Federal Banking Agencies Issue Long Awaited Final Rule on Registration of Mortgage Loan Originators
The OCC, FRB, FDIC, OTS, FCA, and NCUA have adopted final rules to implement the Secure and Fair Enforcement for Mortgage Licensing Act (the SAFE Act). Among other requirements, the SAFE Act requires an employee of a bank, savings association, credit union or Farm Credit System institution and certain of their subsidiaries that are regulated by a federal banking agency or the FCA who acts as residential mortgage loan originator to register with the Nationwide Mortgage Licensing System and Registry, obtain an unique identifier, and maintain this registration. The final rule will be outlined in the upcoming August 2010 edition of the WBA Compliance Journal.  The final rule may be found at: http://edocket.access.gpo.gov/2010/pdf/2010-18148.pdf

Wisconsin Banking Benchmarks
A new service of the Wisconsin Bankers Association for its members. These reports will give you an insight on the banking and economic conditions in Wisconsin as well as nationally. View 1st Quarter 2010 numbers by visiting www.wisbank.com/bankingbenchmarks.

WBA Overview of Various Government Mortgage Loan Programs
This newly revised chart focuses specifically on government mortgage loan programs and includes the information related to short sales and deeds-in-lieu of foreclosure (HAFA) that went into effect in April. Information on the recently announced President Obama enhancements to the HAMP program that go into effect this fall is also covered. Click to download.