This Mortgagee Letter provides an overview of key provisions of HUD’s recently issued final rule referenced above, and guidance to mortgagees on HUD’s implementation of this final rule.1 This rule increased the net worth requirements for FHA-approved mortgagees, eliminated FHA approval of loan correspondents, codified requirements of the Helping Families Save Their Homes Act of 2009 (Public Law 111-22), and made minor modifications to other aspects of FHA’s regulations governing lender activities. Changes to applicable HUD Handbooks are forthcoming.
OCC Consumer Compliance Handbook. The OCC has updated its Consumer Compliance Handbook. If I had a bell, I would ring it, as this handbook is a fantastic resource. It looks like they updated their RESPA, HMDA and Truth in Savings sections. Sure, it is the OCC. But those regulations generally affect us the same way.