We’ve created a fact sheet that reviews the basics of construction loan disclosures under the Know Before You Owe mortgage disclosure rule.
Click this link for the fact sheet: consumerfinance.gov/regulatory-implementation/tila-respa/#resources
CFPB Regulatory Implementation Team
Consumer Financial Protection Bureau
MBA Statement on FHLBank Membership Rule
WASHINGTON, D.C. (January 12, 2016) - David H. Stevens, CMB, President and CEO of the Mortgage Bankers Association (MBA) issued the following statement in response to the Federal Housing Finance Agency’s (FHFA) FHLBank Membership Rule released today:
“MBA is disappointed, to say the least, in the final rule on FHLBank membership. When Congress established the FHLBank membership framework, it didn’t limit membership to only certain insurance companies. Today, without direction from Congress, FHFA decided to narrow membership and exclude important members of the system.
“In particular, FHFA’s decision to disqualify captive insurance companies removes a vital component of the FHLBank membership which provides liquidity for the real estate finance market.
“In today’s marketplace, we need a FHLB system that serves the wide variety of lending institutions active in today’s housing finance market, including captive insurance companies, REITs, Independent Mortgage Bankers, and other entities, all of which provide major sources of liquidity and are core components in the 21st century FHLBank system. We will continue to work with Congress on this issue to address the shortcomings of today’s rule.”
We are very pleased to announce an enhanced legislative monitoring system which will allow us to share an interactive and real time electronic summary of the legislation of interest to you.
Go to GBA’s website: http://www.gaffneybennett.com/
Click on green button in the top right corner: “Legislative Tracker Login”
Enter CMBA U/N and PW on login page (contact the CMBA office for password)
Our grid should appear along with some tabs allowing you to filter and search, etc.