Residential Mortgage

Residential Mortgage

Compliance Monitor
  • “The First Ten Days” RESPA Training on Monday, January 11, 2010

    By popular demand, we are scheduling another RESPA Marathon. Called the “First Ten Days” we thought it would help our clients if we talked about “implementation challenges” and strategies after you’ve begun taking applications. Here are some testimonials from our December 8th RESPA Marathon: “We have attended 3 or 4 different seminars and this is […]

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  • RESPA Marathon Webinar on Tuesday, December 8, 2009

    .Despite protests from Congress and the mortgage industry, HUD has decided to move ahead with its plan to require the use of the new GFE and HUD-1 beginning January 1, 2010. All over the US, lenders and their settlement services providers are scrambling to understand the new RESPA Rules and the latest edition of FAQs. […]

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  • Credit Report Fee Discrimination?

    Recently, the FDIC referred a bank to the Department of Justice (DOJ) for an ECOA violation. Apparently the bank charged married applicants for a single merged report, but charged un-married joint applicants for two separate reports. The FDIC examiner believed this to be a marital status discrimination violation and the bank was asked to find […]

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  • Understanding Higher-Priced Mortgage Loans (HPML) and Average Prime Offer Rate (APOR)

    As of October 1st, all mortgage lenders must be fully compliant with the Truth in Lending amendment regarding Higher-Priced Mortgage Loans. Summarized below are the sources for finding the current APOR index, how to perform the computation and other steps for compliance. Higher-Priced Mortgage Loans (HPML) and the Average Prime Offer Rate (APOR) The recent […]

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  • Complying with the new Truth-in-Lending Laws (MDIA)

    As of August 1st, all mortgage lenders must be fully compliant with the Mortgage Disclosure Improvement Act (MDIA). Summarized below are the frequently asked questions regarding MDIA. Mortgage Disclosure Improvement Act Your Questions Answered 1 – When is the application considered received? MDIA allows lenders to rely on RESPA and Regulation X in deciding whether […]

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  • EZ Calendar Guide for HVCC and TIL Compliance

    There is a lot of confusion regarding the new Truth-in-Lending laws. I have created a very simple calendar reference for lenders. HOW TO USE THE GUIDE The 1st column is the “day of the month” that you take a face-to-face application or receive an application by mail. The 2nd column is the “day of the […]

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  • Key Points to New Condominium Guidelines

    Fannie Mae & Freddie Mac Condominium Rules Fannie Mae – Key Points Summary of Announcement FNMA 08-34 Amendments to Condominium Unit Mortgage Requirements 1 – Project Eligibility Review Service (PERS) is a project-acceptance review service for FNMA seller/servicers for new or newly-converted and established condo projects. This fee-based service requires lenders to submit by email […]

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  • Truth-in-Lending Changes

    Truth-in-Lending Changes Take Effect July 30, 2009 Key Points by Kristin Seltman, Esq., Staff Attorney On July 30, 2008 Congress enacted the Housing and Economic Recovery Act of 2008, which included amendments to TILA, known as the Mortgage Disclosure Improvement Act (MDIA). The Implementation of MDIA will take effect on July 30, 2009, approximately two […]

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  • Summary of Red Flags Identity Theft Rules

    Key Points by Anna DeSimone On May 1, 2009 all non-depository mortgage brokers and lenders must implement a comprehensive program to detect, prevent and mitigate identity theft. Red Flags rules are implemented under the Fair and Accurate Credit Transactions Act. The requirement for an internal program became effective November 1, 2008 for federally chartered depository […]

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  • Summary of Home Value Code of Conduct

    Key Points by Kristin Seltman, Esq., Staff Attorney On May 1, 2009 all mortgage brokers & lenders must implement new procedures for ordering appraisals under the federal Home Valuation Code of Conduct. The law was established by the New York state Attorney General and Fannie Mae & Freddie Mac, now known as the Federal Housing […]

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