Posts on mortgage compliance and industry regulation including TRID, HMDA, and MERS.
HUD recently announced the specific details of its proposed Fiscal Year 2017 Budget. This is part of the President’s overall Fiscal Year 2017 Budget Plan that was just submitted to Congress. In reviewing HUD’s proposed 2017 Budget, there are some items that will be of particular interest to mortgage lenders. Some examples are as follows: HUD is requesting from Congress…
Some in the housing and lending industries are clamoring for a further reduction in the initial or annual FHA mortgage insurance premiums. The belief is that with the increase in FHA insured loans, helped greatly by the last reduction in the annual premium, FHA has achieved and maybe surpassed the 2% capital reserve requirements. The Community Home Lenders Association (CHLA)…
Recently, I discussed a new security role of “Lender Agent” that was created by USDA Rural Development for participating lenders. Once designated as a “Lender Agent” – a User will be authorized to establish applications, order new and re-issue existing credit reports and request preliminary underwriting recommendations on behalf of an approved lender. Although this is a baby-step in the…
Some good news from Capitol Hill this past week came in the form of an announcement that the House approved a Bill (by a 427-0 margin) that would make substantive changes in FHA’s condominium project approval and recertification procedures. In my November 24, 2015, Blog Post, I discussed three subtle changes implemented by HUD/FHA (at that time) in its condominium…
Freddie Mac and Fannie Mae jointly announced the implementation of an Independent Dispute Resolution (IDR) process which is designed to help resolve alleged loan-level breaches of selling representations or warranties that remain unresolved after all other appeals have been exhausted. This was announced in Freddie Mac’s Guide Bulletin 2016-1. This final, final appeal process will be available for all mortgages…
HUD/FHA announced on Jan. 28th, that it will be lowering mortgage insurance rates for multifamily (5 or more units) mortgages in an effort to increase multifamily loan originations. This could result in the rehabilitation of as many as 12,000 additional units of affordable housing per year on a national basis. Default/claim rates on the FHA multifamily loan portfolio have traditionally…
