The Federal Deposit Insurance Corporation, Office of the Comptroller of the Currency, and Board of Governors of the Federal Reserve System (collectively, the “Agencies”) have adopted a final rule which increases the threshold at or below which appraisals would not be required for residential real estate transactions under section 1112(b) of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (FIRREA).  A residential real estate transaction is defined in the final rul

As many lenders that originate USDA loans under the Single Family Housing Guaranteed Loan Program (“Program”) know, there is a short period of time – approximately two weeks – at the beginning of the fiscal year for the Program in which funding is not available.  (Fiscal year 2019 began on October 1, 2018, and ends at the close of business on September 30, 2019.)

Section 49-2(c) of the Connecticut General Statutes provides that advancements for taxes and other items may be made by a mortgagee or assignee of the mortgagee, under an open-end mortgage if certain requirements are met.  One of the requirements states that the security instrument shall contain specific provisions permitting such advancements and, if applicable, shall specify that such advancements are made pursuant to a commercial future advance loan agreement, a consumer revolving loan agreement or a letter of credit.

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Dower is a wife’s interest in her husband’s real property upon his death. It entitles a surviving wife to a portion of her deceased husband’s real property during her lifetime to support herself and her children. Curtesy is a husband’s entitlement to a life estate in his deceased wife’s estate, but also requires that the couple have a living child capable of inheriting his/her mother’s estate. Dower and curtesy are common law doctrines, which have been abolished in most states and replaced with statutory law, which provide for a ma

The U.S.

Regulation Z requires the CFPB to make annual adjustments to the dollar amount thresholds under the HOEPA "points and fees" provisions of Regulation Z (12 CFR 1

Updated to most recent website version. Effective Date: 10/01/19. (Date of Release to Production: 09/30/19)

On March 27, 2019, President Trump issued a Presidential Memorandum directing the Secretary of the Treasury to develop a plan for comprehensive reform to the housing finance system which “continues to face significant and fundamental challenges” that have persisted since the financial crisis of 2008.

Removed text from "PMI" section on page 2. (Date of Release to Production: 09/12/19)