Posts on mortgage compliance and industry regulation including TRID, HMDA, and MERS.
The CFPB has been reporting on consumer complaints for the past few tears, this is not new. However, they are now expanding this reporting to provide more specifics on the types of complaints received, and the companies receiving the most complaints (Complaints). You can read this article for all the gory details. What does this mean for lenders? First and…
Reports show that FHA loan production has picked up since enacting their annual premium reduction. This suggests that more people are taking FHA-insured loans to finance their homes (FHA Production). FHA endorsed 102,800 loans in May. A big jump over the 66,300 loans they endorsed in January. Why the jump? A big contributor is obviously the premium reduction. But, did…
As a follow-up to my prior post about CFPB’s birthday, here’s a new one. CFPB is giving the industry a present. Today, CFPB issued the final rule on the extension of the implementation date for TRID. It’s official! The new date is now, Saturday, October 3, 2105 (TRID Start Date). Ain’t that nice? It doesn’t stop there. The final rule…
At some point in your career − maybe even during a job interview − many in the mortgage lending industry have been asked: Are you a DE underwriter? Do you have a CHUMS number? What is your DE number? Essentially, these are all variations of the same question. In 1996, HUD/FHA delegated the responsibility of approving underwriters to process loans…
As if you didn’t already know, a recent report (and chart) issued by MBA indicates that Underwriter productivity has been on the decline over the past ten years (UW Productivity). On average, for the larger lenders the number of loans reviewed per underwriter per month decreased from about 165 to 33; that’s a decrease daily from approximately 8 down to…
HUD/FHA’s Origination Through Post-Closing Handbook (4000.1) consolidates & supersedes numerous Mortgagee Letters, Notices, etc. that have been issued in past years and provides users with one, updated & consolidated document containing the current FHA underwriting policies. Lenders beware – this Handbook also enacts many changes to current FHA policies & procedures. Many of these changes will make it more difficult…
