Uncle-Sam-wants-you-to review-fhfa-plans-freddi-mac-fannie-mae-low-to-moderate-income
Mortgage Compliance

Duty to Serve

It sounds as though we may go back to the old military draft system. No, it’s only for Fannie Mae and Freddie Mac requirements to provide programs to serve the needs of very low, low, and moderate-income home buyers. FHFA announced it is extending the deadline for comments on their Evaluation Guidance to meet these requirements from May 15th to…

Continue Reading

day-1-one-certainty-caveat-reverification-emplyoment
Mortgage Compliance

Protect Your Day 1 Certainty Relief

By now you’ve probably heard of Fannie Mae’s Day 1 Certainty Program to earn relief from certain origination reps and warranties. I hope so because it’s a good program for lenders to get a little relief when they produce quality loans. A lender, using a Fannie authorized third party verification company, can get complete relief from the reps and warranties…

Continue Reading

CFPB-CLEARR-choice-magnifying-glass
Mortgage Compliance

Is there a CLEARR CHOICE for Dodd-Frank Reform?

Recently, Rep. Jeb Hensarling (R-TX), Chairman of the House Financial Services Committee, announced that his Committee will hold new hearings to discuss the provision of the amended CHOICE (Creating Hope and Opportunity for Investors, Consumers, and Entrepreneurs). You can’t make this stuff up! The new version, known as CHOICE 2.0 is intended to replace the controversial Dodd-Frank Act and reshape…

Continue Reading

Are-Your-Ready-For-HMDA-Keyboard-tapping
Mortgage Compliance

And So It Begins!

  Are You Ready to HMDA? “Those required to report this information must make more careful efforts to follow the law,” CFPB Director Richard Cordray said in a press release. “Today we are sending a strong reminder that HMDA serves important purposes for many stakeholders in the mortgage market.” Mr. Cordray was speaking about a $1.75 million fine levied against…

Continue Reading

g-fees-atm-congress-house-rule-916
Mortgage Compliance

Should G-Fess Be Congress’ ATM?

House Rule 916, the Risk Management and Homeowner Stability Act, was recently introduced as bi-partisan legislation by Representatives Mark Sanford (R-SC) and Brad Sherman (D-CA). The bill is intended to restrict increases in agency Guaranty Fees to finance reforms to the secondary markets and prohibit use by Congress to fund other programs or cover budget shortfalls for such programs. “G-fees”,…

Continue Reading