U.S. Department of Housing and Urban Development – Shaun Donovan, Secretary
Office of Public Affairs, Washington, DC 20410
HUD Region V No. 13-21 FOR RELEASE
Laura J. Feldman Friday
(312) 913-8332 May 17, 2013
HUD OFFICES TO CLOSE NATIONWIDE ON FRIDAY, MAY 24TH
Seven furlough days to be paired with holidays & weekends to ease impact
WASHINGTON – The U.S. Department of Housing and Urban Development (HUD) is notifying the public today that it will close its offices nationwide on Friday, May 24th as a result of government-wide automatic spending cuts that took effect on March 1, 2013. Absent any action to overcome these required reductions, the Department anticipates the need to close and suspend operations for an additional six days over the remainder of the current fiscal year.
The closures are expected on:
Ø Friday, May 24th
Ø Friday, June 14th
Ø Friday, July 5th
Ø Monday, July 22nd
Ø Friday, August 2nd
Ø Friday, August 16th
Ø Friday, August 30th
The CFPB has released their compliance guide and final rules for:
TILA HPML Appraisal Rule
Login to the members section to read the rules and see the effective date of the change.
Lo Comp Rule Out and More on QM
· The CFPB released the 541 pages of the LO Compensation Rule effective June 1, 2013. Read the LO Comp Rule in our membership area.
· From the outset, there are several victories in this rule. 1) Allowance for reductions in compensation for tolerance issues. 2) Allows brokers to pay LO's on a consumer paid transaction. 3) elimates the "zero-zero" alternative requirement. 4) sets minimum standards for ALL originators.
· The NAMB GA team will have more details soon.
· The CFPB released over 1,300 pages of documents including the 804 page Qualified Mortgage Rule, also known as the Ability to Repay. Read the CFPB rule here. This rule is efective January 10, 2014.
· The QM also includes a cap on "points and fees" of 3% which will include LO compensation and affiliated fees.
· The CFPB is seeking comment on how exactly the LO compensation piece will work. NAMB looks forward to working with the CFPB to work on the details.
· NAMB officially is requesting the CFPB to convene a SBREFA Panel to specifically discuss the impact the rule will have on not only small business mortgage professionals, but the consumers they serve. Read the NAMB Press Release. Watch the video here to see Director Cordray dismiss the call for a SBREFA Panel on the QM.
· Copy of NAMB's testimony to the House Financial Services Committee from July which spells out the concerns with the 3% cap on points and fees can be found here.
· Bottom Line: Don't Panic!...yet. Your Government Affairs team at NAMB is already hard at work. Stay tuned and support those that support you!
2013 NAMB Legislative and Regulatory Conference will be March 10, 11, 12 in Washington, D.C.. This is a "must attend" event. Last year, 10,000 Realtors attended NAR's Lobby Day. We would love to see if we can get 1,000 mortgage professionals there to help us lobby on Capital Hill. Join us as we rally to fight for consumers, small business and mortgage professionals everywhere. Stay tuned for more details!!!
We need your participation and support...get involved today. NAMB and the OAMP are a non-profit trade association made up of volunteers that are passionate about the preservation and promotion of consumer choice, small business, and the well-being of ALL mortgage industry professionals. We have been fighting for the mortgage industry since 1973....Join us in our efforts. Support YOUR Industry, Fight Back, Join OAMP Here