Escrow Accounts will be required on “higher priced mortgage loans” (HPML) secured by manufactured housing for loan applications received on or after October 1, 2010. Escrow accounts were required on other HPML transactions for applications received on or after transactions on April 1, 2010.

[Truth in Lending Act Regulation Z Official Staff Interpretation Section 226.1(d)(5)-1]

A model privacy notice was made available for use starting 12/31/2009, and its use is optional. However, effective 12/31/2010 a safe harbor available only if the model notice is used.

[Federal Register of 12/1/2009 starting at page 62889]

FHA-approved Loan correspondents' authority to originate FHA loans terminates.

http://edocket.access.gpo.gov/2010/pdf/2010-8837.pdf

Compliance with final TILA rules requiring that consumers receive notice when their mortgage loan has been sold or transferred is mandatory.

http://edocket.access.gpo.gov/2010/pdf/2010-20664.pdf

Federal Trade Commission (FTC) has deferred enforcement of this rule through 12/31/2010 for non-bank financial entities. The effective date for banks and similar depository institutions was November 1, 2008.

[FTC press release]

This rule requires a creditor to provide a consumer with a notice when the creditor provides credit on less favorable terms than it provides to other consumers, based on the consumer's credit. Some alternatives to the required notice are also permitted.

[12 CFR 222 Subpart H & Appendix H (Federal Reserve) and 16 CFR 640 & 16 CFR 698 Appendix B (FTC)]

Compliance is mandatory for the final TILA rule that requires creditors to disclose tables containing summary information about interest rates and payment changes, as well as a statement that consumers are not guaranteed to be able to refinance their transactions in the future. The new interest rate and payment summary tables replace the "payment schedule" previously required as part of the TILA disclosure for mortgage transactions.

http://edocket.access.gpo.gov/2010/pdf/2010-20663.pdf

Compliance with final TILA rules limiting loan originator compensation methods and prohibiting inappropriate steering are effective for applications received by the creditor is mandatory.

http://edocket.access.gpo.gov/2010/pdf/2010-22161.pdf

Current FHA-approved lenders (except small businesses, as defined in HUD rules) must possess a net worth of $1 million. Current FHA-approved small business lenders must possess a net worth of $500,000.

http://edocket.access.gpo.gov/2010/pdf/2010-8837.pdf

FHA single-family approved lenders and applicants, irrespective of size, must have a net worth of $1 million plus 1% of total FHA loan volume in excess of $25 million, up to a maximum required net worth of $2.5 million.

http://edocket.access.gpo.gov/2010/pdf/2010-8837.pdf