Posts on mortgage compliance and industry regulation including TRID, HMDA, and MERS.
Innovations via Technology – Making the Loan Origination Process More Effective & Efficient On October 19th, Fannie Mae announced a series of innovations that will collectively have a positive impact on the loan origination process. The ultimate objectives of these innovations are to provide more access to mortgage financing to prospective home buyers and to help simplify current loan processing…
FHA’s Office of Single Family Housing has issued a notice outlining their position on TRID enforcement. In recognizing the lender’s challenges in implementing the new rules, FHA will not include a technical TRID compliance audit when performing their regular quality control reviews (FHA Pass).This moratorium is set to expire on April 16, 2016. During this trial period, they expect lenders…
In separate Announcements, both dated October 7, 2015, Fannie Mae and Freddie Mac indicated that they will begin categorizing loan origination defects, as of January 1, 2016, in one of three ways. They are as follows: Findings Price-Adjusted Loans Significant Defects The stated intent of this change in Defect Taxonomy is to refine their representations and warranties framework by…
The ink is barely dry on the first loan application taken under the new TRID rules and mortgage lenders have something new (or old) to worry about. CFPB, in its continuing efforts to protect consumers against those unscrupulous lenders out there, has issued its “guidance” on Mortgage Services Agreements (MSAs). The guidance they issued basically says they don’t like these…
What You Need to Know! In this highly competitive mortgage lending industry, there are times in which a lender will be asked to transfer an FHA appraisal and/or case number by one of their competitors. Maybe a prospective borrower has obtained a better interest rate/points with another lender OR maybe a Loan Officer has resigned his/her position with their current…
Under TRID, lenders need to make sure they disclose their fees within 3 days of receipt of the loan application. For the lender’s fees and charges and those for which the borrower cannot shop there is a zero tolerance at the closing table. That means that the fees disclosed on the new Loan Estimate must be the same fee charged…
