Recent Updates:

Update Date: 7/30/2010
Freddie Mac Multifamily Updates TAH Guide
M2010-4: Multiple Subjects (07/30/10)

With TAH Guide Bulletin M2010-4 on July 30, 2010, Freddie Mac is revising the Guide for the use of the Multifamily Document Management System, revising Servicing requirements with respect to repairs or improvements to a Property and contacting the Borrower in the event of a Deferred Maintenance issue, including new requirements for Creditor’s Rights Coverage in title insurance policies, making minor changes to our language for Transfers of Ownership, and removing the LTV requirement for conversion.

All changes are effective immediately.

Link to full document »

Update Date: 7/30/2010
Freddie Mac Multifamily Updates Seller/Servicer Guide
M2010-3: Multiple Subjects (07/30/10)

With Multifamily Seller/Servicer Guide Bulletin M2010-3 on July 30, 2010, Freddie Mac is revising the Guide to reflect the use of the Multifamily Document Management System, revising Servicing requirements with respect to repairs or improvements to a Property and contacting the Borrower in the event of a Deferred Maintenance issue, including new requirements for Creditor’s Rights Coverage in title insurance policies, and making minor changes to our language for Transfers of Ownership.

All changes are effective immediately.

Link to full document »

Update Date: 7/29/2010
Illinois Enacts Transfer Fee Covenant Act
Senate Bill 3747: Transfer Fee Covenant Act

The state of Illinois enacted the Transfer Fee Covenant Act which provides that a transfer fee covenant or a lien to secure payment of a transfer fee recorded after the effective date is void, unenforceable and does not run with the title to the property. This Act becomes effective on January 1, 2011.

Link to full document »

Update Date: 7/29/2010
Virginia Recodifies Laws Governing Mortgage Lending & Brokering
Senate Bill 295

The state of Virginia has repealed the existing Title (6.1) for mortgage lending & brokering and replaced this title with Title 6.2. The new provisions govern Financial Institutions, trust companies, Mortgage Lenders & Brokers, Mortgage Loan Originators, agencies providing Debt Management Services, Real Estate Settlements, and Real Estate Settlement Agents. These amended provisions become effective on October 1, 2010.

Link to full document »

Update Date: 7/29/2010
Fannie Mae Provides Notice of 2010 Area Median Incomes
Notice: Area Median Incomes 2010 (07/27/10)

Fannie Mae announces that the 2010 HUD AMIs will be available on the Area Median Income Search page of eFannieMae.com no later than August 23, 2010. Note that the AMI data that FHFA provides to Fannie Mae to determine Fannie Mae’s performance on its regulatory housing goals may differ from the median income estimates posted on HUD’s Web site, so lenders must use the eFannieMae.com resource.

Link to full document »

Update Date: 7/29/2010
Single Family Mortgagee Letter Synopsis from AllRegs
ML 2010-22: FHA Updates the Case Binder Submission Requirements for HECM Transactions

This synopsis is intended as a "snap-shot" of Mortgagee Letter 2010-22.

Link to full document »

Update Date: 7/29/2010
Delaware Amends Requirements for Leasehold Interests
House Bill 256: Leaseholds

The state of Delaware adds minimum requirements for leasehold agreements at a minimum term of 10 years or more. These provisions become effective immediately.

Link to full document »

Update Date: 7/29/2010
Fannie Mae Updates Desktop Originator/Desktop Underwriter with 2010 Area Median Income
Desktop Originator/Desktop Underwriter Release Notes (07/27/10)

During the weekend of September 25, 2010, Desktop Underwriter^® (DU^®) will be updated to reflect the 2010 Area Median Incomes (AMIs). The DO/DU user interface will also be updated during the weekend of September 25, 2010 to reflect the 2010 AMIs and changes to the MSA and non-MSA counties, as applicable.

Link to full document »

Update Date: 7/29/2010
FED Publishes Correction to Amendatory Instructions for Reg Z
75 FR 44093: Truth in Lending (07/28/10)

The Fed publishes a correction to a typographical error in the amendatory instructions published in the Federal Register of June 29, 2010, regarding final rules amending Regulation Z.

Link to full document »

Update Date: 7/28/2010
Freddie Mac Announces Guide Bulletin 2010-17 (Guide Chapter C65 Update and New Requirements for HAMP)
Bulletin 2010-17: Guide Chapter C65 Update and New Requirements for HAMP (07/28/10)

With Single-Family Seller/Servicer Guide (“Guide”) 2010-17 (Guide Chapter C65 Update and New Requirements for HAMP), Freddie Mac is announcing a comprehensive update to Chapter C65, Home Affordable Modification Program, to reflect the changes issued in recent Guide Bulletins 2009-26, 2009-28, 2010-1 and 2010-3 and incorporate certain U.S. Department of the Treasury Supplemental Documentation Frequently Asked Questions into Guide requirements.

Bulletin 2010-17 also announces several new updates to and provides additional guidance concerning Freddie Mac’s solicitation, eligibility, underwriting and reporting requirements under the Home Affordable Modification Program.

Link to full document »

Update Date: 7/27/2010
North Carolina Enacts Real Estate Appraisal Management Company Registration
Senate Bill 829: Appraisal Management Company Registration

The state of North Carolina added provisions regarding the registration of Real Estate Appraisal Management Companies. These provisions become effective January 1, 2011.

