11/05/2013 (press release: marinalocks) // Linthicum, Maryland, United States // Bernadette Pearson
NFM, Inc.’s Compliance and Legal Department are conducting seminars at their branch locations to educate realtors and brokers on the 2014 changes to the industry as a result of the CFPB regulations.
The topics include Loan Originator Compensation (LO Comp) The Ability to Repay Rule which defines a Qualified Mortgage (QM) and additional Appraisal requirements under ECOA and TILA. The new rules have staggered effective dates with LO Comp going into effect January 1, 2014 and QM and the Ability to Repay requirements applicable to all applications taken on or after January 10, 2014. The Appraisal regulations under TILA and ECOA go into effect January 18, 2014. NFM, Inc. will implement all of the CFPB rules on January 1, 2014.
NFM, Inc. felt it was important to educate realtors because these regulations affect everyone in the housing industry. The realtors walked out of the seminar more informed and better able to educate their clients on the loan process. NFM, Inc. began preparing for the CFPB changes to LO Comp, QM, the Ability to Repay and Appraisal regulations as soon as the final rules were passed earlier this year.
“As the mortgage industry continues to experience the slowing of refinances, it is important to keep the dialogue with our realtor colleagues open. While the CFPB is not a prudential regulator for realtors, certainly the new laws impact the loan process. A knowledgeable realtor is a great ally to assist the consumer through the transaction. NFM, Inc. is committed to doing its part to assist in dispersing this information and pointing the realtors in the appropriate direction for resources on these critical topics,” said LaTasha Rowe, NFM, Inc.’s General Counsel.
NFM, Inc. is also continuing to monitor broker fallout as a result of the wholesale channel exit of SunTrust effective December 31, 2013. SunTrust’s announcement follows other banks such as Wells Fargo that have discontinued broker transactions. NFM, Inc. is committed to keeping their employees and business associates well informed on regulatory and industry changes.
About NFM, Inc./NFM Lending
NFM, Inc. is a mortgage lending company currently licensed in twenty-seven states in the U.S. The company was founded in Baltimore, Maryland in 1998. They attribute their success in the mortgage industry to their steadfast commitment to customers and the community. NFM, Inc. has firmly planted itself in the home loan marketplace as “America’s Common Sense Residential Mortgage Lender.”
Human Resources Director, NFM, Inc.
E-mail: [email protected]
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