Residential MortgageCompliance Monitor

Real Estate Lending

  • OCC Issues Retail Lending Booklet

    April 12, 2017, the Office of the Comptroller of the Currency (OCC) issued Bulletin 2017-15 “New Comptroller’s Handbook Booklet” announcing its issuance of a new “Retail Lending” booklet.

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  • CFPB Proposes Amendments to ECOA to Provide More Flexibility for Lenders

    The Consumer Financial Protection Bureau (CFPB) has issued proposed changes to the Equal Credit Opportunity Act in order to provide lenders with additional flexibility when collecting consumer ethnicity and race information.

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  • Freddie Mac Announces Selling Guide Updates

    March 16, 2017, Freddie Mac issued Bulletin 2017-2, announcing system enhancements and selling requirement revisions that expand homeownership opportunities and make it easier to do business with Freddie Mac. The changes include: Freddie Mac Loan Product Advisor® Updates Enhancing Loan Product Advisor to allow the assessment of mortgages where no borrower has a credit score. […]

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  • Fannie Mae Announces Simplifying Servicing™ Initiative

    February 15, 2017, Fannie Mae published Servicing News announcing Fannie Mae’s Simplifying Servicing™.  The announcement highlights a new user interface for the SMDU workout decisioning tool, investor reporting enhancements, relief from post-foreclosure expenses and Flex Modification to assist borrowers. To view the Servicing News in its entirety, including the summaries highlighted below: Servicing News The Fannie […]

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  • Fannie Mae Updates Servicing Guide

    February 15, 2017, Fannie Mae issued Announcement SVC-2017-02: Servicing Guide Updates. The Guide has been updated with the following changes, several of which will simplify servicing: Relieves servicers of responsibility for paying most post-foreclosure taxes and homeowners’ association, condo, or co-op fees and assessments for acquired properties. This change will reduce costs and operational risk […]

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  • Fannie Mae Updates Selling Guide

    Key highlights include appraisals, confidentiality and seller/servicer financial eligibility requirements January 31, 2017, Fannie Mae issued Announcement SEL-2017-01 which announces a number of Selling Guide updates.  Below is a brief summary of key updates. Please refer to Announcement SEL-2017-01 for additional updates and complete information on the topics highlighted in this article. https://www.fanniemae.com/content/announcement/sel1701.pdf Confidentiality of Information […]

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  • HUD Suspends FHA Mortgage Insurance Rate Reduction

    January 20, 2017, HUD issued Mortgagee Letter 2017-07:  Suspension of Mortgagee Letter 2017-01—Reduction of Federal Housing Administration (FHA) Annual Mortgage Insurance (MIP) Rates. The letter, which includes the correct MIP fee table, may be accessed here: https://portal.hud.gov/hudportal/documents/huddoc?id=17-07ml.pdf The Mortgagee Letter communicates that reducing the mortgage insurance premium for loans with closing or disbursement dates on […]

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  • FHA Reduces Mortgage Insurance Premium Rates

    January 9, 2017 HUD issued Mortgagee Letter 2017-1, Reduction of FHA Annual Mortgage Insurance Premium Rates. The new rates are effective with the closing or disbursement of mortgages on January 27, 2017.

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  • FFIEC Updates HMDA Technology Platform for Filing LAR

    January 2017, the Federal Financial Institutions Examinations Council (FFIEC)  updated its technology platform for filing the Loan Application Register (LAR) as required by the Home Mortgage Disclosure Act (HMDA).  For HMDA data collected in or after 2017, a web-based data submission and edit-check system (the HMDA Platform) has been created to process HMDA data.

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  • Fannie Mae Publishes Updated Quality Control Guide

    December 2016, Fannie Mae published a revised edition to “Beyond the Guide” to assist lenders in building their capability for ensuring quality.   Originally published in 2010, the guide provides insight into every area of loan manufacturing.

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