News--Mike Albanese

A bill containing more than $19 billion in aid for disaster relief may not advance to President Donald Trump’s approval after Rep. Chip Roy (R-Texas) objected to the bill on Friday. 

According to reports, Roy cities the lack of money for the border and the $19 billion price tag for his objections. He also...

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Industry News | May 24, 2019

Freedom Mortgage to acquire RoundPoint Mortgage Servicing

Housingwire--Jessica Guerin

Freedom Mortgage and RoundPoint Mortgage Servicing are planning to merge, the companies announced Friday.

The deal will make RoundPoint – which services and subservices about $91 million in mostly agency loans – a wholly owned subsidiary of Freedom, a full-service, nonbank mortgage lender and servicer.

It will also boost Freedom’s portfolio of mortgage servicing rights to more than $300 billion, making it...

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