In a recent Blog Post, I discussed HUD/FHA’s plans to begin issuing eFindings Letters on April 27, 2015 in lieu of hard copy letters sent via the US Postal Service on all Post-Endorsement Technical Review cases rated “Unacceptable”. In this regard, HUD Headquarters staff conducted a Webinar on Tuesday, April 21, 2015 to discuss this new process as well as…
Have you heard about the one where the lender sues the government for false accusations? Who says you can’t fight city hall? One lender, Quicken Loans is fighting back against claims made by the DOJ (False Claims). Quicken, one of the nation’s largest originators of FHA insured loans, has decided it has had enough and isn’t going to take the…
On April 16, 2015, HUD/FHA Headquarters staff conducted an industry conference call to discuss the recently published new Section of the draft “Origination Through Post-Closing/Endorsement” Handbook (4000.1) dealing with Appraiser and Property Requirements. This Handbook will ultimately serve as a single reference point for FHA underwriting and appraisal policies & procedures and is targeted to be effective for all transactions…
FHA Will Soon Be Sending Out “eFindings Letters” HUD/FHA processes Post-Endorsement Technical Reviews (PETRs) on a certain percentage of loans that they insure. In this regard, whenever serious underwriting and/or appraisal deficiencies are observed and a case is rated “Unacceptable,” a Findings (or Deficiency) Letter is generated outlining the defects and requesting that the lender respond to each of the…
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…
