More about Anna DeSimone
Anna DeSimone founded Bankers Advisory in 1986 and is a nationally recognized authority in residential mortgage lending. She has received numerous industry awards and has authored more than 40 best practices guides and hundreds of articles.
Blog Posts by Anna DeSimone:
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Freddie Mac Announces Affordable Housing Preservation and Rural Housing Initiatives
Featuring Community Land Trusts and Allowances for Sweat Equity September 28, 2018, Freddie Mac issued Bulletin 2018-16, Duty to Serve Affordable Housing Preservation and Rural Housing. Key points of the bulletin are summarized below. In its Duty to Serve plan, Freddie Mac committed to increasing support for very low-, low- and moderate-income families in three historically […]
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Fannie Mae Will Consider Appraisal Waiver in Rural High-Needs Areas
Home Inspection Alternative Issued Through Desktop Underwriter® For certain home purchase transactions in rural high-needs areas, Fannie Mae may offer to waive the appraisal in exchange for a mandatory home property inspection. The rural high-needs appraisal waiver seeks to help low- to moderate-income borrowers avoid unanticipated, potentially high-cost, post-purchase repairs. This offer will be considered […]
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Freddie Mac Launches “Borrower of the Future” Campaign
The campaign aims to improve the housing finance system and better serve the next generation of homeowners May 21, 2018, Freddie Mac announced the launch of “Borrower of the Future” campaign to help mortgage originators better understand and address the evolving needs of the next generation of consumers driving housing demand. Freddie Mac will deliver […]
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Fannie Mae Now Permits Lenders to Contribute toward Borrower Closing Costs
April 3, 2018 Fannie Mae Issued Selling Guide #2018-03 clarifying lender-sourced contributions to fund closing costs and prepaid fees. Lenders may take advantage of the change immediately. Below are the key points of the announcement: A lender-sourced contribution may not be: Used to fund any portion of the down payment; Subject to repayment requirements, or […]
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Preferred Language Question to be Added to New Uniform Residential Loan Application
October 20, 2017, Federal Housing Finance Agency (FHFA) announced its decision to add a preferred language question to the new Uniform Residential Loan Application (URLA). This question will enable borrowers who prefer to communicate in a language other than English to identify that language. It also provides clear disclosures that the mortgage transaction is likely […]
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Freddie Mac Announces Credit Underwriting Changes
September 14, 2017, Freddie Mac issued Guide Bulletin 2017-20, announcing updates to several topics in the Single-Family Seller/Service Guide. This article includes a detailed description of changes pertaining to Credit Underwriting and a brief summary of other changes announced in the Bulletin. Assets as a basis for repayment of obligations The changes include, but are […]
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Equifax Provides Tool for Consumers to Check Impact of Security Breach
September 7, 2017, Equifax Inc. announced a cybersecurity incident potentially impacting approximately 143 million U.S. consumers. Criminals exploited a U.S. website application vulnerability to gain access to certain files. Based on the company’s investigation, the unauthorized access occurred from mid-May through July 2017. The company has found no evidence of unauthorized activity on Equifax’s core […]
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FHA Issues Quick Reference Guide for its Quality Control Loan Review System
On August 24, 2017, the Federal Housing Administration (FHA) issued FHA Info #17-32 to announce the availability of a Quick Reference Sheet that outlines instructions regarding the agency’s Quality Assurance Loan Review System (LRS). Lenders use LRS to interact with FHA on the majority of Title II Single Family quality control processes, including: Various Post-Endorsement […]
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Freddie Mac Elevates Automated Collateral to Include Purchase Transactions
August 23, 2017, Freddie Mac issued Guide Bulletin 2017-13, announcing the expansion of the Automated Collateral Evaluation (ACE) program. Key points of the bulletin are provided below. On August 18, the Enterprise announced ACE, which provides Freddie Mac sellers with the option to waive appraisal requirements for certain Loan Product Advisor® Mortgages. The ACE option […]
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Fannie Mae Now Offering Property Inspection Waivers on Purchase Transactions
August 18, 2017, Fannie Mae released the Desktop Underwriter/Desktop Originator Release Notes, announcing that purchase transactions will now be eligible for consideration to receive Property Inspection Waiver (PIW) offers. The enhancements will apply to DU Version 10.0 and DU Version 10.1 loan casefiles submitted or resubmitted on or after August 19, 2017. Key points of […]