Residential Mortgage

Residential Mortgage

Compliance Monitor
  • 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). […]

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  • 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 […]

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  • 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 […]

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  • FHFA & FHFA-OIG Privacy Act Implementation: An Overview of the Interim Final Regulation

    by Margaret Wright, Esq.Associate Counselmargaret@bankersadvisory.com The Federal Housing Finance Agency (FHFA) has issued an interim final regulation implementing changes to its Privacy Act policies and procedures under which an individual may make a request for information contained in a FHFA or FHFA Office of Inspector General (FHFA-OIG) system of records.  Under the Privacy Act, the […]

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  • FTC Publishes Final Rule on Mortgage Advertising: Prohibited Representations under Mortgage Acts & Practices

    by Margaret Wright, Esq.  Associate Counselmargaret@bankersadvisory.com On July 22, 2011 the Federal Trade Commission (FTC) published the Mortgage Acts and Practices – Advertising Final Rule “relating to unfair or deceptive acts and practices that may occur with regard to mortgage advertising”.  76 FR 43826. The Mortgage Acts and Practices- Advertising Rule (MAP Rule) amends Title 16, […]

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  • OCC Interim Final Rule republishing OTS Regulations: Highlights of Provisions related to Savings Associations’ Mortgage Lending Activities

    By Marissa Aquila Blundell, Esq.Vice President & Senior Counselmarissa@bankersadvisory.com On August 9, 2011, the Federal Register published the Office of the Comptroller of the Currency (OCC) interim final rule republishing certain Office of Thrift Supervision (OTS) regulations.  This rule is one in a series of interim final rules being issued on the heels of the […]

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  • Freddie Mac Updates its Credit Underwriting Guidelines

    by Aisling BradyExecutive Vice Presidentabrady@bankersadvisory.com Freddie Mac Bulletin 2011-15 dated August 16, 2011 announces a number of changes in Mortgage Eligibility and Credit Underwriting guidelines. Second Homes and Investment Properties The Seller/Servicer Guide on Second Home Mortgages (Section 22.22) and Investment Property (Section 22.22.1) have been updated to not allow the borrower to have any […]

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  • Freddie Mac Updates its Quality Control Requirements

    by Anna DeSimone, President Freddie Mac has updated Chapters 46 and 48 of the Seller/Servicer Guide regarding pre- and post-closing quality control.  The changes take effect for loans closed on or after December 1, 2011.  Information regarding the QC changes were announced in the August 16, 2011 Bulletin 2011-15. Pre-Closing Quality Control Requirements Freddie Mac […]

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  • FTC Issues Final Rule on Mortgage Advertising

    by Margaret M. Wright, Esq.Associate Counsel On July 22, 2011 the Federal Trade Commission (FTC) published the Mortgage Acts and Practices- Advertising Final Rule “relating to unfair or deceptive acts and practices that may occur with regard to mortgage advertising.” 76 FR 43826. The Mortgage Acts and Practices- Advertising Rule (MAP Rule) amends Title 16, […]

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  • CFPB Rule for Alternative Mortgage Transaction Parity Act

    by Marissa Aquila Blundell, Esq. Senior Counsel & Vice Presidentmarissa@bankersadvisory.com On July 22, 2011, the Consumer Financial Protection Bureau (CFPB) issued an interim final rule which preserved the ability of state housing creditors to make alternative mortgage transactions notwithstanding state law prohibitions. However, the rule incorporates amendments to the Alternative Mortgage Transaction Parity Act (AMTPA), required […]

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