Pre-Closing (or Pre-Funding) Reviews Will Now Be Required on FHA Loans In HUD’s draft “Origination Through Post-Closing/Endorsement Handbook” it is stated that a mortgagee’s required Quality Control (QC) sample must comply with the following balance of pre and post-closing reviews: Pre-Closing Reviews – 10% or less of the QC sample size Post-Closing Reviews – 90% or more of the QC…
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…
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…
Are You Prepared? Several months ago, HUD/FHA released a draft copy of its “Origination through Post-Closing Endorsement” Handbook (4000.1) on its website. Most noteworthy is the fact that the policy & procedural changes that are being implemented by HUD/FHA via this Handbook are scheduled to be effective as of June 15, 2015 – which is now less than 3 months…
