Posts on mortgage compliance and industry regulation including TRID, HMDA, and MERS.
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…
Let’s face it, TRID is a game changer. It has revolutionized the process of how mortgage loans are closed. The replacement of the GFE and initial TIL by the new Loan Estimate caused the need for new technology and forms; however the information being disclosed is relatively the same. The real change comes in the use of the new Closing…
Freddie Mac, in a recently published Single-Family Update, has reminded everyone that it has now been three years since they implemented the Selling Representation and Warranty Framework which provides lenders (or sellers) with relief from certain selling representations and warranties for loans that demonstrate an acceptable payment history. What does this mean to lenders? It is anticipated that many…
As the saying goes, “No good deed goes unpunished!” In my blog post, dated February 24, 2016, I discussed a rather significant change in HUD/FHA policy with respect to the financing of HUD REO properties. Effective for transactions obtaining their FHA Case Number on and after March 14, 2016, lenders will be required to obtain a new appraisal if the…
HUD/FHA announced a new partnership between FHA and the Department of Energy (DOE) which incorporates the use of DOE’s innovative Home Energy Score into FHA’s current Energy Efficient Homes (EEH) program, in Mortgagee Letter 2015-22, dated September 30, 2015. If you currently work for a mortgage lender that originates FHA insured loans, you may ask what the significance is relative…
Lenders need to be aware of policy & procedural changes are being implemented by HUD/FHA on March 14, 2016. One of these changes involves a requirement to obtain a new appraisal when processing an FHA loan transaction on a HUD Real Estate Owned (REO) property. Under current guidelines, which have been in effect for many years, an “AS-IS” appraisal of…
