Arizona Association of Mortgage Brokers

HEADLINES

October 9, 2008
	The Red Flag Rule - Are You in Compliance? On November 9, 2007, the Office of the Comptroller of the Currency (“OCC”), Federal Reserve Board(“Board”), Federal Deposit Insurance Corporation (“FDIC”), Office of Thrift Supervision (“OTS”), National Credit Union Administration (“NCUA”), and Federal Trade Commission (“FTC”) jointly issued a final rule and guidelines implementing sections 114 of the Fair & Accurate Credit Transactions Act of 2003 (“FACT Act”). The rule requires financial institutions and creditors to develop and implement a written Identity Theft Prevention Program (“Program”) to detect, prevent, and mitigate identity theft in connection with certain financial accounts. The guidelines accompanying the final rule are designed to assist financial institutions and creditors in formulating and maintaining a Program that satisfies the requirements of the new rule. The mandatory compliance date for these rules is November 1, 2008. For an outline of how to make sure you are in compliance, please visit the Members Only section of the NAMB webpage.

October 8, 2008
	State Attorneys General Reach Settlement with Countrywide Financial
	Read the press release form the Arizona AG's Office

October 7, 2008
	California Revokes License for First Magnus dba Charter Funding
	Read California Filing (PDF)

October 3, 2008
	Bush Signs Bailout Bill Passed by House & Senate
	President Bush has signed the far-reaching and historic plan to bail out the nation's ailing financial system. The measure passed the House today by a comfortable margin. "We have acted boldly to prevent the crisis on Wall Street from becoming a crisis in communities across our country," Bush said. Read the new bill HR 1424 (It's a LARGE PDF file - 451 pages) http://money.cnn.com/2008/10/01/news/pdf/index.htm

October 3, 2008
	Freddie Mac Eliminates Increase of Market Delivery Fee
	On October 3, 2008 Freddie Mac announced that it would eliminate the previously announced increase of market condition delivery fees as well as preview new conforming loan limits and make updates to credit and pricing. Freddie Mac had originally announced in August of 2008 that it would implement a 25 basis point increase in their Market Condition postsettlement delivery fee and that the change would take effect on November 7, 2008.
	More info at NAMB Legislative Action Center
	For additional information on these changes,visit FreddieMac.

July 7, 2008
	GOVERNOR SIGNS LOAN ORIGINATOR LICENSING BILL Read the Press Release
	READ MORE ABOUT THE BILL
	BILL STATUS OVERVIEW BILL STATUS VOTES FOR SB1028 - Final Reading

Latest News from AzDFI
	DFI Removes 12 People from Financial Services Industry
	Read the press release

	Senate Banking Committee is considering The Federal Housing Finance Regulatory Reform Act of 2008 Read the Proposal HERE

	BUSH ADMINISTRATION TO IMPLEMENT FHASECURE EXPANSION USING FAIR, FLEXIBLE PREMIUM PRICING
	FHA prepares to assist more struggling homeowners while protecting taxpayers from risk READ MORE

Arizona Department of Financial Institutions
	Mortgage Fraud Line Foreclosure Help

Stay up to date on the latest AZ legislation affecting our industry with This Week's News...From the Capitol

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Stay up to date on the latest National legislation affecting our industry
	NAMB Legislative Alerts & Updates

	More current events affecting our industry can be reviewed at mortgagefraudblog.com