Posts on mortgage compliance and industry regulation including TRID, HMDA, and MERS.
HUD/FHA published revisions to its draft 4000.1 Handbook on August 14, 2015 that should benefit lenders! If you have been reading the Blog Posts and Newsletters being generated by LoanLogics in the past few months – you are aware of the many underwriting policy changes being implemented by HUD/FHA when their 4000.1 Handbook becomes effective. Most portions of this Handbook…
CFPB has made it clear they do not like Marketing Services Agreements (MSAs). Although such agreements have become somewhat commonplace in the mortgage industry, CFPB is taking a new look at them and doesn’t like what it sees. When MSAs first surfaced several years ago, HUD issued some guidance which is used by lenders and service providers to gauge the…
HUD/FHA’s draft “Origination Through Post-Closing/Endorsement Handbook”, states that loan transactions must be selected for post-closing reviews on a monthly basis with the selection comprising loans closed in the prior month. The loans that are selected for review must be processed within 60 days from the end of the prior one-month period. This is quite a reduction in processing time from…
In all the hoopla surrounding CFPB’s birthday and their release of the final rule on TRID, we overlooked the 5th anniversary of the Dodd-Frank Act. Let’s face it, had it not been for Dodd-Frank, there would be no CFPB. Just think of it…okay, now back to reality. Depending on which side of isle one sits, Dodd-Frank is either a boom…
The GSEs have recently changed their policies on how repayments made on student loans are handled in calculating debt-to-income ratios. In addition, HUD/FHA is proposing major changes in the way student loan debt is handled when calculating monthly obligations for prospective borrowers. Outlined below is a description of each of these changes: Freddie Mac Effective for mortgages with Settlement Dates…
My colleague ,Mike Vitali, discussed in his blog post on July 21st the CFPB’s action to extend the implementation date for TRID from August 1, 2015 to October 3, 2015. Today comes word that the House Financial Services Committee is expected to take up H.R. 3192 on July 28, 2015 which would provide a temporary safe harbor from enforcement of the…
