What You Need to Know! In this highly competitive mortgage lending industry, there are times in which a lender will be asked to transfer an FHA appraisal and/or case number by one of their competitors. Maybe a prospective borrower has obtained a better interest rate/points with another lender OR maybe a Loan Officer has resigned his/her position with their current…
On October 2, 2015, HUD published a Proposed Rule in the Federal Register that would implement some rather substantial changes in the way the Department manages and markets its REO inventory. If your Firm is involved, in any way, with the sale or financing of HUD REO properties – you need to be aware of these proposed changes. Some examples…
Under TRID, lenders need to make sure they disclose their fees within 3 days of receipt of the loan application. For the lender’s fees and charges and those for which the borrower cannot shop there is a zero tolerance at the closing table. That means that the fees disclosed on the new Loan Estimate must be the same fee charged…
Fannie Mae recently issued Selling Guide Announcement SEL-2015-10, dated September 29, 2015, which outlines some policy and programmatic changes for Lenders awareness. Fannie Mae’s Selling Guide has already been updated to include these changes which involve a product for lower-income Borrowers and favorable underwriting changes to high-balance loans. The most notable changes are as follows: Introduction of the “HomeReady Mortgage”…
Well, not really. The CFPB issued a long-awaited bulletin today (CFPB Bulletin 2015-05) labeled as their guidance on the use of Marketing Services Agreements (MSAs). The only real guidance that I could determine from reading the bulletin is not to be in an MSA arrangements. If you are, you do so at your own peril. The bulletin highlighted several enforcement…
Now that TRID has arrived, with QM and ATR in the rear view mirror, the CFPB may start looking around for other areas of intended consumer protections. One which has recently come to light is MSA’s – Mortgage Services Agreements. Richard Cordray, CFPB’s Director, has made it pretty clear that he does not like these type arrangements as they may…
