Residential Mortgage

Residential Mortgage

Compliance Monitor
  • 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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  • Special Announcement: Compliance Webinars for Mortgage Industry

    Bankers Advisory has scheduled a series of compliance training webinars that are being offered to both our clients and the mortgage industry at large. Bankers Advisory’s Associate Counsel and Director of Educational Services, Dani Krasner, J.D. and our Vice President and Senior Counsel, Marissa Aquila Blundell, Esq. have developed outstanding power point presentations on today’s […]

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  • 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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