Mortgage Lending

  • Freddie Mac Announces Credit Underwriting Changes

    September 14, 2017, Freddie Mac issued Guide Bulletin 2017-20, announcing updates to several topics in the Single-Family Seller/Service Guide.  This article includes a detailed description of changes pertaining to Credit Underwriting and a brief summary of other changes announced in the Bulletin. Assets as a basis for repayment of obligations  The changes include, but are […]

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  • CLA-Bankers Advisory at the MBA’s Risk Management, QA & Fraud Prevention Forum in Miami, FL

    Sarah Lagattolla, VP-Quality Control Services Director, and Kathleen Olson, Business Development Manager, for CLA-Bankers Advisory will be attending the MBA’s Risk Management, QA & Fraud Prevention Forum in Miami September 24th – 26th.

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  • CFPB Clarifies HMDA Reporting Thresholds for Community Banks and Credit Unions

    On August 24, 2017, the Consumer Financial Protection Bureau (CFPB) issued a rule amending the 2015 updates to the Home Mortgage Disclosure Act (HMDA) rule. The CFPB has temporarily changed reporting requirements for banks and credit unions that issue home-equity lines of credit, and clarified the information that financial institutions are required to collect and report about their mortgage lending.

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  • FHA Issues Quick Reference Guide for its Quality Control Loan Review System

    On August 24, 2017, the Federal Housing Administration (FHA) issued FHA Info #17-32 to announce the availability of a Quick Reference Sheet that outlines instructions regarding the agency’s Quality Assurance Loan Review System (LRS). Lenders use LRS to interact with FHA on the majority of Title II Single Family quality control processes, including: Various Post-Endorsement […]

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  • FFIEC Issues HMDA Examiner Transaction Testing Guidelines

    On August 23, 2017, the Federal Deposit Insurance Corporation (FDIC) issued Financial Institution Letter FIL 2017-36. The letter announces that the Federal Financial Institutions Examination Council (FFIEC) is issuing guidelines for examiners to use in assessing the accuracy of the Home Mortgage Disclosure Act (HMDA) data institutions record and report.

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  • Freddie Mac Elevates Automated Collateral to Include Purchase Transactions

    August 23, 2017, Freddie Mac issued Guide Bulletin 2017-13, announcing the expansion of the Automated Collateral Evaluation (ACE) program.   Key points of the bulletin are provided below. On August 18, the Enterprise announced ACE, which provides Freddie Mac sellers with the option to waive appraisal requirements for certain Loan Product Advisor® Mortgages. The ACE option […]

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  • Fannie Mae Now Offering Property Inspection Waivers on Purchase Transactions

    August 18, 2017, Fannie Mae released the Desktop Underwriter/Desktop Originator Release Notes, announcing that purchase transactions will now be eligible for consideration to receive Property Inspection Waiver (PIW) offers. The enhancements will apply to DU Version 10.0 and DU Version 10.1 loan casefiles submitted or resubmitted on or after August 19, 2017.  Key points of […]

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  • Freddie Mac Introduces Appraisal Alternative

    August 18, 2017, Freddie Mac announced that consumers who are buying homes or refinancing existing mortgage loans may be eligible for an automated appraisal alternative.   The program is available on both home purchases and refinances.  Key points from Freddie Mac’s press release are provided below. Borrowers may be able to realize savings in some […]

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  • CFPB Releases State-level Snapshot of Consumer Complaints

    June 27, 2017, the Consumer Financial Protection Bureau (CFPB) released a special edition of its monthly complaint report, providing a snapshot of consumer complaints submitted across the country. For each state and the District of Columbia, the report provides statistics on complaint volume, the products and services generating the most complaints, company response rates, and […]

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  • CFPB Issues Notice of ATR/QM Assessment and Requests Comment

    May 25, 2017, the Consumer Financial Protection Bureau released details of its plan to assess the 2014 Ability to Repay (ATR) and Qualified Mortgage (QM) Standards (ATR/QM Rule) and requested comments. Comments are due by July 31, 2017.

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