Link to full document »

Update Date: 7/27/2010
Illinois Amends Residential Mortgage Licensing Act
Senate Bill 3781

The state of Illinois made some technical amendments to the Residential Mortgage Licensing Act, as well as, added provisions regarding the licensing of individuals acting as a mortgage loan originator who is not employed by and acting for an entity as a Registered Mortgage Loan Originator.

Link to full document »

Update Date: 7/27/2010
FHA Single Family Updates HECM Case Binder Submission List
ML 2010-22: Home Equity Conversion Mortgage (HECM) Program Submission of Case Binder Documents (07/20/10)

FHA updates the Home Equity Conversion Mortgage Required Documents for Endorsement list. Effective October 4, 2010, mortgagees are required to use the new list when submitting case binders to the Homeownership Centers.

Link to full document »

Update Date: 7/27/2010
Illinois Amends Power of Attorney Act
House Bill 6477: Durable Powers of Attorney

The state of Illinois amended the Power of Attorney Act regarding provisions governing durable powers of attorney and statutory powers of attorney for property.

Link to full document »

Update Date: 7/27/2010
Illinois adds Spanish Website for Predatory Lending
House Bill 5044: Spanish Predatory Website

The state of Illinois enacts legislation to create a Spanish version of its website regarding information provided relevant to predatory lending.

Link to full document »

Update Date: 7/27/2010
Fannie Mae Introduces New Reporting and Validation Requirements for Mortgage Insurance
Ann. SVC-2010-09: Reporting and Validation of Mortgage Insurance Coverage (07/27/10)

To enhance the accuracy of mortgage insurance-related data, Fannie Mae is requiring seller/servicers to direct mortgage insurers, in writing, to provide Fannie Mae with information concerning its insured loans. With this announcement Fannie Mae provides requirements, a form that may be used to instruct mortgage insurers and describes pre-delivery mortgage insurance validation efforts currently under development.

Link to full document »

Update Date: 7/27/2010
New Jersey Residential Mortgage Lending Act Revisions
3:15-1.1: Purpose and Scope

The New Jersey Division of Banking promulgated rules enhancing fees; licensing standards; business practices for residential mortgage lenders and correspondent mortgage lenders; imposing new licensure requirements; and eliminating a separate licensing category for secondary lenders. Both residential first and secondary lending activities are now authorized under the NJRMLA.

Link to full document »

Update Date: 7/26/2010
Indiana Adds Exemption from MLO Licensing for Housing Counselors
750 IAC 9-3-1 Licensing of mortgage loan originators

Indiana Department of Financial Institutions adopted an emergency rule adding exemptions from Mortgage Loan Officer licensing for housing counselors.

Link to full document »

Update Date: 7/22/2010
New Jersey Provides Licensure Update for Lenders and Individuals Under RMLA
Bulletin 10-16: Applications for Licensure as Residential Mortgage Lenders or Brokers and as Mortgage Loan Originators Under the Residential Mortgage Lending Act

The New Jersey Department of Banking and Insurance provides licensed lenders and individuals an update regarding the importance of taking the immediate and necessary steps to either commence the application process or cure any deficiencies and outstanding requirements for previously submitted applications. All applications must be submitted through the Nationwide Mortgage Licensing System and Registry no later than July 31, 2010.

Link to full document »

Update Date: 7/22/2010
CalPERS Provides Guidance on HAMP Reporting Requirements
Bulletin 10-08: U. S. TREASURY DEPARTMENT REPORTING – HAMP ACTIVITY (07/21/10)

CalPERS provides additional guidance to participants of the program on the requirements to complete the reporting of HAMP collection activity to the U. S. Department of Treasury via IR2 reporting. This is in follow-up to CalPERS Bulletin 10-01 which was issued on January 22, 2010.

Link to full document »

Update Date: 7/22/2010
FEMA Provides Subscription Information for the FY2011 Arrangement
75 FR 42766: National Flood Insurance Program (NFIP); Assistance to Private Sector Property Insurers, Availability of FY2011 Arrangement (07/22/10)

The Federal Emergency Management Agency (FEMA) notifies private insurance companies of the terms for subscription or re-subscription to the Write-Your-Own (WYO) Program Financial Assistance/Subsidy Arrangement (Arrangement).

Link to full document »

Update Date: 7/21/2010
Ginnie Mae Changes Multiple Issuer Pool Policy
Memo 10-12: Issuance of Multiple Issuer Pools on a Flow Basis (07/19/10)

Ginnie Mae changes its policy to allow Issuers to issue multiple issuer pools throughout the month on a flow basis, effective for all securities with a November 1, 2010, issue date and thereafter.

Link to full document »

Update Date: 7/21/2010
FHA Multifamily Provides Overview of Hub and National Loan Committees
H 10-13: Overview of Hub and National Loan Committees (07/21/10)

FHA Multifamily provides an overview of the HUB and National Loan Committees approval process. Loan committee review and approval will be required for all new loan applications, and applications in the pipeline but that have not received a Firm Commitment within 30 days of the date of Notice H 2010-13.

Link to full document »

Update Date: 7/20/2010
Michigan Enacts Uniform Real Property Electronic Recording Act
Senate Bill 791: Uniform Real Property Electronic Recording Act

The state of Michigan enacts the Uniform Real Property Electronic Recording Act. The act provides for acceptance of documents for electronic recording, a notarized signature is satisfied by an electronic signature and creates the electronic recording commission. The act is effective immediately.

