Posts on mortgage compliance and industry regulation including TRID, HMDA, and MERS.
Seems people are always looking for shortcuts. Ways to get where they’re going more quickly or make what they need to do much easier. I’ve found that in all too many instances when looking for, and taking, these shortcuts it leads to more trouble than its worth, and it takes more time and effort to get where you want to…
HUD/FHA’s Electronic Appraisal Delivery (EAD) Portal Deadline Approaching The HUD/FHA Electronic Appraisal Delivery (EAD) portal will become mandatory for use by all mortgagees on June 27, 2016. In order to prevent huge disruptions in their FHA loan origination pipeline, “lenders are encouraged to get registered for onboarding to the EAD portal before the effective date”, was the word from HUD…
HUD/FHA released the results of their Post-Endorsement Technical Reviews reflecting the status of these reviews as of March 1, 2016. A total of 6,148 PETRs were processed in the 4th Quarter of Fiscal Year 2015 (July 1, 2015, thru Sept. 30, 2015) with the following results: Conforming – 1,126 cases (or 18%) Deficient – 2,151 cases (or 35%)…
As we all well know, sometimes the headlines are written to grab our attention but the story reveals something a little different. Take the headline on this article appearing in last Tuesday’s MBA NEWSLINK; “Survey: Consumers Still Report Slower Closings, ‘Surprises’ Under TRID” (Survey). This headline would lead one to believe that closings are being delayed, and consumers are being…
Yesterday, HUD has officially rolled out their revised 92900-A Form which will be effective for loan transactions that obtain their FHA case numbers on or after August 1, 2016 (Mortgagee Letter 2016-06). In comments accompanying this Mortgagee Letter, Ed Golding, Principal Deputy Assistant Secretary for Housing, stated that “FHA is clearly identifying what lenders will be held accountable for –…
If your firm services FHA insured loan transactions, you need to be aware of a substantive change in FHA policy being implemented, for loans that obtain their FHA case number on & after March 14, 2016, that involves the assessment of Late Charges. HUD/FHA allows servicing lenders to assess a late charge on FHA-insured loan transactions if a borrower’s mortgage…
