Residential Mortgage

Residential Mortgage

Compliance Monitor
  • Dodd Frank QM – Proposed Alternative Definitions

    by Marissa Aquila BlundellSenior Counsel & Vice Presidentmarissa@bankersadvisory.com      The Dodd Frank Act prohibits a creditor from making a residential mortgage loan unless the creditor makes a reasonable and good faith, verified determination that the consumer has a reasonable ability to repay the loan. This determination of a consumer’s ability to repay must be […]

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  • HUD Clarifies and Updates Refinance Guidelines

    by Aisling Brady, Executive Vice Presidentabrady@bankersadvisory.com Recently, HUD has issued Mortgagee Letters 2011-11 regarding refinance transactions. The purpose of the Mortgagee Letters was to clarify and update guidance to mortgagees regarding FHA refinances. The following rules apply to FHA Case Numbers assigned on and after April 18th, 2011:All Refinances If a borrower has re-occupied their […]

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  • Borrower Repayment Ability is on the Radar

    by Anna DeSimone, President  The Federal Reserve Board has proposed a Rule to implement a provision of the Dodd-Frank Act that prohibits lenders from originating mortgages without regard to the borrower’s ability to repay the loan.  Creditors must make a reasonable and good faith determination of that repayment ability, based on verified and documented evidence. […]

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  • Dodd Frank QRM – Proposed Rules for Credit Risk Retention

    by Marissa Aquila BlundellSenior Counsel & Vice President Amid the frenzy surrounding implementation of new Loan Officer Compensation rules, on March 29, 2011 the mortgage industry received the first of two major regulatory proposals issued in accordance with the Dodd Frank Wall Street Reform and Consumer Protection Act (Dodd Frank).  The proposed rule is a […]

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  • LO Comp Rules Now in Effect – Fed and HUD Provide Clarification

    by Marissa Aquila BlundellSenior Counsel & Vice President The Federal Reserve Board’s new rules governing originator compensation are now in effect. After a five day court-imposed administrative delay, the United States Court of Appeals denied a request to further delay implementation of the rule. In March, the industry received additional guidance related to the new […]

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  • Fannie Mae Clarifies Loan to Value Ratios in the Selling Guide

    by Anna DeSimonePresident & Founder On March 31, 2011 Fannie Mae updated the Selling Guide clarify policy changes made regarding the calculations of ratios. The Selling Guide contains a number of references to the calculation of LTV, CLTV, and HCLTV ratios and the vast majority of these references indicated that ratio calculations were to be […]

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  • Federal Reserve Clarifies Loan Officer Compensation Rules

    Dear Reader, March has been an exciting month for Bankers Advisory.   We have exhibited at the New Jersey Regional Mortgage Bankers Conference and are now heading to the Mortgage Bankers Association Annual Fraud Conference in Fort Lauderdale.   We’ll be exhibiting again at the American Bankers Association’s Real Estate Lending Conference April 10-12th in Baltimore.     […]

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  • Truth-in-Lending Change Applies to Jumbo Mortgages

    by Marissa Aquila Blundell, Esq.Vice President & Senior Counsel The Federal Reserve Board recently amended TILA to provide a separate, higher rate threshold for determining whether a “jumbo” loan is subject to the same escrow requirements as non-jumbo Higher Priced Mortgage Loans (HPMLs). Effective April 1, 2011, if a jumbo loan’s APR exceeds the average […]

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  • Federal Registry for National Licensing Now in Effect

    by Lindsay Sayre Kift, Esq.Associate Counsel and Client Services Director The Race Is On:   NMLS Federal Registry Opens On Monday, January 31, 2011, the Conference of State Bank Supervisors (“CSBS”) announced the opening of the Nationwide Mortgage Licensing System (“NMLS”) Federal Registry.   NMLS is now accepting registration filings from institutions and mortgage loan originator (“MLO”) […]

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  • Key Points to Truth-in-Lending Changes Effective January 30th

    by Marissa Aquila Blundell, Esq.Vice President and Senior Counsel Next week, all creditors who are responsible for issuing Truth-in-Lending disclosures must comply with new rules. The Federal Reserve issued these rules to implement additional provisions of the Mortgage Disclosure Improvement Act (MDIA). For applications received on or after January 30, 2011, lenders must disclose how […]

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