The Compliance NewsHub

Federal Legislation | October 20, 2020

FDIC PR-116-2020 Agencies Issue Final Rule to Strengthen Resilience of Large Banks (Liquidity Rule)

The OCC, FRS, and FDIC have issued a net stable funding ratio, or NSFR, final rule that will require large banks to maintain a minimum level of stable funding, relative to each institution’s assets, derivatives, and commitments effective July 1, 2021.

Federal Legislation | October 20, 2020

Consumer Financial Protection Bureau Issues Final Rule Extending the GSE Patch

The CFPB issued a final rule to extend the GSE Patch, originally scheduled to expire on January 10, 2021, until the mandatory compliance date of a final rule amending the General Qualified Mortgage (QM) loan definition in Regulation Z.

Federal Legislation | October 20, 2020

FDIC PR-114-2020 The FDIC Approves Interim Final Rule to Provide Temporary Relief from Part 363 Audit and Reporting Requirements

The FDIC issued an interim final rule that allows insured depository institutions to who have experienced large cash inflows resulting from COVID-19 government stimulus efforts to use the consolidated total assets as of December 31, 2019 to determine whether they are subject to the requirements of Part 363 of the FDIC’s regulations for fiscal years ending in 2021.

Agency | GSE News | October 20, 2020

FHFA Says Agency Has Kept Borrowers ‘Safe’ During Crisis

The FHFA director provides information about a new GSE-feedback rule and extensions to loan flexibilities.

Agency | GSE News | October 20, 2020

FHA Mortgagee Letter 2020-34 Update to the Date for Approving a COVID-19 Forbearance or COVID19 Home Equity Conversion Mortgage (HECM) Extension

This ML updates ML 2020-06 by allowing Mortgagees to approve Borrowers to begin a COVID-19 Forbearance or HECM Extension Period no later than December 31, 2020.

Industry News | October 20, 2020

TransUnion and FinLocker empower borrowers to be in charge of their data

Mortgage Professional America – Candyd Mendoza

Transunion and FinLocker have entered a commercial partnership agreement to help homebuyers take more control of their information.

Industry News | October 20, 2020

New normal: Borrowers satisfaction with remote mortgage closings grows

Mortgage Professional America – Candyd Mendoza

According to a recent survey by ClosingCorp, borrowers have become well-adapted to e-signing and remote closing and highly satisfied with their overall mortgage closing experience.

Federal Legislation | October 20, 2020

FHFA Says Agency Has Kept Borrowers ‘Safe’ During Crisis

MReport – Christina Hughes Babb

During the Mortgage Bankers Association (MBA) virtual event on Monday, the FHFA Director Mark Calabria discussed steps the agency has taken to protect borrowers and renters during the COVID-19 pandemic.