Posts on mortgage compliance and industry regulation including TRID, HMDA, and MERS.
Well, it is finally April and thoughts of many Americans are to seek an extension from the Federal Government regarding the filing of their Tax Returns. However, the topic of this Blog Post is not income taxes but two widely discussed mortgage industry initiatives that have effective dates looming and extensions being sought by many entities. In Mike Vitali’s, B-Logics’…
As a result of the upcoming TRID changes, and resultant lender liability, word on the street is that many large banks are considering handling the closings of their mortgage loans in house. Although most banks now handle equity line closings in-house, it’s not the same as doing a purchase transaction with a seller, buyer and Realtor involved. There are quite…
As I have mentioned in previous Blog Posts, several months ago, HUD/FHA released a draft copy of its “Origination through Post-Closing Endorsement” Handbook (4000.1) on its website. Most noteworthy is the fact that the policy & procedural changes that are being implemented by HUD/FHA via this Handbook are scheduled to be effective as of June 15, 2015 – which is…
HUD/FHA has just announced (refer to Mortgagee Letter (ML) 2015-08) that it will be implementing its long-awaited Electronic Appraisal Delivery (EAD) process effective for all FHA case numbers assigned on or after June 27, 2016. This ML states that the EAD portal will be a web-based platform through which lenders and their third-party service providers will be able to electronically…
Several months ago HUD/FHA released a draft copy of its “Origination through Post-Closing Endorsement” Handbook (4000.1) on its website. Most noteworthy is the fact that the policy & procedural changes that are being implemented by HUD/FHA via this Handbook are scheduled to be effective as of June 15, 2015 – which is now less than 3 months away. Also, on…
It is not a widely known fact that FHA allows (with advance approval) prospective borrowers that are 60 years of age or older to borrow the required funds to close for the purchase of a principal residence. Of course, there are some strings attached but this little-known fact may be history once HUD/FHA implements its updated Origination through Endorsement Handbook…
