Recent CFPB Activity In recent publications, the CFPB addressed my three favorite topics: 1. fair lending, 2. loan originator compensation, and RESPA Section 8. Read on for more, and reach out if we can help. Fair Lending In its Summer…
Blog Archives
14.9 Waiver of Borrower’s Rights
14.9 Waiver of Borrower’s Rights If directed by the Lender, the borrower may execute a Waiver of Borrower’s Rights. (See Comment.) However, the absence of an executed waiver or its attachment to the security deed as recorded shall not invalidate…
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Summer 2023 Hot Topics
In May the Georgia Bar took action aimed at eliminating confusion regarding the Waiver of Borrower’s Rights – a customary Georgia closing document that the CFPB deemed prohibited by law. Revised Title Standard 14.9 makes clear that “the absence of…
Posted in Hot Topics, Newsletters
Spring 2023 Hot Topics
CFPB Weighs in on Mortgage Shopping Platforms (with broader implications) In February, the CFPB issued an Advisory Opinion regarding application of RESPA to “Digital Mortgage Comparison Shopping Platforms and Related Payments to Operators.” In refreshing HUD’s 1996 policy statement on…
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Winter 2022 Hot Topics
Changes to FHA Dual Employment Restrictions On December 15, 2022, HUD released Mortgagee Letter 2022-22 which revises FHA policy regarding conflicts of interest and dual employment. Under the revised policy, participants that have a direct impact on the mortgage approval…
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Fall 2022 Hot Topics
Georgia and GCIC Background Checks Georgia law recently changed the definition of “covered employees” to include employees sitting outside of Georgia. Licensees now must obtain a GCIC background check on all covered employees (new and existing) in accordance with Georgia…
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GA SB 470 Signed By Governor!
On May 2, 2022, the Governor signed Georgia Senate Bill 470, which makes important changes to the Georgia Residential Mortgage Act to align more closely with other states’ licensing laws. In essence, Georgia modified its felony employment prohibition applicable to…
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EXCITING CHANGE TO GEORGIA RESIDENTIAL MORTGAGE ACT FELONY PROHIBITION!
We are delighted to report important changes to the Georgia Residential Mortgage Act to more closely align with other states’ licensing laws. In essence, Georgia has modified its felony employment prohibition applicable to Georgia Residential Mortgage Act licensees so that…
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Summer 2021 Hot Topics
CFPB Finds Georgia Waiver of Borrower’s Rights to Violate UDAAP Provisions In its Summer 2021 Supervisory Highlights, the CFPB addressed the Georgia Waiver of Borrower’s Rights form, which addresses borrower rights in a non-judicial foreclosure. It is a customary practice…
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Winter 2020-2021 Hot Topics
Loretta Salzano was recently featured in RESPA News warning lenders about the FDIC’s amped up attention to marketing service agreements (“MSAs”) and co-marketing with real estate professionals. Even those not supervised by the FDIC should be on guard in response…
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