FHA’s Office of Single Family Housing has issued a notice outlining their position on TRID enforcement. In recognizing the lender’s challenges in implementing the new rules, FHA will not include a technical TRID compliance audit when performing their regular quality control reviews (FHA Pass).This moratorium is set to expire on April 16, 2016. During this trial period, they expect lenders…
In separate Announcements, both dated October 7, 2015, Fannie Mae and Freddie Mac indicated that they will begin categorizing loan origination defects, as of January 1, 2016, in one of three ways. They are as follows: Findings Price-Adjusted Loans Significant Defects The stated intent of this change in Defect Taxonomy is to refine their representations and warranties framework by…
The ink is barely dry on the first loan application taken under the new TRID rules and mortgage lenders have something new (or old) to worry about. CFPB, in its continuing efforts to protect consumers against those unscrupulous lenders out there, has issued its “guidance” on Mortgage Services Agreements (MSAs). The guidance they issued basically says they don’t like these…
Mortgage applications fell drastically last week and some believe it is the direct result of the new TRID rules (Apps Decline). Could it be that lenders were able to push many applications to the prior week due to the fears created by the need to comply with new disclosure rules? Do lenders have such powers to make buyers move up…
What You Need to Know! In this highly competitive mortgage lending industry, there are times in which a lender will be asked to transfer an FHA appraisal and/or case number by one of their competitors. Maybe a prospective borrower has obtained a better interest rate/points with another lender OR maybe a Loan Officer has resigned his/her position with their current…
On October 2, 2015, HUD published a Proposed Rule in the Federal Register that would implement some rather substantial changes in the way the Department manages and markets its REO inventory. If your Firm is involved, in any way, with the sale or financing of HUD REO properties – you need to be aware of these proposed changes. Some examples…