Link to full document »

Update Date: 7/20/2010
Clarification of New York’s Adoption of Emergency Rules for Mortgage Loan Officer Licensing
Part 420.1: Mortgage Loan Originator License and Revocation

AllRegs would like to clarify information contained in the most recent alert regarding the emergency rules adopted by the New York Department of Banking in regard to Mortgage Loan Officer licensing. There is some confusion regarding the statement “… has enacted emergency rules extending requirements for pre-licensing education, continuing education and surety bonds”. The emergency rule adopted extended the existing regulations. This has no effect on the timelines in which a Mortgage Loan Originator must meet appropriate requirements and licensing, it is only the extension of the regulations. There have been no adopted changes to the effective dates of licensing at this time. AllRegs apologizes for any confusion this may have caused.

Link to full document »

Update Date: 7/19/2010
RHS Provides Clarification on In-Ground Swimming Pools
RD AN NO. 4520 (1980-D): In-Ground Swimming Pools Single Family Housing Guaranteed Loan Program (07/09/10)

RHS clarifies that in-ground swimming pools are permitted under the Single Family Housing Guaranteed Loan Program (SFHGLP) as long as loan funds are not used to finance the contributory value of the swimming pool.

Link to full document »

Update Date: 7/19/2010
FHA Single Family Changes Debenture Interest Rates
75 FR 41510: MORTGAGE AND LOAN INSURANCE PROGRAMS UNDER THE NATIONAL HOUSING ACT—DEBENTURE INTEREST RATES (07/16/10)

Announces changes in the interest rates to be paid on debentures issued with respect to a loan or mortgage insured by the Federal Housing Administration under the provisions of the National Housing Act (the Act). The changes are effective for the 6-month period beginning July 1, 2010.

Link to full document »

Update Date: 7/19/2010
HUD Addresses REO Properties Acquired under NSP
75 FR 41225: FEDERAL HOUSING ADMINISTRATION (FHA) FIRST LOOK SALES METHOD FOR GRANTEES, NONPROFIT ORGANIZATIONS, AND SUBRECIPIENTS UNDER THE NEIGHBORHOOD STABILIZATION PROGRAMS (NSP) (07/15/10)

HUD outlines the process by which governmental entities, nonprofit organizations, and subrecipients participating in the Neighborhood Stabilization Program (NSP) are provided a preference to acquire FHA real estate-owned (REO) properties under FHA’s temporary NSP First Look Sales Method.

Link to full document »

Update Date: 7/19/2010
HUD Issues Proposed Rules on MMIF
75 FR 41217: FEDERAL HOUSING ADMINISTRATION RISK MANAGEMENT INITIATIVES: REDUCTION OF SELLER CONCESSIONS AND NEW LOAN-TO- VALUE AND CREDIT SCORE REQUIREMENTS (07/15/10)

HUD solicits public comment on three proposed initiatives that will contribute to the restoration of the Mutual Mortgage Insurance Fund (MMIF) capital reserve account. The changes proposed are designed to preserve both the historical role of the Federal Housing Administration (FHA) in providing a home financing vehicle during periods of economic volatility and HUD’s social mission of helping underserved borrowers. Comment Due Date: August 16, 2010.

Link to full document »

Update Date: 7/16/2010
Freddie Mac Announces Guide Bulletin 2010-16 (Selling and Servicing)
Bulletin 2010-16: Selling and Servicing (07/16/10)

With Single-Family Seller/Servicer Guide 2010-16 (Selling and Servicing), Freddie Mac is announcing certain requirement changes related to:

Seller exemptions from certain Condominium Project requirements and representations and warranties when the subject property is a Condominium Unit located in Florida and is Freddie Mac Real Estate Owned

Obtaining an affidavit executed by all parties to a short payoff transaction attesting to the arm’s length nature of the transaction

HAFA-specific EDR codes reporting

Payment of Servicer Non-Performing Loans Invoices via an Automated Clearing House draft

Reporting the payoff of Mortgages that have reached maturity

Property inspections on delinquent Mortgages

The time frame to reimburse Servicers when Form 104SF audit amounts are owed

Remitting income when there are no Form 104SF expenses to offset the income

A new expense code for costs associated with the transfer of title on properties titled under the Torrens System in Minnesota

Link to full document »

Update Date: 7/14/2010
Oklahoma Updates License Fees for Lenders, Brokers and Originators
160:5-1-2: Fees

The Oklahoma Department of Consumer Credit amends it rules to indicate the correct license fees for supervised lenders, mortgage brokers and mortgage loan originators. The fee revisions were effective July 1, 2009, these revisions are to correct the regulations to reflect the appropriate fees.

Link to full document »

Update Date: 7/13/2010
New Jersey Adopts Rules Implementing the Consumer Finance Licensing Act
3:17-1.1: Purpose and Scope

The New Jersey Division of Banking adopted rules to implement licensing requirements under the Consumer Finance Licensing Act for consumer lenders and finance companies.

Link to full document »

Update Date: 7/12/2010
FHA Multifamily Delegates CDE Authority
H 10-12: Delegation of Authority to Approve Certain Compliance, Disposition and Enforcement (CDE) Plans (07/09/10)

Delegates the authority to approve certain Compliance, Disposition and Enforcement (CDE) Plans to the Hub Director. Hub Directors now have the authority to approve all CDE Plans except those that recommend accelerating and/or foreclosing on an insured and/or assisted loan or those that recommend relocating residents and abating a Section 8 Contract.

