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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CFPB Issues Private Mortgage Insurance Cancellation & Termination Guidance
By Anna DeSimone August 4, 2015 the Consumer Financial Protection Bureau (CFPB) issued a bulletin providing guidance to mortgage servicers regarding the cancellation and termination of private mortgage insurance. The bulletin explains certain requirements of the Homeowners Protection Act and is intended to help servicers comply with the law. The CFPB has identified substantial industry […]
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Texas Adopts Provisions Regarding Basic Manual for the Writing of Title Insurance
By Matthew Dailey, J.D.July 27, 2015 The Texas Department of Insurance adopted amendments to the Basic Manual of Rules, Rates and Forms for the Writing of the Title Insurance in the State of Texas. The amendments create an addendum to the Closing Disclosure form under Regulation Z. These provisions are effective on August 1, 2015.28 […]
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Fannie Mae Announces DU Changes for Government Loans
By Anna DeSimoneJuly 23, 2015 Fannie Mae published DU Release Notes: DU for Government Loans Release Notes September 2015. The announcement is reproduced below: During the weekend of September 12, 2015, Desktop Underwriter for government loans will be updated to include the changes below: Implementation of the October 2014 changes Changes to comply with FHA’s […]
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CFPB Finalizes TRID Two Month Extension
By Anna DeSimone On July 21, 2015, the Consumer Financial Protection Bureau (CFPB) issued a final rule moving the effective date of the Know Before You Owe mortgage disclosure rule, also called the TILA-RESPA Integrated Disclosures rule, to October 3, 2015.The rule requires easier-to-use mortgage disclosure forms that clearly lay out the terms of a […]
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Rhode Island Amends Banking Regulation 6
By Marlana Melendez, J.D. The Department of Business Regulation adopts the following amendment to Banking Regulation 6. The amendment applies to Lenders, Loan Brokers, and Small loan lenders as defined by the Rhode Island General Laws. Additionally, this amendment adds provisions regarding net branching, insurance claim check agents, mortgage loan originators, financial responsibility and criminal […]
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Freddie Mac Updates Credit and Underwriting Rules
By Anna DeSimone July 15, 2015, Freddie Mac published Bulletin 2015-12, Selling Guide Updates. Highlights of the Bulletin are provided:Credit and Underwriting Topics: Maximum Number of Financed Properties Use of Income from Investment Properties Minimum monthly payment required to be included in the DTI when student loans are deferred or in forbearance Interested party contributions […]
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FHLB Mortgage Partnership Program Issues Reminder for TRID Compliance
By Anna DeSimoneJuly 13, 2015, the Federal Home Loan Bank (FHLB) issued PFI Advisory 7-13-15 entitled: The MPF Program Reminds PFIs to be Prepared for the TILA-RESPA Integrated Disclosure Rule, Coming Soon. Even though the CFPB is considering a new effective date for the TILA-RESPA Integrated Disclosure rule (“Rule”), the time to comply with the […]
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FHA Updates Servicing Handbook
By Anna DeSimoneJuly 7, 2015 HUD published FHA Info #15-54, News and Updates. The update referenced the June 24th announcement (FHA Info #15-50) which announced the publication of the Servicing and Loss Mitigation (Servicing) for Title II Forward Mortgages and the Servicer Tier Ranking System II (TRS II) sections of HUD’s Single Family Housing Policy Handbook […]
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An Act Regarding Maine’s Power of Sale Foreclosure Law
By Linaldo Donovan-Green On June 5, 2015, the Maine Legislature enacted new amendments to Power of Sale Foreclosure Law. The following “power” is a statutory power in written into a mortgage which is triggered upon any default in the performance of a mortgage. Under the provision, a mortgagee may foreclose and sell encumbered real estate […]
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FDIC Issues Interagency Compliance Examination Procedures for TRID
June 30, 3014 the FDIC released Financial Institution Letter 27-2015.The letter provides a large number of resources and links to the updated Compliance Examination Manual. The revised interagency examination procedures pertain to the new Truth in Lending Act (TILA) – Real Estate Settlement Procedures Act (RESPA) Integrated Disclosure Rule (TRID Rule), as well as amendments […]