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…
As you know by now, under the new TRID rules there is no longer an allowable tolerance for the fees disclosed for the lender required services for which a consumer cannot shop. This means the lender is bound by what is disclosed for these costs on their initial Loan Estimate unless there is a bona fide change. Lenders are expected…
What will come as welcome news to FHA Roster Appraisers – FHA has decided to rescind its short-lived policy to require appraisers to report the date(s) and sales price(s), that occurred within three years of the effective date of the appraisal, for each comparable sale. In its much-publicized implementation of the 4000.1 Handbook and the accompanying Single Family Appraisal Report…
Although it is said that actions speak louder than words, sometimes when the two come together it can have a powerful effect. Such is the case when it comes to the MBA’s Mortgage Action Alliance (MAA). This is a grass roots effort, supported by member firms and their employees, to help facilitate communication with our elected officials to promote industry…
More calls from the mortgage lending industry for FHA to reduce their annual mortgage insurance premiums. This one comes from the Community Home Lenders Association (CHLA) (MIP Cut). Who is the CHLA and why do they want another FHA premium cut? The CHLA is a national non-profit association of community-based mortgage lenders who, among other things, promote policies to help…
