Posts on mortgage compliance and industry regulation including TRID, HMDA, and MERS.
The debate rages on. Who will really benefit from the current tax reform proposals? Some say the rich, some say the middle class, and others say the big corporations. Maybe, it’s all three. One big question revolves around the elimination of the SALT deductions. Critics argue this is “double taxing” that would hurt the middle class. Others say, not so…
It seems some may still be a little confused on how to disclose and treat seller credits, according to the results of some of the reviews we do here at LoanLogics. TRID requires a lender to provide a good faith estimate of the fees that may be charged to, or imposed on, the borrower. That means that any fee disclosed…
New HUD Secretary, Ben Carson, made it clear that FHA is concerned about lenders, especially banks, not participating in FHA lending, due to fears from potential False Claims Act (FCA) actions by the Department of Justice (DOJ). Secretary Carson made it quite clear that HUD wishes to bring more clarity into the FHA lending process when it comes to what…
I hope by now everybody knows or should know, that CFPB has increased the reporting requirements for data under the Home Mortgage Disclosure Act (HMDA). Even some people outside of our mortgage lending arena have asked me about it. Go figure. Effective with loan action dates in 2018, lenders need to report 48 loan data elements to CFPB for each…
As you should know by now, the Senate voted to roll back the CFPB’s rule banning arbitration clauses in loan documents. It was very close and needing a simple majority required the vote of the Vice President to break a tie. That is quite telling in itself. The Senate vote means that lenders can require a consumer to submit to binding…
In a mortgage world of eased credit standards, Freddie Mac is tweaking how they will treat an applicant’s student loan debt. Today when an applicant carries student loans that do not indicate a specific monthly payment amount on their credit report, lenders must obtain documentation to evidence the monthly payment due. This can cause problems and delays. Student loans with…
