Posts on mortgage compliance and industry regulation including TRID, HMDA, and MERS.
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…
Fannie Mae recently issued Selling Guide Announcement SEL-2015-10, dated September 29, 2015, which outlines some policy and programmatic changes for Lenders awareness. Fannie Mae’s Selling Guide has already been updated to include these changes which involve a product for lower-income Borrowers and favorable underwriting changes to high-balance loans. The most notable changes are as follows: Introduction of the “HomeReady Mortgage”…
Well, not really. The CFPB issued a long-awaited bulletin today (CFPB Bulletin 2015-05) labeled as their guidance on the use of Marketing Services Agreements (MSAs). The only real guidance that I could determine from reading the bulletin is not to be in an MSA arrangements. If you are, you do so at your own peril. The bulletin highlighted several enforcement…
Well, it’s finally here. Like it or not, TRID is born and for new loan applications taken, as of Saturday (10/3), lenders are required to follow the new rules. Mortgage lending may never be the same. Everybody sing and everybody dance… For the past 18 months, lenders have been primping and prepping to be ready for the roll out of…
September & October 2015 will go down as an important period of time for the implementation of many substantial credit and compliance policy & procedural changes for the mortgage lending industry. Many of our past LoanLogics Blogs have focused on the roll-out of FHA’s 4000.1 Handbook and the numerous policy changes that became effective for transactions obtaining their FHA case…
A couple of days ago, I wrote about some unintended consequences of the increase in government regulation on mortgage lenders. Recently, more and more banks are quickly moving away from FHA lending because of what they believe to be increased risk. Increased risk from the type of borrower involved, from the new Dodd-Frank rules and from FHA certification requirements. JPMorgan…
