Residential Mortgage

Residential Mortgage

Compliance Monitor
  • New Trends in Mortgage Fraud

    by Rachel Horman, Esq.  The current economic and housing market situation has expanded the types of mortgage fraud perpetrated against homeowners, lenders, and borrowers. Tightening credit guidelines, strict appraisal standards, and the soft housing market have lead to increasingly creative methods to commit fraud. Fraud is also spreading to the northeastern United States, with the […]

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  • Best Practices for Mortgage Servicing and Foreclosure Compliance

    By Anna DeSimone   Every day there is a news article or media story regarding foreclosures and attorney generals from states across the country have issued moratoriums. Lawmakers and consumer groups have found that thousands of homes have been foreclosed upon illegally and often due to inaccurate or fraudulent documentation. Lenders are suddenly faced with […]

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  • MBA Regulatory Compliance Conference Recap

    by Suzanne Familo Cieslica, Esq.Bankers Advisory Staff Attorney MBA Regulatory Compliance Conference Recap & Key Legislative Issues The Mortgage Bankers Association’s Regulatory Conference 2010 was held in Washington, D.C. on September 26, 2010 through September 28, 2010. Bankers Advisory Staff Attorneys Rachel Horman and I, Suzanne Familo Cieslica, attended. Many topics were covered at the […]

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  • Recap of New England Conference and Dodd-Frank Act

    by Dani Krasner, J.D.Bankers Advisory Staff Attorney NEMBC Recap and Key Provisions of the Dodd-Frank Act The 2010 New England Mortgage Bankers Conference (NEMBC) was held on September 15-17 at the Rhode Island Convention Center in Providence. I attended the Conference on Thursday, along with fellow staff attorney Lindsay Sayre Kift, and the following is […]

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  • Loan Originator Compensation Seminar

    Sponsored by Hudson Cook LLP, Rose, Chinitz & Rose, Bankers Advisory Inc. and CounselorLibrary.com LLC Thursday Morning – October 21, 2010 8:30 a.m. – 12:00 p.m. Marriott Hotel, 2345 Commonwealth Avenue, Newton, MA Tel. 617.969.1000 Our panel of legal and industry specialists will discuss the following current issues: Regulation Z and the New Loan Originator […]

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  • NMLS Final Rules Take Effect October 1, 2010

    by Lindsay Sayre Kift, Esq.Bankers Advisory Staff Attorney On October 1, 2010 the final rule requiring the registration of Mortgage Loan Originators (MLOs) under the Secure and Fair Enforcement for Mortgage Licensing Act (the S.A.F.E. Act) takes effect. During the week of August 9th, I had the opportunity to attend the American Association of Residential […]

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  • Key Points to Loan Originator Compensation Rules

    by Marissa Aquila, Esq.Bankers Advisory Staff Attorney On August 16, 2010 the Federal Reserve Board (the Board) promulgated final rules regarding loan originator compensation practices, implementing changes anticipated by the mortgage lending community since the Board’s proposal was released in August of 2009. This rulemaking comes in the wake of the Dodd-Frank Wall Street Reform […]

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  • Fannie Mae Clarifies Pre-funding Credit & Re-underwriting Rules for LQI

    by Anna DeSimone On August 13, 2010 Fannie Mae issued SEL-2010-11: Undisclosed Liabilities and Re-underwriting Requirements. Since the announcement of the Loan Quality Initiative, Fannie Mae has updated its policy related to undisclosed liabilities to reiterate that lenders must determine that “all debts of the borrower incurred or closed up to and concurrent with the […]

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  • Best Practices for Wholesale Lending

    by Anna DeSimone On May 20, HUD stopped accepting applications from brokers for FHA approval but began allowing them to originate loans if they are sponsored by an FHA-approved lender (known as a “full Eagle”). The Federal Housing Administration’s efforts to shift the burden of supervising mortgage brokers to lenders now means that lenders must […]

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  • Fannie Mae Changes Its Appraisal Policy

    by Anna DeSimone On June 30th, 2010, Fannie Mae issued Announcement SEL-2010-09 regarding appraisal-related policies.   The policy changes were based on Fannie Mae’s post-purchase reviews of mortgage loan files where issues were identified with property appraisals.  This policy change is effective for all mortgage loan applications dated on and after September 1, 2010. The following […]

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