Residential Mortgage

Residential Mortgage

Compliance Monitor
  • 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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  • Key Points to Fannie Mae’s Loan Quality Initiative

    Dear Reader, This article summarizes Fannie Mae’s March 2010 Selling Guide Update regarding their Loan Quality Initiative.   New steps and other QC changes are described in the sections below.     Fannie Mae’s post-funding requirements for Quality Control are relatively consistent with prior directives.  Here’s the difference:   lenders must be vigilant in carrying out their quality control plan.   QC […]

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  • Red Flag Rules from FTC and Fannie Mae

    Dear Reader, Rachel Horman, Esq., one of Bankers Advisory’s staff attorneys and our resident expert on Consumer Credit and Information Security, has authored the following article. To discuss how Bankers Advisory can help your organization monitor compliance, contact me at anna@bankersadvisory.com.                                                                                 Anna DeSimoneRed Flag Rules from FTC & Fannie Mae                          by Rachel Horman, Esq.                           […]

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  • Proposed Changes to Truth-in-Lending

    Dear Reader, Marissa Aquila, Esq., one of Bankers Advisory’s staff attorneys and our resident Truth-in-Lending expert, has authored the following article as a preview of Reg Z changes.  To discuss how Bankers Advisory can help your organization monitor compliance, contact me at anna@bankersadvisory.com.                                                    Anna DeSimone Proposed Changes to Truth-in-Lending               by Marissa Aquila, Esq.              Staff Attorney, marissa@bankersadvisory.com […]

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  • Urgent Announcement

    All mortgage brokers & lenders must have a Massachusetts Electronic Security Plan in place by March 1st, 2010 Pursuant to the authority granted under M.G.L. c 93H, the Massachusetts Office of Consumer Affairs and Business Regulation retroactively promulgated 201 CMR 17:00, a law requiring all financial organizations to have a written plan to protect personal […]

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  • RESPA – The First 10 Days – Monday, January 11, 2010

    Christopher Cruise, a nationally-known RESPA expert & trainer will be presenting live from Bankers Advisory’s offices in Belmont MA on Monday, January 11th from Noon to 4 p.m. This seminar we’ll address implementation challenges and highlight your concerns such as the service providers list, borrower acknowledgement forms, fee breakdown worksheets, etc. Registration is $350 “per […]

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