An ongoing court case in Ohio, dealing with a claim of wrongful termination, offers some insights into a couple of important lessons a lender may learn. A processor working for Lenders Processing Services, Inc., (LPS) reported what she believed to be contract violations on how LPS is handling loans for JP Morgan Chase. Subsequently, she was fired for other reasons…
Shockingly, a recent survey, done by Capsilon Corp, a company providing cloud-based document sharing, imaging and collaboration for business, reveals that a large number of mortgage lenders may not be fully prepared to implement the required TRID changes (Survey). Time is running out for these lenders.To date, the CFPB has made it clear that they do not intend to grant…
The policy & procedural changes being implemented by HUD/FHA are scheduled to be effective as of June 15, 2015 – which is now only 2 months from now. The good news – upon implementation of the new HUD Handbook in June 2015, the requirement for mortgagees to conduct annual on-site reviews of their Branch Offices (including nontraditional Branch and direct…
This one is short and to the point. There are other laws governing mortgage lender’s activity besides the much talked about and referenced TILA and RESPA. Under the SAFE Act, loan originators working for independent mortgage lenders (non-banks) must be licensed and also must complete a certain number of hours each year in continuing education. States in which the Loan…
Normally, my colleague Gerry Glavey covers areas of credit and government underwriting, being an expert in these areas. However, in this case, I’m weighing in on a some important upcoming FHA changes. Don’t look now but with all the attention being given to the upcoming TRID changes, just over the horizon, in plain sight, some very important things are happening…
Shortly after the latest HUD/FHA industry conference call* on April 9th, problems surfaced when the Presenters opened up to questions from participants. Several active 203(k) Consultants voiced their concerns over the “Consultant Fee Schedule” that is published (refer to page #410-411) in the draft Handbook. This Fee schedule is identical to the one published in Mortgagee Letter 95-40. In other…
