A Bill was been introduced in Congress, supported by a recent letter from the American Bankers Association (Letter), to allow a “hold harmless’’ period from enforcement actions after the new TILA RESPA Integrated Disclosure (TRID) rules take effect. Creditors, which have yet to satisfactorily test their system’s readiness to ensure compliance with the new rules, fear severe reprisals from the…
With the TRID changes looming large, Brokers are taking their concerns about fee disclosures to Congress. It seems Brokers have realized that, the fees they disclose at application must be accepted by any Lender with which they decide to subsequently register a loan. The Brokers believe the new rules governing the Loan Estimate will make it more difficult for them…
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…
Well, it is finally April and thoughts of many Americans are to seek an extension from the Federal Government regarding the filing of their Tax Returns. However, the topic of this Blog Post is not income taxes but two widely discussed mortgage industry initiatives that have effective dates looming and extensions being sought by many entities. In Mike Vitali’s, B-Logics’…
Fannie Mae’s Appraisal Findings Report – Another Compliance Management Tool for Lenders! In an announcement dated March 10, 2015, Fannie Mae has indicated that they will be generating an Appraisal Findings Report designed to capture Collateral Underwriter (CU) feedback beginning sometime in April 2015. As many lenders are now aware, Fannie Mae rolled out its free proprietary CU appraisal risk…
