Real Estate Lending

  • New England Mortgage Expo 2018

    CLA is proud to speak and exhibit at The New England Mortgage Expo on January 12, 2018 at the Mohegan Sun. CLA Bankers Advisory principal, Marissa Blundell, will be speaking from 1:15 – 2 p.m. during the 2018 HMDA Impact on Fair Lending Compliance session.

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  • Fannie Mae Selling Guide Updated

    On December 19, 2017, Fannie Mae updated its Selling Guide to address underwriting borrowers with frozen credit, disaster-affected loans, and additional areas. With this update, Fannie Mae also provides additional detail related to its expectations and requirements for sellers/servicers’ Internal Audit function.

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  • OCC Issues Guidance for Impact of CRA Ratings on Licensing Applications

    November 8, 2017, the Office of the Comptroller of the Currency (OCC) issued this guidance to provide transparency regarding its framework for evaluating certain types of licensing applications.

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  • Preferred Language Question to be Added to New Uniform Residential Loan Application

    October 20, 2017, Federal Housing Finance Agency (FHFA) announced its decision to add a preferred language question to the new Uniform Residential Loan Application (URLA).   This question will enable borrowers who prefer to communicate in a language other than English to identify that language.  It also provides clear disclosures that the mortgage transaction is likely […]

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  • 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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  • 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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  • 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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