Link to full document »

Update Date: 7/9/2010
Alaska Updates License Fees and Requirements
Senate Bill 279

The state of Alaska has amended its laws regarding the fees and licensing of mortgage lenders, mortgage brokers, and mortgage loan originators; requiring compliance with certain federal laws relating to residential mortgage lending; and providing guidelines for provisional licenses.

Link to full document »

Update Date: 7/9/2010
Delaware Adds Requirement for Payment of Income Tax for Nonresidents
House Bill 349: Nonresident Income Tax on RE

The state of Delaware has added provisions regarding payment of the estimated income tax on the gain on sale of real estate prior to instrument recording by nonresidents. These provisions become effective for the tax period commencing December 31, 2010.

Link to full document »

Update Date: 7/8/2010
Georgia Updates Procedures for Trusts
Senate Bill 131: Wills, Trusts, and Estates

The state of Georgia amends its laws for wills, trusts, and estates; revises provisions relating to trusts; provides for express trusts and revocable trusts; and provides for reformation, modification, division, consolidation and termination of trusts. These changes are effective immediately.

Link to full document »

Update Date: 7/8/2010
California Amends Duties of Power of Attorneys
Senate Bill 1038: Power of Attorney: Duties

The state of California amended its provisions regarding the duties of the power of attorneys. These provisions involve an attorney-in-fact that breaches a duty under the Power of Attorney Law they can be charged with interest for any loss or depreciation in value of the property, any profit made through the breach or any profit that would have accrued to the principal if the loss or profit is a result of the breach.

Link to full document »

Update Date: 7/8/2010
MPF Announces Enhancements to the Xtra Manual
MPF Xtra® PFI Notice 2010-3 (07/08/10)

The MPF Program announces the following enhancements to the MPF Xtra Manual:

Beginning July 20, 2010, PFIs with MPF Xtra Master Commitments (MCs) will be able to obtain Delivery Commitments (DCs) quickly and efficiently through the eMPF^® website.

Link to full document »

Update Date: 7/8/2010
Louisiana Amends Property Expropriation Requirements
House Bill 276

The state of Louisiana amended its requirements regarding property expropriated for public purpose of removing a threat to public health or safety caused by existing use or disuse of the property shall not be subject to the requirement of offering the property back to the original owner who allowed the property to become such threat or safety or to the requirement for public sale.

Link to full document »

Update Date: 7/8/2010
Missouri Amends Mortgage Licensing Provisions
House Bill 2201

The state of Missouri made some minor amendments to statutes regarding mortgage licensing. These revisions include a change in the name of the Act from the “Missouri Fair and Safe Enforcement for Mortgage Licensing and Residential Mortgage Brokers Licensing Act” to the “Missouri Fair and Safe Enforcement for Mortgage Licensing Act”. Additionally, it clarifies that exempt entities that are licensed already between July 8, 2009 to June 1, 2010, will receive no refund of licensure fees.

Link to full document »

Update Date: 7/8/2010
Colorado Foreclosure Protection Act
House Bill 1133: Colorado Foreclosure Protection Act (Future effective date 01/01/11)

The state of Colorado revises the Foreclosure Protection Act, providing guidelines for equity purchasers, foreclosure consultants, and short sales. These provisions become effective on January 1, 2011.

Link to full document »

Update Date: 7/8/2010
Alaska Modifies Foreclosure Requirements
House Bill 108

The state of Alaska has modified its foreclosure requirements. These modifications include; changes to the content of the notice of default and delivery requirements, trustee requirements, and a surety bond requirement for trustees.

Link to full document »

Update Date: 7/8/2010
FHA Multifamily Revises Housing Program Standards
H 10-11: HUD Multifamily Risk Mitigation (07/06/10)

Revises underwriting standards, policies and procedures for mortgage insurance under the Federal Housing Administration’s (FHA’s) Multifamily Housing programs.

Link to full document »

Update Date: 7/8/2010
FHA Multifamily Provides Updated Instructions for Using EIV
H 10-10: Enterprise Income Verification (EIV) System (07/01/10)

Provides updated instructions for using EIV now that use of the EIV system by Owners and Management Agents (O/As) is mandatory.

Link to full document »

Update Date: 7/7/2010
FHA Multifamily Revises Housing Programs
ML 2010-21: HUD Multifamily Risk Mitigation (07/06/10)

Revises underwriting standards, policies and procedures for mortgage insurance under Federal Housing Administration’s (FHA’s) Multifamily Housing programs.

Link to full document »

Update Date: 7/7/2010
Vermont Adds MLO Licensing Change Notification and Updates Licensing Requirements for Commercial Lenders
House Bill 759

The state of Vermont added a 15-day notification requirement for a mortgage loan officer’s change of employer or sponsor and amended its laws for commercial lenders including application procedures, lender license fees, approval of application procedures, and issuance and renewal of commercial lender licenses.

Link to full document »

Update Date: 7/7/2010
Oklahoma Updates UCCC Requiring Administrator to Prescribe Fees
House Bill 2831

The state of Oklahoma amends its laws by removing specified fees and requiring the Commission on Consumer Credit to prescribe fees.

