Residential Mortgage

Residential Mortgage

Compliance Monitor
  • Fair Credit Reporting Act Risk-Based Pricing Regulations Update

    by Marissa Aquila Blundell, Esq. Senior Counsel & Vice Presidentmarissa@bankersadvisory.com On July 6, 2011, the Federal Reserve Board (FRB) and Federal Trade Commission (FTC) published a final rule adding requirements to the Fair Credit Reporting Act (FCRA) Risk-Based Pricing regulations which were effective January 1, 2011.  This article highlights the new requirements implemented in accordance with […]

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  • Dodd Frank Issues Rule on Adverse Action Notices

    by Marissa Aquila Blundell, Esq. Senior Counsel & Vice Presidentmarissa@bankersadvisory.com  The Federal Reserve Board (FRB) and Federal Trade Commission (FTC) issued a final rule on July 6, 2011 requiring creditors to provide additional information in adverse action notices if a credit score is used in making the credit decision. The new rule is effective 30 days […]

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  • Combating Mortgage Fraud in the Trenches

    Proposed Suspicious Activity Report Requirements for Non-bank Residential Mortgage Lenders and Originators by Margaret Wright, Esq. Associate Counselmargaret@bankersadvisory.com Proposed Regulation The Treasury Department’s Financial Crimes Enforcement Network (FinCEN) is in the process of establishing the requirement for Suspicious Activity Report (SAR) filings for non-bank residential mortgage lenders and originators.Currently under the Bank Secrecy Act (BSA), only […]

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  • New Rules for USDA Rural Housing Loans Take Effect August 1, 2011

    by Anna DeSimone, Presidentanna@bankersadvisory.com On May 31, 2011, The Department of Agriculture Rural Housing Service issued a final rule to implement two changes in the regulations for the Rural Housing Service (RHS) Section 502, Single Family Housing Guaranteed Loan Program (SFHGLP).  The first change eliminates a lender’s published Department of Veterans Affairs (VA) rate for […]

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  • Freddie Mac Clarifies and Updates Underwriting Guidelines

    by Sarah LagattollaDirector, Credit Risksarah@bankersadvisory.com Freddie Mac issued Bulletin 2011-10 on May 25, 2011 updating selling requirements pertaining to mortgage and property eligibility and credit underwriting as well as selling and servicing requirements for mortgages registered with MERS.  Assets as a basis for mortgage qualification Freddie Mac has updated their selling guide to allow for […]

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  • The New Consumer Financial Protection Bureau

    by Rachel Horman, Esq.  Assistant Vice President & Senior Counselrachel@bankersadvisory.com The Consumer Financial Protection Act of 2010 (Title X of the Dodd-Frank Act) (“the Act”) established the Bureau of Consumer Financial Protection.  On July 21, the rulemaking powers for most consumer financial protection laws will be consolidated and transferred from the following agencies to the […]

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  • New Uniform Appraisal Dataset (UAD) Rules

    by Anna DeSimone, Presidentanna@bankersadvisory.com  Effective for residential property appraisals with an effective data (date of inspection) on or after September 1, 2011, appraisal reports must be completed in compliance with the Uniform Appraisal Dataset (UAD).  The rule applies to all conventional mortgage loans sold to Fannie Mae or Freddie Mac. The UAD is a component […]

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  • Eligibility for Ginnie Mae Approval

    by Anna DeSimone, Presidentanna@bankersadvisory.com On May 18, 2011, the Government National Mortgage Association (Ginnie Mae) updated Chapter 7, Application for Approval as A Ginnie Mae Issuer, in Ginnie Mae’s Mortgage-Backed Securities Guide  5500.3, Rev. 1.    On the same date, Ginnie Mae revised Chapter 6 of the Handbook, Fees, which describes the fees the Issuer must […]

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  • Fannie Mae Clarifies and Updates Underwriting Guidelines

    by Sarah LagattollaDirector of Credit Risksarah@bankersadvisory.com Fannie Mae Mae has just issued an update to the Selling Guide (SEL-2011-04) that affects underwriting of loans as follows: Deferred Student Loans While it has been Fannie Mae’s policy to include payments for deferred student loans in the DTI, Fannie Mae has required verification of the payment amount.  […]

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  • 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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