Residential Mortgage

Residential Mortgage

Compliance Monitor
  • 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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  • HUD Clarifies New Rule on Approval Standards

    by Mark A. Burton, Senior Vice President Earlier this week, we commented on the new rule by the Department of Housing and Urban Development (Federal Register 24 CFR Part 202) that went into effect on May 20th governing FHA approval standards for lenders (“Mortgagees”) and third party originators (“Correspondents”).  Many of our readers called to […]

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  • Most Common RESPA Errors

    by Marissa Aquila, Esq., Staff Attorney January 1, 2010 came and went, and the industry, for the most part, successfully implemented new policies and procedures in order to comply with the revised Real Estate Settlement and Procedures Act (RESPA).  As would be expected amidst such significant changes, there has been a temporary uptick in RESPA […]

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  • Bankers Advisory Staff Attorneys Lobby on Capitol Hill

    Dear Reader, On April 14th, I attended the Mortgage Bankers Association of America’s National Policy Conference and was accompanied by our three staff attorneys, Marissa Aquila, Rachel Horman and Lindsay Sayre Kift. Also attending the event was Bankers Advisory’s Washington based Senior Consultant, Mark Burton, a long-time veteran of Fannie Mae. To discuss how Bankers […]

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