Link to full document »

Update Date: 7/7/2010
New Hampshire Amends Licensing Requirements for Branches
House Bill 1279

The state of New Hampshire amended its licensing requirements to include the licensing of branch managers of mortgage bankers, brokers and servicers as mortgage loan originators. These provisions also include the registration or licensing of the branch offices of mortgage servicers and debt adjusters. The amendment adds licensing of all mortgage servicer loan originators on or before July 31, 2011. These provisions became effective July 1, 2010.

Link to full document »

Update Date: 7/6/2010
Freddie Mac Multifamily Updates TAH Guide
M2010-3: Multiple Subjects (07/06/10)

With TAH Guide Bulletin M2010-3, we are revising our underwriting criteria for Section 8 transactions, including instructions for determining the Construction Phase Letter of Credit amount for fixed-rate bond credit enhancement transactions, revising our property requirements for conversion, stating that the Seller must approve Subordinate Financing in accordance with the TAH Guide and the Subordination Agreement, and confirming that the standstill period for government entities is 90 days. All changes are effective immediately.

Link to full document »

Update Date: 7/6/2010
Fed Amends Regulation Z
75 FR 37526: Truth in Lending (06/29/10)

Fed amends Regulation Z, which implements the Truth in Lending Act, and the staff commentary to the regulation in order to implement provisions of the Credit Card Accountability Responsibility and Disclosure Act of 2009 that go into effect on August 22, 2010. In particular, the final rule requires that penalty fees imposed by card issuers be reasonable and proportional to the violation of the account terms, requires credit card issuers to reevaluate at least every six months annual percentage rates increased on or after January 1, 2009 and requires that notices of rate increases for credit card accounts disclose the principal reasons for the increase.

Link to full document »

Update Date: 7/2/2010
Ginnie Mae Changes HMBS Certification Requirements
Memo 10-11: Changes and Clarifications to HMBS Certification Requirements (07/01/10)

Ginnie Mae makes several policy changes and clarifications to the certification requirements for the Home Equity Conversion Mortgage (HECM) Mortgage-Backed Security (HMBS) program.

Link to full document »

Update Date: 7/1/2010
Louisiana Amends Provisions Regarding Consumer Credit Contracts
Senate Bill 725: Consumer Credit Contracts

The state of Louisiana amended provisions regarding consumer credit contracts. These revised provisions are regarding; the providing for the contents of contracts, to provide for a change in documentation fees charged by lenders, to allow for a delinquency charge on deferred presentment transactions. These provisions are immediately effective.

Link to full document »

Update Date: 7/1/2010
New Hampshire Adds Exclusion from Licensing for Government and Non-Profit Entities
Senate Bill 339 (Future effective date 08/27/10)

The state of New Hampshire enacted Senate Bill 339, which adds an exclusion from licensing as a mortgage broker, mortgage banker or services. These provisions become effective on August 27, 2010.

Link to full document »

Update Date: 7/1/2010
Louisiana Enacts Escrow Funds Revisions
Senate Bill 218: Escrow of Funds Revisions

The state of Louisiana enacted Senate Bill 218, which adds provisions regarding the escrow of funds under specific contracts, to provide for the duties of an escrow agent, to provide for the release of funds from escrow, including exceptions and limitation of liability. These provisions become effective immediately.

Link to full document »

Update Date: 7/1/2010
Rhode Island Credit Life Insurance
Section 1: Purpose and Authority (Future effective date 11/01/10)

The Rhode Island Department of Business Regulation promulgated rules regarding credit life insurance by providing a system of rate, policy form, and operating standards. These provisions become effective on November 1, 2010.

Link to full document »

Update Date: 7/1/2010
Vermont Adds Foreclosure Mediation Requirements
House Bill 590: Foreclosure Mediation for HAMP

The state of Vermont enacts foreclosure mediation requirements for the HAMP program, defining the mediator’s qualifications and role, and the responsibilities of all participants in a pending foreclosure. House Bill 590 also amends power of attorney requirements, the validation of documents containing specific defects after 15 years, and the duration and effectiveness of judgment liens.

Link to full document »

Update Date: 7/1/2010
South Carolina Amends Mortgage Broker, Lender, and Originator Laws
House Bill 3790

The state of South Carolina amended provisions regarding mortgage brokers, lenders and mortgage originators. The revised provisions involve; definitions regarding mortgage brokers, defines a “qualified loan originator”, licensing regarding “qualified loan originators”, definition of supervised loan, licensing to originate a supervised loan, prohibition on specific licensing for closed-end credit transactions and provides for graduated penalties for violations. These provisions have an immediate effective date.

Link to full document »

Update Date: 7/1/2010
Louisiana Promulgates Requirements for Reverse Mortgage Loans
House Bill 1468

The state of Louisiana adds new laws for reverse mortgage loans by providing requirements for temporary absences; loan agreements; lender restrictions; counseling; rescission of a reverse mortgage loan; and for borrowers 60 years and older.

Link to full document »

Update Date: 7/1/2010
HUD Publishes Quarterly Regulatory Waivers List
75 FR 37827: NOTICE OF REGULATORY WAIVER REQUESTS GRANTED FOR THE FIRST QUARTER OF CALENDAR YEAR 2010 (06/30/10)

Publishes a list of regulatory waivers granted by HUD between January 1, 2010 and March 31, 2010.

