Residential Mortgage

Residential Mortgage

Compliance Monitor
  • FinCEN Requires Anti Money Laundering and SAR Filing for Non-bank Lenders

    by Anna DeSimonePresident & Founder On February 7, 2012, the Financial Crimes Enforcement Network (FinCEN), a bureau of the U.S. Department of the Treasury, finalized regulations that require non-bank residential mortgage lenders and originators to establish anti-money laundering (AML) programs and file suspicious activity reports (SARs). This requirement parallels FinCEN’s requirements of depository institutions and continues […]

    More

  • Fannie Mae Launches “EarlyCheck” Business Process

    by Anna DeSimonePresident & Founder As a continuing part of its Loan Quality Initiative (LQI) Fannie Mae has launched a new optional service called EarlyCheck.™  EarlyCheck will enable lenders to identify and correct potential eligibility and/or data issues as early in the loan origination process as possible.   The program is available across all underwriting methods […]

    More

  • Fannie Mae Updates Refi Plus and DU Refi Plus

    by Ellen BrodyAssistant Vice President Fannie Mae (FNMA) recently announced Selling Guide updates in SEL-2011-13 (12/20/11) which reflect many changes detailed in prior Announcement SEL-2011-12, Updates to Refi Plus and Du Refi Plus.  The Selling Guide has also been updated to reflect clarifications/changes in regard to Refi Plus and DU Refi Plus loans.  Of note […]

    More

  • Fannie Mae Publishes Recommendations for Quality Control

    by Anna DeSimonePresident & Founder In October 2011, Fannie Mae published a new booklet named “Beyond the Guide” that provides a more comprehensive description for recommended best practices for pre- and post-funding quality control.  Since launching the Loan Quality Initiative (LQI) in September of 2010, Fannie Mae has listened to feedback from both lenders and […]

    More

  • HUD Proposes Amendments to Fair Housing Act’s Discrimination Standards

    by Margaret Wright, Esq.Assistant VP & Senior Counsel The Department of Housing and Urban Development (HUD) has issued a proposed rule amending the Fair Housing Act in order to “establish uniform standards for determining when a housing practice with a discriminatory effect violates” the Act.  The proposed amendments arise from the need for uniformity of […]

    More

  • VA Implements Funding Fee Changes

    by Barbara CameronAssistant Vice President Recently VA has issued a series of Circulars regarding VA Funding Fee changes.  There was some confusion over VA loan funding fees as a result of the changes (VA Circular 26-11-15 and VA Circular 26-11-16) – especially regarding the short term changes.  VA also provided in  VA Circular 26-11-16,  guidance […]

    More

  • Freddie Mac Updates Stable Monthly Income Guidelines

    by Sarah LagattollaAssistant Vice President On November 4, 2011 Freddie Mac issued Bulletin 2011-21 regarding changes made to Section 37.13 of the Single Family Seller/Servicer Guide.  Updates and additions have been made to this section of the Guide to provide clarification and changes to the topic of stable monthly income.  The changes will become effective […]

    More

  • Fannie Mae Announces Updates to Refi Plus and DU Refi Plus

    by Ellen BrodyAssistant Vice President As a result of recently announced changes to the Home Affordable Refinance Program (HARP) made by the Federal Housing Finance Agency (FHFA), Fannie Mae (FNMA) is implementing changes to Refi Plus and DU Refi Plus.  The announcement was made in SEL-2011-12: Updates to Refi Plus™ and DU Refi Plus™ (11/15/11). […]

    More

  • Freddie Mac Updates Electronic Transaction Requirements

    by Anna DeSimonePresident & Founder On October 1, 2011, Freddie Mac amended its requirements for servicing mortgages.  The Single Family Seller/Service Guide, Volume 2, Section 50.3.1:  Acknowledgment and consent to electronic transactions.    Requirements will become effective on January 1, 2012.    Key points to the amendments are summarized below:  Electronic transactions conducted between Servicer and Borrower […]

    More

  • HUD Issues Revisions to Mortgagee Approval Process

    by Anna DeSimonePresident & Founder September 23, 2011 HUD issued Mortgagee Letter 2011-34 to announce changes to the requirements for FHA lender approval and operations. These changes  are effective immediately and supersede specific sections of HUD Handbooks 4060.1 REV-2 and 4155.2.  The Letter applies to all FHA approved lenders and Applicants for lender approval. Modified […]

    More

Subscribe to Our Email List

* indicates required