The legislation will require certain home mortgage loans originated on or after Jan. 1, 2027 to include provisions allowing any existing borrowers to purchase another borrower’s property interest.
Learn more about this topic and others in the NMLS Resource Center.
Learn more about this topic and others in the NMLS Resource Center.
Fees will be determined by the proportion of a licensee’s total dollar amount of deferred deposit transactions relative to the total amount made by all licensees.
The Bureau examined how surging interest rates challenged affordability and the likelihood for rate cuts to expand refinancing options.
The Superior Court for the State of California dismissed a lawsuit challenging the California Digital Financial Asset Law’s (DFAL) $1,000 daily transaction limit.
According to the settlement, the company failed to allow customers to withdraw cryptocurrency from accounts and failed to disclose certain aspects of its trading and order handling procedures.
Per a Notice of Adoption from the Department of Consumer and Worker Protection, the changes aim to enhance consumer protections and align with federal regulations and industry practices.
The CFPB director delivered remarks at the National Housing Conference on how a decrease in interest rates could impact mortgage refinancing.
The new law adopts elements of the Money Transmission Modernization Act (MTMA) which aims to harmonize nationwide money transmitter standards and requirements.
The Wisconsin DFI will start accepting applications for new licenses through NMLS on Oct. 1, and existing licensees will need to comply with the new requirements by Jan. 1, 2025.
The Bureau plans to release FAQs in September and will not seek penalties during the compliance transition period for lenders acting in good faith.
Effective Jan. 1, 2024, the new act updates regulations, enhances consumer protection, and standardizes licensing for money transmitters.
Learn more about this topic and others in the NMLS Resource Center.
NMLS recently announced updates, which will take effect starting with the third-quarter filings due Nov. 14, 2024.
Effective August 26, the change will streamline notifications, enhance regulatory oversight, and improve the efficiency of managing consumer credit information.
Effective August 28, SB 1359 requires licensing, sets prudential standards, and introduces commercial financing disclosures for money transmitters.
The proposed amendments to RESPA seek to improve borrower protections and streamline processes, and would not apply to small servicers.
According to HUD, the proposed rule would increase the availability of affordable homes and enhance the stability of communities.
Paycheck advance products would be considered consumer loans and therefore subject to TILA and Regulation Z disclosure requirements.