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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Fannie Mae Reschedules DU 10.0 and Credit Trending Data to September 24, 2016
On June 20, 2016, Fannie Mae issued a statement with their DU Release Notes that Desktop Underwriter® (DU®) Version 10.0 release has been rescheduled for the weekend of September 24, 2016. The information contained in the Release Notes that is specific to trended credit data is provided below: Trended Credit Data Credit reports currently used […]
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CFPB Updates Mortgage Servicing Examination Procedures
CFPB Releases Special Edition of Supervision Highlights and Updates Mortgage Servicing Exam Procedures June 22, 2016 the Consumer Financial Protection Bureau (CFPB) released a special edition supervision report focused specifically on mortgage servicers. The report found that some mortgage servicers continue to use failed technology that has already harmed consumers, putting the company in violation […]
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CFPB Issues Final Rule Regarding Annual Threshold Adjustments for 2017 HOEPA and QM Loans
On June 17 2016, the Consumer Financial Protection Bureau (CFPB) announced its annual adjustments to the dollar amounts of various thresholds under the Truth in Lending Act regulations that will apply to certain consumer credit transactions in 2017. The adjustments are based on the percentage change in Consumer Price Index. The notice addresses the thresholds […]
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Oklahoma Revises Mortgage Holder Release Requirements
By Brian Castine Although multiple updates across various statutes occurred in Bill NO. 3201, the following pertains to mortgage holder release requirements. The State of Oklahoma has reduced the number of days that the mortgagee is afforded to release a mortgage without incurring a penalty. The mortgage must now be released by the holder within […]
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Fannie Mae Updates Credit Data Trending and Other Guide Topics
By Anna DeSimone May 31, 2016, Fannie Mae issued Ann. SEL-2016-04: Selling Guide Updates. The complete announcement has been reproduced below: The Selling Guide has been updated to include changes to the following: Modifications of Single-Closing Conversion of Construction-to-Permanent Loans DU Version 10.0 Risk Factors and Credit Data Changes Lender Self-Report Obligations Related to Compliance […]
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U.S. House Passes Bill to Change SAFE Licensing Rules
By Anna DeSimone SAFE Transitional Licensing Act of 2015 moves to SenateMay 22, 2016, the United States House of Representatives passed a bill named the SAFE Transitional Licensing Act of 2015. The act will permit registered loan originators to move to another state to continue originating loans for as long as 120 days while applying […]
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FFIEC Seeks Comments on Proposed Revisions to Uniform Interagency Consumer Compliance Rating System
The Federal Financial Institutions Examination Council (FFIEC) released press release seeking public comment on its proposal to revise the existing Uniform Interagency Consumer Compliance Rating System to reflect regulatory, supervisory, technological, and market changes since the system was established. The press release is reproduced below. The Consumer Compliance Rating System is a supervisory policy for […]
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FHLB MPF Updates Early Payment Default (EPD) Quality Control
April 28, 2016, the Federal Home Loan Bank’s Mortgage Partnership Finance program issued PFI Advisory 2016-115 to announce an update regarding Early Payment Default (EPD) quality control. The rule takes effect May 1, 2016. View the original publication here. The MPF Provider Quality Control Department will begin conducting quality control reviews for all conventional mortgage […]
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Tennessee Modifies Provisions Regarding Banks and Financial Institutions
Effective April 8, 2016, the State of Tennessee amends House Bill 1546, Title 45, Chapter 5 and Title 45, Chapter 13 an act relating to licensure of mortgage loan professionals. Tennessee Code Annotated, section 45-5202(h) is relabeling the existing language as subdivision (1), and also adding more language as a new subdivision. The following will […]
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Idaho Amends Trustee Definition
Effective July 1, 2016, the Idaho House of Representatives House Bill No. 503 amends Section 45-1502 of An Act Relating to Trust Deeds to revise the definition of “Trustee.” Idaho has expanded the definition of Trustee. The State of Idaho maintains the previous definition as a person who has received real property by way of […]