It is not a widely known fact that FHA allows (with advance approval) prospective borrowers that are 60 years of age or older to borrow the required funds to close for the purchase of a principal residence. Of course, there are some strings attached but this little-known fact may be history once HUD/FHA implements its updated Origination through Endorsement Handbook…
Fannie Mae’s Appraisal Findings Report – Another Compliance Management Tool for Lenders! In an announcement dated March 10, 2015, Fannie Mae has indicated that they will be generating an Appraisal Findings Report designed to capture Collateral Underwriter (CU) feedback beginning sometime in April 2015. As many lenders are now aware, Fannie Mae rolled out its free proprietary CU appraisal risk…
Processing a Loan Application with an Amended Agreement of Sale? Don’t forget about the Appraiser! In Circular Letter 26-14-29, the VA issued instructions to lenders relative to their responsibility in providing a copy of the Agreement of Sale on a purchase transaction to the assigned appraiser at the time of the appraisal assignment. In this regard, appraisers are required to…
Lenders – are you utilizing Service Providers (or Third Party Vendors) to assist you in your Operations? If so – are you properly monitoring the associated risks in employing such Firms? Read on! The Consumer Financial Protection Bureau (CFPB) fully expects supervised banks and non-banks to properly manage the associated risks with employing service providers (or third party vendors). These…
