The Compliance NewsHub

Your Financial Credit & Compliance Research Library.

Compliance Updates and News that Matter

The Compliance NewsHub delivers mortgage, credit and compliance headlines and breaking news to help compliance and quality control professionals easily find relevant news and important regulatory dates.

Recent News

State News | October 30, 2020

Texas Office of Consumer Credit updates guidance for regulated lenders

Buckley

The Texas Office of the Consumer Credit Commissioner issued updated reminders for regulated lenders on how to work with consumers relating to COVID-19.

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Agency | GSE News | October 30, 2020

FHA INFO #20-80 Temporary Partial Waivers of Certain HECM Policies Due to the COVID-19 National Emergency

FHA issued two temporary partial waivers to its HECM policies that allow mortgagees to be more flexible in submitting HECM Assignment Claims without borrower signatures and in reviewing borrowers for subsequent repayment plans for unpaid property charges, regardless of the total outstanding arrearage; effective through December 31, 2020.

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Federal Legislation | October 30, 2020

Consumer Financial Protection Bureau Issues Final Rule to Implement the Fair Debt Collection Practices Act

The CFPB has issued a final rule to restate and clarify prohibitions on harassment and abuse, false or misleading representations, and unfair practices by debt collectors when collecting consumer debt under the Fair Debt Collection Practices Act (FDCPA), effective one year after publication in the Federal Register (date pending).

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Federal Legislation | October 30, 2020

OCC Final Rule: National Banks and Federal Savings Associations as Lenders

OCC issued a final rule to determine when a national bank or Federal savings association (bank) makes a loan and is the “true lender,” including in the context of a partnership between a bank and a third party, such as a marketplace lender, effective December 29, 2020.

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State News | October 30, 2020

Pennsylvania Remote Online Notarization Legislation

Pennsylvania House Bill 2370 amends Title 57 (Notaries Public) of the Pennsylvania Consolidated Statutes, in Revised Uniform Law on Notarial Acts, further providing for authority to perform a notarial act, providing for a notarial act performed by remotely located individual and further providing for notification regarding the performance of notarial act on electronic record and selection of technology, effective immediately (October 29, 2020).

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Industry News | October 30, 2020

Federal Agencies Propose Regulation Codifying Use of Supervisory Guidance

Mortgage Bankers Association Newslink – Mike Sorohan

Federal Agencies recommended a regulation that would codify 2018 guidance clarifying that supervisory guidance does not have “Force and effect of law.”

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Agency | GSE News | October 30, 2020

VA VALERI Servicer Newsflash October 28, 2020

This VALERI newsflash provides a reminder to Servicers of deferment as a COVID-19 Loss Mitigation Option for CARES Act Forbearance Cases (Circular 26-20-33); announces VALERI Downtime on October 29; provides clarification on reporting cures on Cares Act defaulted loans; announces updated Redemption Instructions; and provides steps to take where error messages are received in the Claims Detail Results Report and Events with Fatal Rules Report.

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Industry News | October 30, 2020

Millennial Snapshot: Comparing Homeowner vs. Renter Credit Scores

DS News – Cristin Espinosa

Millennials between the age of 24 and 39 make up the largest share of homebuyers because of their strong credit scores.

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