As if the housing crash, more regulations, increased agency scrutiny and CFPB oversight didn’t create enough challenges for Independent Mortgage Bankers, along comes potential new Ginnie Mae increased cash and liquidity requirements (Ginnie Requirements). With Independent Mortgage Bankers taking a lead role as issuers of Ginnie securities, along comes a concern that such lenders may not have the financial capacity…
If you have been reading our LoanLogics Blogs and Newsletters as well as other industry publications, you are aware of the fact that the policies outlined in FHA’s 4000.1 Handbook (for the most part) became effective on September 14, 2015. This 800+ page Handbook will provide a single reference point for FHA underwriting, Quality Control & appraisal policies. More importantly,…
With the TRID rules effective date just around the corner, the industry is pushing Congress hard for legislation to impose an enforcement moratorium. Lenders are concerned that honest mistakes/errors may take place as the result of the complexity of the new rules, the massive programming changes required for compliance, the exactness of the new forms and remaining uncertainty over implementation…
FHA requires lenders to sign an annual and individual loan certification that basically states the lender originates loans for FHA insurance in compliance with all related FHA rules and requirements. If the lender is found to have violated these rules, the lender may be fined and prohibited from further participation in the FHA lending program. In some cases, the lender…
Recently, lenders have had some good news relative to some system upgrades which will enhance their reliance on tracking reports that are essential for the overall monitoring of loan performance. In August, Fannie Mae announced that their Reps and Warrants Tracking Reports have been substantially upgraded to assist lenders in the identification of loans that have achieved sunset relief of…
As it should be with everything we do, it is important to start at the beginning. Sometimes we get so wrapped up in what’s happening or going to happen, we jump in without looking where we leap. This can be dangerous. With all the concentration on the upcoming TRID changes and the two new TRID forms, it’s important to be…
