The 3-year reporting requirement for comp sales had only been in effect for less than 2 months and was the topic of much discussion at the various industry webinars and conferences conducted by HUD/FHA staff prior to the September 14, 2015, implementation date. In my blog post from Nov. 6th, I discussed FHA’s recent decision to rescind its short-lived policy…
In a recent National Mortgage News survey, lenders indicated that in 2016 they are looking for ways to get back to business of generating more loans (Back to Business). With TRID now in full swing, lenders are now looking at ways to increase loan production, improve customer service and streamline operations. Lenders can use what they’ve learned in meeting the…
Appraisers, Underwriters, and Quality Control staff that are involved with the processing and/or review of Fannie Mae and HUD/FHA loan transactions need to be cognizant of the differences between Fannie Mae & FHA appraisal policies on various topics. Outlined below are five examples of these differences: Using a previous appraisal on a subsequent refinance transaction Fannie Mae will allow a…
Now that it has been a little over a month since the official TILA-RESPA Integrated Disclosure (TRID) implementation date, many loan transactions are now closing which are subject to the new TRID rules and use of the TRID required forms (i.e. Loan Estimate and Closing Disclosure). In this regard, both VA and FHA have provided some guidance to lenders as…
I’m going to stray a little from my normal blog about industry information to take a moment to thank and honor all those who have so bravely served, and presently serve, our Country in all branches of our military. Thank you all for your service and sacrifice. Thank you for protecting our freedoms and for maintaining our safety and security.…
Just in case you missed it, Fifth Third Bancorp agreed to pay almost $85 million to settle charges brought about by a DOJ action brought under the False Claims Act. According to the charges, Fifth Third failed to report that more than 1,400 FHA insured loans were defective after they had certified them as being eligible for the FHA insurance…
