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November 21, 2018

OCC NR 2018-124 Agencies Announce Threshold for Smaller Loan Exemption from Appraisal Requirements for Higher-Priced Mortgage Loans

WASHINGTON, D.C.—The Bureau of Consumer Financial Protection, Federal Reserve Board of Governors, and Office of the Comptroller of the Currency today announced that the threshold for exempting loans from special appraisal requirements for higher-priced mortgage loans during 2019 will increase from $26,000 to $26,700.

The threshold amount will be effective January 1, 2019, and is based on the annual percentage...


Federal Legislation
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November 21, 2018

RHS Procedure Notice 519 HB-1-3555 Updates

This Handbook is partially revised. Specific revisions include: 

Glossary: 

  • To remove duplicate entries in cooperation with NFAOC; 
  • Updated definitions to reflect current policy changes; 
  • Made minor editing and formatting corrections; 
  • Language aligns with existing policies; and Improves direction for lender utilization. 
...
Agency | GSE News
Webinar: Agency and Regulatory Reporting Essentials
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November 21, 2018

MBA Asks Delay of Credit Loss Accounting Standard Implementation

MBA Newslink--Mike Sorohan

The Mortgage Bankers Association asked Treasury Secretary Steven Mnuchin to delay implementation of the Current Expected Credit Loss accounting standard, saying the standard would have "adverse impact" on single-family, commercial and multifamily mortgages.

In the Nov. 19 letter, MBA President and CEO Robert Broeksmit, CMB, asked Mnuchin--in his capacity as chairman of the Financial Stability Oversight...


Legal News
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November 21, 2018

OCC NR 2018-123 - Notice of Proposed Rulemaking to Exempt Residential Real Estate Transactions of $400,000 or Less from Appraisal Requirements

WASHINGTON — The Office of the Comptroller of the Currency (OCC) recently approved a notice of proposed rulemaking that proposes to raise the threshold for residential real estate transactions requiring an appraisal to $400,000.

This proposal, which will be issued jointly, responds to concerns raised by financial institutions about the time and cost associated with completing residential real estate transactions...


Federal Legislation
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November 21, 2018

Man Extradited from Ireland Pleads Guilty to Mortgage Fraud Charges

Mortgage Fraud Blog--Rachel Dollar

Patrick Lee, 45, formerly of Canton and Easton, Massachusetts, a dual U.S.-Irish citizen,  pleaded guilty yesterday to charges arising out of a multi-year mortgage fraud scheme.

Between July 2005 and May 2007, Lee engaged with others in a mortgage fraud scheme. Specifically, Lee or a relative bought five multi-family buildings in Dorchester and South Boston, Massachusetts financed those purchases with fraudulently...


Legal News
ACES Intelligent Questionnaires
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November 21, 2018

Former Police Officer Sentenced for Deed Fraud

Mortgage Fraud Blog--Rachel Dollar

Blanche O’Neal, 49, Bedford-Stuyvesant, Brooklyn, New York , a former New York City police officer, has been sentenced today to six months in jail and five years’ probation for transferring the title from a neglected three-family house in Bedford-Stuyvesant to herself. The defendant filed a deed transferring the property from the deceased owner’s nephew to herself in...


Legal News
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November 21, 2018

Fannie Mae: Expect economic growth slowdown in 2019

Housingwire--Kelsey Ramirez

Economic growth could see a major slowdown in 2019, but not before it picks up slightly in 2018, according to the latest Fannie Mae Economic and Strategic Research Group forecast.

Fannie Mae increased its full-year economic growth forecast by 10% from its estimate last month to 3.1% for 2018. During the third quarter, economic growth came in at 3.5% annualized...


Industry News