Posts on mortgage compliance and industry regulation including TRID, HMDA, and MERS.
HUD’s Deputy Secretary, Nani Coloretti, issued a statement advising lenders that although HUD allows government-sponsored Down Payment Assistance, it must comply with their rules (DPA Issue). DUH! This was intended to clear up confusion previously created when Principle Deputy Assistant Secretary, Ed Golding, issued his letter back on May 25th on this same issue (Letter). That letter was intended to…
The House passed HR 2091, the Flood Insurance Market Parity and Modernization Act, which would allow Fannie and Freddie to accept flood insurance placed through private insurance carriers. This is being praised by the insurance and real estate communities and by many lenders as a good thing for consumers. By allowing the Agencies to accept such coverage, the market for…
We all know how important it is to own an energy efficient home. The less use of heating and cooling, and related energy resources, the more affordable a home can be. HUD is making changes that would allow homes to be insured that carry a lien for such improvements when done under Property Assessed Clean Energy (PACE) programs. A property…
HMDA help is here. MISMO, the Mortgage Industry Standards Maintenance Organization, issued their new HMDA Implementation Toolkit (I’ve dubbed the HIT List) to help lenders prepare for, and report on, the new HMDA requirements (HIT List). These guidelines will make it much easier for a lender to comply with CFPB’s new HMDA requirements. However, if you’re not a MISMO member,…
CFPB’s recently released report of their supervisory action for the first 4 months of 2016 revealed that although most lenders are complying with mortgage-related laws, some are still having problems in some areas. CFPB’s Director, Richard Cordray, stated, “The bureau’s supervisors continue to perform more and better oversight of these financial markets and their report give the industry an opportunity…
Beginning in 2019, lenders must report an additional 24 loan data elements under HMDA, collected for loans originated in 2018. This means lenders must be prepared by January 1, 2018, to capture these data elements. A complete list of the required data can be found at HMDA. Lenders have expressed concerns with the additional consumer information being captured. Does this…
