FHA Mortgage Compliance, FHA Quality Control, FHA Closed Loan Auditing,

FHA Approval Paperwork and FHA Quality Control Plans

 

Rules, Regulations, and Enforcement Checklist

HUD

• Fair Housing Act

• S.A.F.E. Act

• Public Housing

• Predatory Lending

• HOPE Act

• HERA Impact

• AIR

FHFA

HERA Impact

• FHLB

• FNMA/FHLMC

• AIR

U.S. Dept of Homeland Security

FEMA

• Flood Disaster Protection Act

 

Federal Reserve System

FDIC, OCC, DOT, CFPB

 HERA Impact

• Gramm-Leach-Bliley Act

• ECOA – Reg B

• FCRA – Reg V

• CRA – Reg BB

• U.S. Patriot Act

• Unfair or Deceptive Acts or Practices – Reg AA -- CFPB

• Predatory Lending

• Loans to Insiders – Reg O

•  RESPA – Reg X

• TILA – Reg Z – MDIA, HOEPA, HPML

•  Mortgage Servicing

•  Appraisals – FIRREA & AIR

•  Qualified Mortgage

•  HMDA – Reg C

•  Flood Disaster Protection Act

FTC & DOJ

ALL REGs

• Advertising

• HERA Impact

• U.S. Patriot Act

• OFAC

• Gramm-Leach-Bliley Act

• FCRA

• CRA – Reg BB

• TILA – Reg Z

• HOEPA – Reg Z

• HPML – Reg Z

• Fair Debt Collection Practices Act

• Service members’ Civil Relief Act

• Predatory Lending

• Loans to Insiders – Reg O

• Mortgage Servicing

• Licensing

• AIR

 

States & Other Jurisdictions

Predatory Lending Laws

• Licensing

• Banking

• Fair Debt Collection Practices Act

• Public Housing

• AIR

 

 

The mortgage regulatory framework is extraordinarily complicated with a multitude of different regulations and governmental overseers. While some regulations are the clear responsibility of one agency or another, many of these regulations will be enforced and monitored by several different agencies – this is due in large part to the fact that non-compliance of one regulation can influence or jeopardize the performance of other requirements. The mortgage banking industry today is large and diverse, encompassing a wide range of financial service firms. The volume of interrelated regulatory laws and governmental agencies makes mortgage banking one of the most highly regulated industries in history. Most recently, the Bureau of Consumer Financial Protection (CFPB) was established as an independent bureau of the Federal Reserve System by the Dodd-Frank Wall Street Reform and Consumer Protection Act (Pub. L. 111-203, 124 Stat. 1376) (Dodd-Frank Act). Rulemaking authority was transferred to the CFPB by seven different agencies for more than a dozen federal consumer financial protection laws. The CFPB is an independent Bureau of the Federal Reserve System under the Treasury Department. The OTS is no more – responsibilities were moved to the OCC.

Reprinted with permission from MortgageCurrentcy.com

 

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