Link to full document »

Update Date: 6/30/2010
Fannie Mae Announces Selling Guide Updates
Ann. SEL-2010-09: Selling Guide Updates and Additional Guidance on Appraisal-Related Policies (06/30/10)

Fannie Mae announces updates to the Selling Guide on the following topics:

Appraisal-related policies that update the Selling Guide

Miscellaneous appraisal-related guidance (no impact on the Selling Guide)

Miscellaneous Selling Guide updates

Updates to Special Feature Codes

Updates to Mortgage Insurance Codes

Link to full document »

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5. MISCELLANEOUS PROVISIONS

Children and Privacy

The Site is not intended for use by children. AllRegs encourages parents and guardians to be familiar with the web sites that their children visit. The Federal Trade Commission (“FTC”) regulates the means by which web site operators collect and use personal information from children under 13, pursuant to the Children’s Online Privacy Protection Act of 1998 (the “Act”). For more information about the Act and children’s on-line privacy in general, visit the FTC’s web site at http://www.ftc.gov.

Forums

You may participate in a variety of online forums on the Site, as well as other discussion groups that may be offered on the Site from time to time. Any information you disclose in these areas will be available to the public and may be collected and used by persons other than AllRegs. You should not disclose any information that you do not want others to know on these areas of the Site. AllRegs does not routinely monitor these areas, and you use such online forums and discussion groups only at your own risk.

Links to Other Sites

The Site contains links to other web sites. Each of these linked web sites maintains its own independent privacy policies. AllRegs does not control and is not responsible for the privacy policies or the content of those web sites. When you leave the Site and access the web sites of third parties, the privacy policies of the parties maintaining those web sites apply.

Disclaimer of Liability

Under no circumstances shall AllRegs be liable for any damages, including, but not limited to, indirect, special, incidental, consequential or exemplary damages, that result from the use of the information or materials posted to or collected as a result of the user’s accessing the Site, even if AllRegs has been advised of the possibility of such damages. This and the other sections in this Privacy Statement should be read in conjunction with and are subject to the Terms of Use for the AllRegs Site.

6. ENFORCEMENT/REDRESS

If for some reason you believe that AllRegs has not adhered to the Privacy Statement, please notify us at the addresses below. AllRegs will endeavor to respond to your concerns and, when appropriate, take steps to correct a problem.

7. CONTACT INFORMATION

If you have any questions about this Privacy Statement, the practices of this Site, or your dealings with this Site, you may contact us by:

sending an e-mail request to help@allregs.com; or
sending a letter via the U.S. Mail to:

Web Site Administrator
AllRegs
2975 Lone Oak Drive, Suite 140
Eagan, MN 55121

DATE OF LAST MODIFICATION
September 18, 2006

AllRegs - Web Site Terms of Use

Mortgage Resource Center, Inc. d/b/a AllRegs (“AllRegs”) operates this web site (the “Site”) to provide online access to and information about its products and services. By accessing and using the Site, you agree to each of the terms of use set forth herein (the “Terms of Use”). If you do not agree with any of the Terms of Use, you are not authorized to access or use the Site for any purpose.

Additional terms and conditions may apply to access or use of specific areas of the Site or particular content, subscriptions, software or to effect certain transactions. Such additional terms and conditions are posted in the applicable areas of the Site or provided in conjunction with such content, subscriptions, software or transactions. Please note that if you are a registered user of AllRegs, your use of the Site and the Content is subject to the terms and conditions of the applicable Service Agreement between you and AllRegs. Although the Terms of Use are incorporated by reference into such Service Agreement, to the extent there are any inconsistencies between the provisions in the Service Agreement and the provisions in these Terms of Use, the provisions of the Service Agreement shall control.

These Terms of Use, together with applicable additional terms and conditions, are referred to as the “Agreement.” AllRegs reserves the right to modify this Agreement at any time. Your use of the Site following any such modification constitutes your agreement to follow and be bound by this Agreement as modified.

1. INTELLECTUAL PROPERTY

The Site, and all information and/or content that can be seen, heard or otherwise experienced on the Site, including without limitation all reports, text, video, graphics, audio, and other materials (collectively, the “Content”) are protected by U.S. and international copyright, trademark and other laws, and belong to AllRegs or to third parties. You acknowledge that the Site and Content contain works of authorship of AllRegs and its licensors and, in addition, embody the selection, coordination and arrangement by AllRegs of pre-existing materials and original works of authorship created by AllRegs in enhancements thereto through the investment of substantial monetary and other resources. You agree at all times to treat the Site and Content as proprietary information of AllRegs and to comply fully with the limitations on use contained herein.

You agree not to use the Site or the Content for any purpose other than as a general reference and research tool. You agree that you shall use the Site and the Content for their intended purpose and shall not use the Site or Content for any purpose other than as specifically described in this Agreement. In no event shall you access or use the Site or Content for the purpose or benefit of any third party, nor shall you access or use the Site or Content to provide consultation, advice, or service of any kind to any third party. Unless otherwise restricted by AllRegs or any third party (with respect to such third party’s content on the Site), you may, on a limited basis, download, print and store portions of the Content that you select for such use, provided that a significant portion of the Site or Content is not downloaded, printed out or stored and all copyright, trademark and other proprietary notices on the site or in the Content are maintained. No right, title or interest in any downloaded, printed or stored Content or materials is transferred to you as a result of any such downloading, printing or storing. AllRegs and any third party (with respect to such third party’s content on the Site) reserves complete title and full intellectual property rights in any Content you download from the Site. You may not modify, reformat, copy, reproduce, display, distribute, repost, transmit, publish, license, sell, rent, transfer, or create derivative works from any Content or information obtained from the Site, except as expressly permitted by this Agreement. You may not mirror or frame the home page or any other pages of the Site on any other web site or web page and may not connect links, including “deep links” to the Site. You may not use a robot, scraper, or other automated means of accessing the Site. You are prohibited from using any of the marks or logos appearing throughout the Site without express written consent from the trademark owner, except as permitted by applicable law.

