Last year, Fannie and Freddie announced some relief to lenders under their Reps and Warrants. Under this announcement, lenders could receive relief from responsibility for indemnification and repurchases via two methods; Acceptable Payments History: Borrower making payments for 36 consecutive months with no more than one 30 day delinquent; or Quality Control Reviews: a satisfactory review by the agency that…
By now, you’ve probably heard of the other decision recently handed down by the US Supreme Court. The Court ruled the theory of “disparate impact” may be applied under the Fair Housing Act in determining potential fair lending violations. What is “disparate Impact”? It’s the adverse effect of a practice or standard that is neutral and non-discriminatory in its intention…
With the recent TRID rule extension, lenders and service providers have a few more weeks to finalize their plans and preparations to service customers under the new rules. Each service provider, lender, realtor and closer, has different areas and responsibilities to address but all need to work together to achieve success (Tips). The big day is not all that far…
TRID may be delayed for a while. But, Lenders still need to be concentrating on compliance and quality. CFPB may be concentrating on more regulation, but, Fannie and Freddie continue their increased emphasis on defect management. FHA is now following suit with the announcement of their new defect taxonomy. The goal? Loans made with ZERO defects. You can bet on…
I know all the talk surrounds the CFPB announcement to postpone TRID implementation until October. That’s a good thing as it will allow many lenders and service providers more opportunity to finalize and hone their systems. Some good news for a change! More good news is that a new organization, created as an advocate for better housing policy, the J.…
Recent surveys conducted by Wells Fargo, Ipsos Public (a global market research company) and Chase reveal that although many consumers think they know and understand the home buying and mortgage process, there is still quite a bit of misunderstanding (Unaware). They think they know, but they don’t know what they don’t know. The good news is that the majority of those…
