FNMA Conventional Loan Limits Increased

On November 28, 2017, the Federal Housing Finance Agency (FHFA) published Lender Letter LL-2017-10, which contained the annual conforming loan limits for conventional loans delivered to Fannie Mae after January 1, 2018. This is an increase over the 2017 limits.

Letter: https://www.fanniemae.com/content/announcement/ll1710.pdf

CFPB Updated Small Entity Compliance Guide

October 6, 2017, the CFPB released Version 5.0 of the TRID Small Entity Compliance Guide for the TILA/RESPA Integrated Disclosures, which has been updated to include the final rule issued July 7, 2017 and published August 11, 2017. This guide includes revisions to requirements for; tolerances, providing revised Loan Estimates, written list of service providers, lender and seller credits, construction loans, APR, rounding, Calculating Cash to Close, and many more updates. The TRID Final Amendments were effective as of October 10, 2017 with a mandatory compliance date of October 1, 2018.


CFPB Releases Detailed Summary of TRID Changes

August 30, 2017, the CFPB has released a new TRID resource. The 2017 TILA-RESPA Rule: Detailed Summary of Changes and Clarifications, is intended to give a brief overview of most changes encompassed by the amendments, and provide a quick reference to relevant citations. The amendments have an effective date of October 10, 2017, with an optional compliance period. The mandatory compliance period will take effect October 1, 2018. Shannon will be our point person in Austin and an integral part of our legal/compliance and client development teams.


Final TRID Amendments Published

On August 11, 2017, the CFPB published the final TRID amendments in the Federal Register. The publication establishes the effective date of the changes as 10/10/17. However, the mandatory compliance date will be for all applications received on or after October 1, 2018.

The new rules include:

  • Creates tolerances for the Total of Payments disclosure as it relates to a consumer’s right of rescission.

  • Adjusts a partial exemption that mainly affects housing finance agencies and nonprofits.

  • Provides a uniform rule regarding application of the integrated disclosure requirements to cooperative units.

  • Provides guidance on sharing disclosures with various parties involved in the mortgage origination process.

  • Clarifies the allowable use of the alternative LE/CD on subordinate purchase money transactions.

  • Provides a significant amount of guidance regarding the disclosure of construction loans and construction/permanent loans.

  • Provides a significant amount of guidance on a wide range of other disclosure issues.

  • PPDocs is currently going through a detailed analysis of the amendments and making plans to accomplish any required system changes well in advance of the mandatory compliance date.

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