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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HUD Issues Trial Payment Plan as Loss Mitigation Option
March 18, 2015 the Department of Housing and Urban Development (HUD) issued Mortgagee Letter 2015-07, Trial Payment Plans Associated with HUD’s Loss Mitigation Loan Modification Options for Forward Mortgages. The purpose of the Mortgagee Letter is to communicate: • Requirements for plan duration, required signatures, and reporting for Trial Payment Plan (TPP) Agreements; and • […]
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Freddie Mac Issues Servicing Changes for Loan Modifications
March 17, 2015 Freddie Mac issued Bulletin 2015-3, Modification Changes to Freddie Mac Servicers. Following is the information from the Bulletin:To further enhance Freddie Mac modification options, this Single-Family Seller/Servicer Guide (“Guide”) Bulletin updates the Guide to require Servicers to offer the Freddie Mac Streamlined Modification to Borrowers with Step-Rate Mortgages who become 60 days […]
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Fannie Mae Issues Loan Level Pricing Adjustment Update
March 17, 2015 Fannie Mae released Selling Notice: LLPA Matrices Update. The information contained on the notice is provided below:On November 10, 2014, Fannie Mae released Announcement SEL-2014-13, Selling Guide Updates, and announced changes to the policy that pertains to how loan-level price adjustments (LLPAs) are applied to mortgage loans with more than one borrower, […]
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CFPB Report Outlines Legal Violations Uncovered by Supervision
The CFPB has published Supervisory Highlights which summaries compliance violations uncovered by the bureau’s supervision. Please click on the link to view the full 20-page report. http://www.consumerfinance.gov/reports/supervisory-highlights-winter-2015/ Within the detailed section concerning mortgage origination, a key violation pertained to “an effective compliance management system.” A recommended component includes a compliance audit program. Bankers […]
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FHLB Updates Mortgage Partnership Finance Xtra Underwriting Guidelines
March 11, 2015, The Federal Home Loan Bank Mortgage Partnership Finance (MPF) program issued MPF Xtra® PFI Notice 2015-1. The notice was effective on March 11, 2015 unless otherwise noted and pertained to the PFI MPF® Program Management, Origination Management, and Underwriting Management. The Notice included the following statement: The MPF Xtra Manual and the […]
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Fannie Mae Updates Rules for Condos and Borrowers Without Credit Scores
February 24, 2015 Fannie Mae released Ann. SEL-2015-02, Selling Guide Update. The Selling Guide has been updated to include changes to the following:• Clarifications of Project Standards Policies • Reorganization of Co-op Topics • Updated Effective Dates for Pricing and Credit Score Delivery in Announcement SEL-2014-13• Lender Breach of Contract Miscellaneous Selling Guide UpdatesEach of the updates is described […]
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HMDA Compliance News
February 18, 2015, the Federal Financial Institutions Examination Council (FFIEC) published the January 2015 HMDA-CRA Newsletter. Earlier this month on February 9th, the FFIEC’s HMDA site updated the Geocoding System with the 2015 Census boundary definitions. Exemption thresholdAs announced by the CFPB on December 29, 2014, the 2015 exemption threshold for depository institutions was changed […]
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Freddie Mac Updates Selling and Servicing Rules
February 17, 2015 Freddie Mac issued Bulletin 2015-2: Selling and Servicing. This Single-Family Seller/Servicer Guide (“Guide”) Bulletin announces: Selling and Servicing topics Updates to Guide Forms 16SF, Annual Eligibility Certification Report, and 1107SF, Seller/Servicer Change Notification Form, to help Freddie Mac better understand its Seller/Servicers• A new requirement that Seller/Servicers review the Federal Housing Finance Agency […]
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Fannie Mae Launches Collateral Underwriter and Appraiser Quality Monitoring
By Anna DeSimone February 4, 2015, Fannie Mae published Lender Letter LL-2015-02: Appraisal Tools, Processes and Policies. The purpose of the Lender Letter is to provide clarifications and additional information regarding Fannie Mae’s valuation-related tools and policy updates announced within the past 12 to 18 months. These include Collateral Underwriter™ (CU™), Appraiser Quality Monitoring (AQM), […]
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Fannie Mae Updates Appraisal Underwriting Rules
By Anna DeSimoneFebruary 4, 2015, Fannie Mae published Lender Letter LL-2015-02: Appraisal Tools, Processes and Policies. The purpose of the Lender Letter is to provide clarifications and additional information regarding Fannie Mae’s valuation-related tools and policy updates announced within the past 12 to 18 months. These include Collateral Underwriter™ (CU™), Appraiser Quality Monitoring (AQM), and […]