The USDA announced that both their upfront guarantee fee as well as their annual fee structure will see rate reductions in Fiscal Year 2017, which begins on October 1, 2016 and ends at the close of business on September 30, 2017. For the USDA’s Single Family Housing Guaranteed Loan Program, the upfront guarantee fee will change from 2.75% to 1.0%…
For years, lenders were required to perform a quality control review of the loans they closed. Today, lenders need to perform both the post-closing QC review but must also conduct reviews on loans prior to the closing. These required pre and post-closing quality reviews present a great opportunity for lenders to identify potential problems, and they help to indicate where…
The Veterans Administration (VA) has a new mandatory “stacking order” for loan files selected by the VA for a full file loan review. This new stacking order becomes effective for loan files selected for review on, or after, June 1, 2016. It is important to note that there are two separate stacking order documents that have been created by the…
The other day, I wrote about the TRID panel I moderated at our recent inaugural LoanLogics’ User’s Conference at the Sawgrass Marriott in Florida. During that presentation, Noerena Limon, Quality Analyst with the CFPB, mentioned, on more than one occasion, the importance of consumer education and what CFPB expects from a lender and is doing to help. I mentioned that…
In a previous blog post, I discussed HUD’s announcement of some of the specific details of its proposed Fiscal Year 2017 Budget (which is part of the President’s overall Fiscal Year 2017 Budget Plan) that had been just submitted to Congress. In reviewing HUD’s proposed 2017 Budget, there was one item of particular interest to mortgage lenders. This was the…
It may not be good grammar but it makes the point. When I travel, I often wonder who gets the flights that depart from gates 1, 2 or 3 at the airport. For some reason, it seems I always end up leaving from a gate at the very end of the terminal. Ironically, when returning from our recent LoanLogics Users…
