Client Memos Archives - Page 4 of 8 - Polunsky Beitel Green

The Current State of General Qualified Mortgages and Ability to Repay Requirements Under Regulation Z

Peter B. Idziak Recently, we have received some inquiries seeking clarification concerning the current definition and underwriting requirements relating to “general” qualified mortgages and the ability to repay requirements in effect under ... Read More

Client Memos

Client Memo – Supreme Court Holds that FHFA Director is Removable at Will

On Wednesday, June 23, 2021, the Supreme Court held that the structure of the Federal Housing Finance Agency (“FHFA”)—led by a single director who may only be removed for cause—violates Constitutional separation of powers. Justice Samuel Alito, ... Read More

Client Memos

Client Memo – New Federal Holiday June 19th Update

Client Memo - New Federal Holiday June 19th Update On Thursday, June 17, 2021, President Joe Biden signed into law the Juneteenth National Independence Day Act. The Act amends 5 U.S.C. Section 6103(a) to include “Juneteenth National Independence ... Read More

Client Memos

Client Memo – Changes to Freddie Mac Selling Guide Regarding Powers of Attorney

On February 3, 2021, Freddie Mac issued Bulletin 2021-4, which announced new and updated requirements for the use of a power of attorney (“POA”). These changes are meant to serve as a “clarification” of the changes Freddie Mac previously announced on ... Read More

Client Memos

Client Memo – Texas Regulators Adopt Amendments to Home Equity Lending Provisions

Recently, the Finance Commission of Texas and the Texas Credit Union Commission (the “Commissions”)adopted several amendments to the home equity lending interpretations in the Texas AdministrativeCode. The amendments substantively addressed the ... Read More

Client Memos

Client Memo – Good News for a New Year: Update on Proposed Rule Changes – Texas Department of Savings & Mortgage Lending

The required rule review of Chapters 80 and 81 by the Texas Department of Savings & Mortgage Lending concluded Friday December 11th with final adoption by the Finance Commission of Texas. These changes will be published in the Texas Register on ... Read More

Client Memos

Client Memo – Texas Mortgage License Renewals

Effective September 1, 2020 Texas Department of Savings and Mortgage Lending Director of Mortgage Examination, Tony Florence, also assumed the duties as Director of Licensing. Director Florence has already made several positive changes including ... Read More

Client Memos

Client Memo – Refresher on the Requirements for a Texas 50(f)(2) Rate/Term Refinance of an Existing Home Equity Loan

Refinances now make up over 60% of the loan applications according to the latest MBA Weekly Survey. As refinances fill lenders’ pipelines, we thought it would be timely to revisit the particular requirements and aspects of the Texas 50(f)(2) loan, as ... Read More

Client Memos

Client Memo – Update Fannie Mae and Freddie Mac Delays Implementation of New Adverse Market Refinance Fee

Last week we informed you of a new directive from Fannie Mae and Freddie Mac (collectively the “GSEs”) to charge an adverse market fee on refinance loans delivered to the GSEs on or after September 1, 2020. In response to the controversial ... Read More

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