Residential Mortgage

Residential Mortgage

Compliance Monitor
  • HUD Clarifies Quality Control Requirements for Directed Endorsement Lenders

    Key Points to HUD’s Quality Control Requirements by Aisling Brady, Executive Vice President                                                                                           On January 5, 2011, HUD issued Mortgage Letter 2011-02 “Quality Control Requirements for Direct Endorsed Lenders.”  This Mortgagee Letter clarifies FHA’s Quality Control requirements in light of recent changes to the lender eligibility criteria for participation in FHA programs and […]

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  • Red Flag Clarification Act of 2010 – Keeping Red Flags on the Radar

    by Margaret Wright, Esq. The Red Flag Program Clarification Act of 2010, effective December 18, 2010, is substantively an amendment to the definition of creditor as used in Section 615(e) of the Fair Credit Reporting Act.  The Red Flag Program Requirement Section 615(e) of the Fair Credit Reporting Act establishes the requirement for Red Flag […]

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  • HUD Clarifies Mortgagee Eligibility Requirements & Annual Certification

    by Anna DeSimone HUD issued Mortgagee Letter ML 2010-38 on November 17, 2010. This Mortgagee Letter provides additional information about FHA’s implementation of these requirements and provides clarification regarding FHA’s electronic annual certification requirements and procedures. The requirements of ML 2010-38 are effective immediately and provided guidance and clarification on several topics including: definitions, notifications, […]

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  • Current Development in Loan Modification Programs

    by Suzanne Familo Cieslica, Esq. With foreclosures at record highs, many borrowers are examining ways in which to remain in their homes, avoid foreclosure, and receive financial relief.  In order to buttress the housing market and return it to stability, the Obama Administration instituted the Making Home Affordable Program. It offers several options for Homeowners, […]

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  • Home Mortgage Disclosure Act: Past, Present & Future

    by Dani Krasner, J.D. In 1975, Congress enacted the Home Mortgage Disclosure Act (HMDA) requiring lenders to collect and disclose loan data. Regulatory authority for HMDA is delegated to the Federal Reserve Board (FRB), and HMDA regulations are implemented by the FRB’s Regulation C. The purpose of HMDA is to provide both lawmakers and the […]

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  • 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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