Posts on mortgage compliance and industry regulation including TRID, HMDA, and MERS.
As I’m sure if you’ve heard by now, many banks are shying away from FHA lending. As a direct result, independent, non-bank, mortgage lenders are seeing a windfall in these loans. The old “bad news; good news” scenario. Is this good news for independents? Banks fear the potential repercussions resulting from the certifications required by FHA when doing these FHA-insured…
The USDA announced that both their upfront guarantee fee as well as their annual fee structure will see rate reductions in Fiscal Year 2017, which begins on October 1, 2016 and ends at the close of business on September 30, 2017. For the USDA’s Single Family Housing Guaranteed Loan Program, the upfront guarantee fee will change from 2.75% to 1.0%…
The Veterans Administration (VA) has a new mandatory “stacking order” for loan files selected by the VA for a full file loan review. This new stacking order becomes effective for loan files selected for review on, or after, June 1, 2016. It is important to note that there are two separate stacking order documents that have been created by the…
It may not be good grammar but it makes the point. When I travel, I often wonder who gets the flights that depart from gates 1, 2 or 3 at the airport. For some reason, it seems I always end up leaving from a gate at the very end of the terminal. Ironically, when returning from our recent LoanLogics Users…
On April 8, 2016, I had alerted lenders that there was an important government deadline quickly approaching and advised them not to miss this “last chance” opportunity. NO, I was not referring to the deadline established for filing Income Tax returns with the IRS. Instead, I discussed HUD/FHA’s very last onboarding phase (which was held on April 15, 2016) for…
The good news is that FHA has amended their policy, which I outlined in an August 2015 blog post. That post, was about the GSE’s underwriting policy with respect to borrowers with outstanding student loan debt and highlighted the proposed HUD/FHA new policy (upon implementation of Handbook 4000.1). The policy in August required lenders to calculate a monthly payment for…
