Fannie-Mae-KISS
Mortgage Compliance

Fannie Mae is Trying to Simplify Loan Processing

Innovations via Technology – Making the Loan Origination Process More Effective & Efficient  On October 19th, Fannie Mae announced a series of innovations that will collectively have a positive impact on the loan origination process. The ultimate objectives of these innovations are to provide more access to mortgage financing to prospective home buyers and to help simplify current loan processing…

Continue Reading

Fannie-Mae-Envelope
Mortgage Industry Trends

Fannie Keeps on Pushing the Envelope

Fannie Mae continues to make changes to their products, pricing and processes in attempts to help lenders provide financing to more home buyers and homeowners. They rolled out their 97% financing, eased some of their underwriting guidelines, modified reps and warrants and recently expanded their eligibility for high balance loans to better serve creditworthy borrowers in high cost areas.  What…

Continue Reading

TRID-Delay-April-16-2016
Mortgage Compliance

A Kinder, Gentler FHA

FHA’s Office of Single Family Housing has issued a notice outlining their position on TRID enforcement. In recognizing the lender’s challenges in implementing the new rules, FHA will not include a technical TRID compliance audit when performing their regular quality control reviews (FHA Pass).This moratorium is set to expire on April 16, 2016. During this trial period, they expect lenders…

Continue Reading

Fannie-mae-freddie-mac-defect-taxonomy
Mortgage Compliance

Defects and Remedies – A Changing Environment

In separate Announcements, both dated October 7, 2015, Fannie Mae and Freddie Mac indicated that they will begin categorizing loan origination defects, as of January 1, 2016, in one of three ways.   They are as follows: Findings Price-Adjusted Loans Significant Defects The stated intent of this change in Defect Taxonomy is to refine their representations and warranties framework by…

Continue Reading

Steer-Clear-MSAs
Mortgage Compliance

MBA’s Advice on MSAs; Steer Clear

The ink is barely dry on the first loan application taken under the new TRID rules and mortgage lenders have something new (or old) to worry about. CFPB, in its continuing efforts to protect consumers against those unscrupulous lenders out there, has issued its “guidance” on Mortgage Services Agreements (MSAs). The guidance they issued basically says they don’t like these…

Continue Reading

TRID-Effect-CFPB
Mortgage Industry Trends

The TRID Effect

Mortgage applications fell drastically last week and some believe it is the direct result of the new TRID rules (Apps Decline). Could it be that lenders were able to push many applications to the prior week due to the fears created by the need to comply with new disclosure rules? Do lenders have such powers to make buyers move up…

Continue Reading