Posts on mortgage compliance and industry regulation including TRID, HMDA, and MERS.
In August, HUD has announced even more policy & procedural changes that will be established upon implementation of their 4000.1 Handbook. The good news is that most of the proposed changes outlined in this Notice will have an effective date of March 14, 2016 instead of the September 14, 2015 effective date established for most other portions of this Handbook.…
Are you aware of what you are certifying to on an FHA loan transaction? Are you aware of the False Claims Act? Read on! The False Claims Act is the federal government’s primary tool in combating fraud against the government. With respect to some recent cases involving mortgage lenders, the Department of Justice (DOJ) has asserted that certain lenders falsely…
Let’s not let the facts get in the way of a good legal action. That seems to be the mantra of the current Administration when it comes to having HUD take action against lenders for what they believe is “disparate impact” in their lending practices (Abuses). According to the National Fair Housing Alliance, “Disparate Impact” is a legal doctrine under…
Heard that one before and it usually means trouble. This time it could be true. CFPB has launched a site to provide Realtors with information about the new TRID disclosures, their use and benefits to the consumer (Know Before You Owe). The information is intended to educate Realtors on what has changed, what information a lender needs to provide a…
When FHA announced its reduction in the annual mortgage insurance premiums, it was said to be done to assist additional first-time home buyers and low to moderate income consumers buy homes. According to recent research, done by a Washington, DC think-tank, the American Action Forum, that ain’t the case. (Lower Premiums) The results, so far, indicate that what it has done…
Within the past three weeks, lenders have had some good news relative to some system upgrades which will enhance their reliance on tracking reports that are essential for the overall monitoring of loan performance. On August 11, 2015, Fannie Mae announced that their Reps and Warrants Tracking Reports have been substantially upgraded to assist lenders in the identification of loans…
