Posts on mortgage compliance and industry regulation including TRID, HMDA, and MERS.
Appraisers, Underwriters, and Quality Control staff that are involved with the processing and/or review of Fannie Mae and HUD/FHA loan transactions need to be cognizant of the differences between Fannie Mae & FHA appraisal policies on various topics. Outlined below are five examples of these differences: Using a previous appraisal on a subsequent refinance transaction Fannie Mae will allow a…
Now that it has been a little over a month since the official TILA-RESPA Integrated Disclosure (TRID) implementation date, many loan transactions are now closing which are subject to the new TRID rules and use of the TRID required forms (i.e. Loan Estimate and Closing Disclosure). In this regard, both VA and FHA have provided some guidance to lenders as…
As you know by now, under the new TRID rules there is no longer an allowable tolerance for the fees disclosed for the lender required services for which a consumer cannot shop. This means the lender is bound by what is disclosed for these costs on their initial Loan Estimate unless there is a bona fide change. Lenders are expected…
What will come as welcome news to FHA Roster Appraisers – FHA has decided to rescind its short-lived policy to require appraisers to report the date(s) and sales price(s), that occurred within three years of the effective date of the appraisal, for each comparable sale. In its much-publicized implementation of the 4000.1 Handbook and the accompanying Single Family Appraisal Report…
More calls from the mortgage lending industry for FHA to reduce their annual mortgage insurance premiums. This one comes from the Community Home Lenders Association (CHLA) (MIP Cut). Who is the CHLA and why do they want another FHA premium cut? The CHLA is a national non-profit association of community-based mortgage lenders who, among other things, promote policies to help…
Pressure has been building recently from lawmakers and housing advocates for HUD to trim its condominium rules and regulations in order to assist prospective borrowers in obtaining FHA financing on condominium units. Many feel that there is too much paperwork involved with the current process of obtaining FHA project approval and re-certification and that many of the rules are too…