2. DISCLAIMERS

No Legal or Other Professional Advice. AllRegs does not engage in the practice of law and nothing on the Site constitutes legal advice. If you desire legal advice, you must consult with an attorney. AllRegs and this Site do not provide TAX, accounting or financial planning services. If you desire TAX, accounting or financial planning services, you must consult with a licensed TAX PLANNER, accountant or financial planner. The Content available via the Site is for general informational purposes only, and is not intended as a substitute for the professional judgment and services of a licensed attorney, tax professional, accountant, financial planner, or other professional. Reliance on the Content is solely at your own risk.
Accuracy/Currency. The Content may contain technical, typographical or other errors or inaccuracies and may not be complete or current. AllRegs does not warrant that any Content is accurate, complete or current. AllRegs reserves the right to correct any errors, inaccuracies or omissions and to change or update the Content at any time without prior notice. AllRegs does not, however, guarantee that any errors, inaccuracies or omissions will be corrected.
Security. The Site is not a secure web site. AllRegs cannot and does not ensure or warrant the security of any information collected by us or transmitted over the Internet. You agree that any data transmission you make or receive through the Site is at your own risk.
Third Party Links. Hypertext links to third party web sites or information are provided solely for your convenience, and do not constitute or imply an endorsement, sponsorship, or recommendation by AllRegs of the third party, the third-party web site, or the information contained therein, unless expressly stated on the Site. You acknowledge and agree that AllRegs is not responsible for the availability of any such web sites and that AllRegs does not endorse or warrant, and is not responsible or liable for, any such web site or the content thereon.
Downloading Files. AllRegs cannot and does not guarantee or warrant that files available for downloading through the Site will be free of infection by software viruses or other harmful computer code, files or programs. By using the Site, you accept the entire risk as to the quality and performance of the Site and the accuracy of the Content.

3. DISCLAIMER OF WARRANTIES

NEITHER ALLREGS, ANY PROVIDER OF THIRD PARTY CONTENT, NOR THEIR RESPECTIVE AFFILIATES, AGENTS AND LICENSORS WARRANT THAT THE SITE WILL BE UNINTERRUPTED OR ERROR FREE; OR MAKE ANY WARRANTY AS TO THE ACCURACY, COMPLETENESS OR CURRENCY OF THE CONTENT OR THE RESULTS TO BE OBTAINED FROM USE OF THE SITE OR THE CONTENT; OR MAKE ANY WARRANTIES OF ANY KIND, EITHER EXPRESS OR IMPLIED, INCLUDING, WITHOUT LIMITATION, WARRANTIES OF TITLE, NON-INFRINGEMENT OF THIRD PARTY RIGHTS, OR IMPLIED WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE, WITH RESPECT TO THE SITE OR THE CONTENT. YOU ACKNOWLEDGE AND AGREE THAT THE SITE AND THE CONTENT ARE DISTRIBUTED ON AN "AS IS, AS AVAILABLE" BASIS AND EXPRESSLY AGREE THAT THE ENTIRE RISK AS TO THE QUALITY AND PERFORMANCE OF THE SITE AND THE ACCURACY AND COMPLETENESS OF THE CONTENT IS ASSUMED SOLELY BY YOU.

