Latest Compliance - HUD Topics

We recently had the opportunity to discuss the state of compliance with Griff Garwood, Director of the Federal Reserve Board's Division of Consumer and Community Affairs.

America is the land of opportunity. Our history is replete with examples of individuals who identified a service or product opportunity, filled it, and became a success.

It's official - at last! HUD has issued a revision to Regulation X to implement EGRPRA's mandate that the business purpose exemption in RESPA's Regulation X be the same as that in Regulation Z.

The 1996 banking act, the Economic Growth and Regulatory Paperwork Reduction Act of 1996 ("EGRPRA"), directed the Federal Reserve Board and the Department of Housing and Urban Development to work t

William W. Wiles RE: Docket No. R-0942
Secretary
Board of Governors of the Federal Reserve System
20th Street and Constitution Avenue, N.W.

RESPA and Regulation X apply to all federally related mortgage loans, loans secured by a one- to four-family dwelling. The dwelling that secures the loan need not be the applicant's.

The recent proposal on self-testing issued by the Board of Governors of the Federal Reserve System takes a very narrow approach to a problem that exposes lenders to high levels of liability.

In keeping with its annual schedule for updating the Regulation Z commentary, the Federal Reserve Board has proposed revisions to the commentary.

The Federal Reserve Board has published for comment regulations to implement the 1996 amendments to the Equal Credit Opportunity Act.

In the last four years, we have seen significant developments in fair lending. It is time to ask what we know and where we go from here.