Posts on mortgage compliance and industry regulation including TRID, HMDA, and MERS.
Looking to buy a property in which you can both live in and operate a business? Your financing options are about to greatly expand if one of HUD/FHA’s proposed Rule changes goes into effect on June 15, 2015 as planned! At the present time, a prospective borrower may utilize FHA Section 203(b) financing to purchase a mixed-use property if the…
On HUD’s latest conference call (see NOTE below), it was stated that the primary role of an FHA Roster appraiser is to “Observe, Analyze and Report” what he/she encounters during their on-site visit to a property. There were a number of specific examples cited in which the HUD staff presenter indicated that the appraiser has effectively completed their assignment when…
In a recent Blog Post, I discussed HUD/FHA’s plans to begin issuing eFindings Letters on April 27, 2015 in lieu of hard copy letters sent via the US Postal Service on all Post-Endorsement Technical Review cases rated “Unacceptable”. In this regard, HUD Headquarters staff conducted a Webinar on Tuesday, April 21, 2015 to discuss this new process as well as…
On April 16, 2015, HUD/FHA Headquarters staff conducted an industry conference call to discuss the recently published new Section of the draft “Origination Through Post-Closing/Endorsement” Handbook (4000.1) dealing with Appraiser and Property Requirements. This Handbook will ultimately serve as a single reference point for FHA underwriting and appraisal policies & procedures and is targeted to be effective for all transactions…
An ongoing court case in Ohio, dealing with a claim of wrongful termination, offers some insights into a couple of important lessons a lender may learn. A processor working for Lenders Processing Services, Inc., (LPS) reported what she believed to be contract violations on how LPS is handling loans for JP Morgan Chase. Subsequently, she was fired for other reasons…
The policy & procedural changes being implemented by HUD/FHA are scheduled to be effective as of June 15, 2015 – which is now only 2 months from now. The good news – upon implementation of the new HUD Handbook in June 2015, the requirement for mortgagees to conduct annual on-site reviews of their Branch Offices (including nontraditional Branch and direct…
