Posts on mortgage compliance and industry regulation including TRID, HMDA, and MERS.
With the recent TRID rule extension, lenders and service providers have a few more weeks to finalize their plans and preparations to service customers under the new rules. Each service provider, lender, realtor and closer, has different areas and responsibilities to address but all need to work together to achieve success (Tips). The big day is not all that far…
What this means to Mortgage Lenders! In a June 18, 2015 News Release, HUD/FHA announced that it has further refined its risk management processes and has created a new “Defect Taxonomy”. The framework for this revised taxonomy centers on three core concepts: Identifying a defect Capturing sources and causes of a defect Assessing severity of a defect Just what does…
Answer(s): No, Maybe and Yes (in the near future) As one can tell from the answers outlined above, there is some confusion and inconsistencies in the underwriting policies of VA and FHA relative to the topic of charging Tax Service fees to borrowers. Unfortunately, this confusion can lead to deficient underwriting review ratings with lenders being asked to make refunds…
Recent surveys conducted by Wells Fargo, Ipsos Public (a global market research company) and Chase reveal that although many consumers think they know and understand the home buying and mortgage process, there is still quite a bit of misunderstanding (Unaware). They think they know, but they don’t know what they don’t know. The good news is that the majority of those…
Lenders are diligently preparing to issue the new Loan Estimate and Closing Disclosure for their loan apps as of August 1st. That’s good because, although CFPB says they will be easy on enforcement, the law still goes into effect. There is no guaranty from consumers and their lawyers that they will also be understanding to those lenders that made a…
Freddie Mac On May 29, 2015, Freddie Mac has stated that, beginning June 1, 2015, the use of Loan Prospector will be free for all new loan submissions. Loan Prospector is Freddie Mac’s automated underwriting system which provides feedback to lenders on loan eligibility as well as minimum documentation requirements for underwriting the loan transaction. Fannie Mae Fannie Mae rolled…