4. LIMITATION OF LIABILITY

IN NO EVENT SHALL ALLREGS, ANY PROVIDER OF THIRD PARTY CONTENT, OR THEIR RESPECTIVE AFFILIATES, AGENTS AND LICENSORS BE LIABLE FOR ANY DIRECT, INDIRECT, INCIDENTAL, SPECIAL OR CONSEQUENTIAL DAMAGES, OR LOSS OF PROFITS, REVENUE OR DATA, ARISING OUT OF OR CAUSED, IN WHOLE OR IN PART, BY ANY ERRORS OR OMISSIONS IN PROCURING, COMPILING, COLLECTING OR REPORTING THE INFORMATION IN THE SITE OR THE CONTENT, OR ARISING OUT OF THE ACCESS TO OR USE OF THE SITE OR THE CONTENT OR THE INABILITY TO ACCESS OR USE THE SITE OR THE CONTENT, WHETHER IN AN ACTION IN CONTRACT, TORT, PRODUCT LIABILITY, STRICT LIABILITY, STATUTE OR OTHERWISE, EVEN IF SUCH PARTY HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES OR LOSS. ALLREGS IS SPECIFICALLY NOT LIABLE FOR ANY DAMAGES OR LOSSES IF YOU PREPARE AN APPRAISAL OR ORIGINATE, UNDERWRITE, PURCHASE, SELL, SERVICE, TRANSFER OR TAKE ANY OTHER ACTION ON A LOAN BASED ON INFORMATION IN THE SITE OR THE CONTENT, EVEN IF SUCH INFORMATION IS INCORRECT OR INCOMPLETE. SOME OF THE INFORMATION INCLUDED IN THE SITE AND THE CONTENT IS REPUBLISHED BY ALLREGS WITH THE EXPRESS WRITTEN PERMISSION OF THE AGENCIES, COMPANIES AND ORGANIZATIONS WHO HAVE AUTHORED AND OWN THIS INFORMATION. THE SITE AND ACCESS TO THE CONTENT ARE PROVIDED SOLELY BY ALLREGS. THE AGENCIES, COMPANIES AND ORGANIZATIONS DO NOT SPONSOR OR ENDORSE THE SITE OR THE CONTENT AND SPECIFICALLY DISCLAIM ANY LIABILITY OR RESPONSIBILITY FOR THE ACCURACY OR COMPLETENESS OF THE SAME. ALTHOUGH ALLREGS STRIVES TO INCLUDE THE MOST COMPREHENSIVE, CURRENT AND ACCURATE GUIDELINES IN THE SITE AND THE CONTENT, THIS SITE AND THE CONTENT IS MOST USEFUL AS A GENERAL GUIDE TO TODAY'S PRACTICES. THE INFORMATION PROVIDED BY THE AGENCIES, COMPANIES AND ORGANIZATIONS CHANGES FROM TIME TO TIME AND ANY RELIANCE ON THE INFORMATION IN THE SITE OR THE CONTENT AS AN AUTHORITATIVE EXPRESSION OF THIS INFORMATION WOULD BE INAPPROPRIATE; RATHER, RELIANCE SHOULD BE PLACED ON THE MANUALS, MEMORANDUMS AND OTHER DOCUMENTATION DISTRIBUTED DIRECTLY BY THESE AGENCIES, COMPANIES AND ORGANIZATIONS. IF YOU ARE DISSATISFIED WITH THE SITE, THE CONTENT, OR WITH THE TERMS OF USE, YOUR SOLE AND EXCLUSIVE REMEDY IS TO DISCONTINUE USING THE SITE.

5. IDENTIFICATION NUMBER/PASSWORD; USER CONDUCT

You agree to maintain the confidentiality of and not disclose to any third party any identification number and/or passwords assigned to you and to notify AllRegs of any unauthorized use of such number or password, as well as any other breach of security of which you become aware.

You agree not to take any action that might compromise the security or integrity of the Site, render the Site inaccessible to others or otherwise cause damage to the Site or the Content. You agree not to add to, subtract from, or otherwise modify the Content. You agree not to use the Site in any manner that might interfere with the rights of AllRegs or any third party. You guarantee to AllRegs that you have the legal right to supply, post, or store any information or material you supply, post, or store to or on the Site (the “Data”), and that neither the Data, nor the provision thereof to AllRegs via the Site will violate any law, be offensive to AllRegs or any third party, or violate the rights of any person or entity.

6. USER SUPPLIED INFORMATION

If you supply any information via the Site or post any material to the Site (whether on a forum, discussion group, or otherwise), you guarantee to us that you have the legal right to supply or post such information or material and that it will not violate any law, be offensive to AllRegs or any third party, or violate the rights of any person or entity. By supplying information or posting material, you give AllRegs the royalty-free, irrevocable, perpetual, worldwide right to use, distribute, display, modify, delete and/or create derivative works from this material, in any and all media, in any manner, in whole or in part, without any restriction or responsibilities to you.

7. INDEMNIFICATION

You understand and agree that you are personally responsible for your behavior on the Site. You agree to indemnify, defend and hold harmless AllRegs, its affiliates, licensors, employees, and agents from and against all claims, losses, expenses, damages and costs (including, but not limited to, direct, indirect, incidental, consequential, and/or exemplary damages), and reasonable attorneys’ fees, resulting from or arising out of your use, misuse, or inability to use the Site or the Content, or any violation by you of this Agreement.

8. GENERAL PROVISIONS

Enforcement/ Choice of Law/ Choice of Forum. Every provision of this Agreement will be construed, to the extent possible, so as to be valid and enforceable. If any provision of this Agreement so construed is held by a court of competent jurisdiction to be invalid, illegal or otherwise unenforceable, such provision will, to the extent so held, be deemed severed from this Agreement to the minimum extent to make the provision valid and legal, and all other provisions will remain in full force and effect. Any and all disputes relating to this Agreement, the Site, your use thereof, or the Content (collectively, “Disputes”) are governed by, and will be interpreted in accordance with, the laws of the State of Minnesota, without regard to any conflict of laws provisions. Unless you have otherwise agreed with AllRegs to subject any Dispute to arbitration pursuant to an applicable service or user license or agreement, any Dispute will be venued in a state or federal court situated in Minneapolis, Minnesota, and you hereby irrevocably submit to the personal jurisdiction of such courts for that purpose.
No Waiver. No waiver by AllRegs of any breach or default hereunder will be deemed to be a waiver of any preceding or subsequent breach or default.

AllRegs - Copyright

Some of the information provided in AllRegs is copyrighted. Please read the notices that accompany individual documents. Copying, downloading, retransmitting, or printing of these documents may be a violation of copyright laws. All names and logos herein are registered service marks or trademarks and are owned by the entities named. The use of these logos is for illustration purposes only and is not an endorsement of AllRegs.

This page and all contents are ©2010 Mortgage Resource Center, Inc.
Eagan, MN, USA.
All rights reserved.