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Jun 24, 2010
Categories: Home-Secured Lending Consumer Lending Accounts

Reg Alert; FHA; Handbook Updated; Slow Down!

Posted by Anthony Demangone

Internet Gambling.  NCUA has released Regulatory Alert 10-RA-08 to alert federally-insured credit unions about the need to comply with Regulation GG - the internet gambling regulation.  Hopefully, this isn't news to you, as the requirement to comply kicked in on June 1. 

FHA Reform.  Earlier this month, HUD issued Mortgagee Letter 2010-20.  The letter highlights the effects of a recent FHA Reform-related final rule. 
This Mortgagee Letter provides an overview of key provisions of HUD’s recently issued final rule referenced above, and guidance to mortgagees on HUD’s implementation of this final rule.1 This rule increased the net worth requirements for FHA-approved mortgagees, eliminated FHA approval of loan correspondents, codified requirements of the Helping Families Save Their Homes Act of 2009 (Public Law 111-22), and made minor modifications to other aspects of FHA’s regulations governing lender activities. Changes to applicable HUD Handbooks are forthcoming.

OCC Consumer Compliance Handbook.  The OCC has updated its Consumer Compliance Handbook.   If I had a bell, I would ring it, as this handbook is a fantastic resource. It looks like they updated their RESPA, HMDA and Truth in Savings sections.  Sure, it is the OCC.  But those regulations generally affect us the same way. 


Personal wish.  When checking voice mails, I have detected a trend.  People leave a wonderful message, full of warmth and good cheer.  But when they leave their phone number, they speed up.  It almost seems like they are trying to set a record by giving a phone number in 3.4 nanoseconds.  I invariably have to listen to the message two or more times before I can get all 9 digits.  I'm guessing this has happened to you, and I bet I've been guilty of the same offense.  So let's all give our phone numbers in a slow, clear manner. Now, you may think it is strange to use the blog for this kind of wish.  Perhaps.  But I think this wish has a better chance of coming true than my other wish, which involves a certain Washington-area baseball team winning the World Series.  Oh, and world peace. Can't forget that.

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