More about Anna DeSimone
Anna DeSimone founded Bankers Advisory in 1986 and is a nationally recognized authority in residential mortgage lending. She has received numerous industry awards and has authored more than 40 best practices guides and hundreds of articles.
Blog Posts by Anna DeSimone:
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NMLS Final Rules Take Effect October 1, 2010
by Lindsay Sayre Kift, Esq.Bankers Advisory Staff Attorney On October 1, 2010 the final rule requiring the registration of Mortgage Loan Originators (MLOs) under the Secure and Fair Enforcement for Mortgage Licensing Act (the S.A.F.E. Act) takes effect. During the week of August 9th, I had the opportunity to attend the American Association of Residential […]
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Fannie Mae Clarifies Pre-funding Credit & Re-underwriting Rules for LQI
by Anna DeSimone On August 13, 2010 Fannie Mae issued SEL-2010-11: Undisclosed Liabilities and Re-underwriting Requirements. Since the announcement of the Loan Quality Initiative, Fannie Mae has updated its policy related to undisclosed liabilities to reiterate that lenders must determine that “all debts of the borrower incurred or closed up to and concurrent with the […]
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Best Practices for Wholesale Lending
by Anna DeSimone On May 20, HUD stopped accepting applications from brokers for FHA approval but began allowing them to originate loans if they are sponsored by an FHA-approved lender (known as a “full Eagle”). The Federal Housing Administration’s efforts to shift the burden of supervising mortgage brokers to lenders now means that lenders must […]
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Fannie Mae Changes Its Appraisal Policy
by Anna DeSimone On June 30th, 2010, Fannie Mae issued Announcement SEL-2010-09 regarding appraisal-related policies. The policy changes were based on Fannie Mae’s post-purchase reviews of mortgage loan files where issues were identified with property appraisals. This policy change is effective for all mortgage loan applications dated on and after September 1, 2010. The following […]
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HUD Clarifies New Rule on Approval Standards
by Mark A. Burton, Senior Vice President Earlier this week, we commented on the new rule by the Department of Housing and Urban Development (Federal Register 24 CFR Part 202) that went into effect on May 20th governing FHA approval standards for lenders (“Mortgagees”) and third party originators (“Correspondents”). Many of our readers called to […]
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Bankers Advisory Staff Attorneys Lobby on Capitol Hill
Dear Reader, On April 14th, I attended the Mortgage Bankers Association of America’s National Policy Conference and was accompanied by our three staff attorneys, Marissa Aquila, Rachel Horman and Lindsay Sayre Kift. Also attending the event was Bankers Advisory’s Washington based Senior Consultant, Mark Burton, a long-time veteran of Fannie Mae. To discuss how Bankers […]
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Key Points to Fannie Mae’s Loan Quality Initiative
Dear Reader, This article summarizes Fannie Mae’s March 2010 Selling Guide Update regarding their Loan Quality Initiative. New steps and other QC changes are described in the sections below. Fannie Mae’s post-funding requirements for Quality Control are relatively consistent with prior directives. Here’s the difference: lenders must be vigilant in carrying out their quality control plan. QC […]
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Red Flag Rules from FTC and Fannie Mae
Dear Reader, Rachel Horman, Esq., one of Bankers Advisory’s staff attorneys and our resident expert on Consumer Credit and Information Security, has authored the following article. To discuss how Bankers Advisory can help your organization monitor compliance, contact me at anna@bankersadvisory.com. Anna DeSimoneRed Flag Rules from FTC & Fannie Mae by Rachel Horman, Esq. […]
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Urgent Announcement
All mortgage brokers & lenders must have a Massachusetts Electronic Security Plan in place by March 1st, 2010 Pursuant to the authority granted under M.G.L. c 93H, the Massachusetts Office of Consumer Affairs and Business Regulation retroactively promulgated 201 CMR 17:00, a law requiring all financial organizations to have a written plan to protect personal […]
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RESPA – The First 10 Days – Monday, January 11, 2010
Christopher Cruise, a nationally-known RESPA expert & trainer will be presenting live from Bankers Advisory’s offices in Belmont MA on Monday, January 11th from Noon to 4 p.m. This seminar we’ll address implementation challenges and highlight your concerns such as the service providers list, borrower acknowledgement forms, fee breakdown worksheets, etc. Registration is $350 “per […]