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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Fannie Mae Updates Selling Guide
by Anna DeSimone, President On November 10, 2014 Fannie Mae issued SEL-2014-13. Outlined below is the complete announcement published by Fannie Mae. The Selling Guide has been updated to include changes to the following: • Project Standards Policy Updates • Fidelity/Crime and Liability Insurance for Certain Projects• Cash-Out Refinance Transactions – Maximum LTV, CLTV, and […]
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Fannie Mae Announces 97 Percent LTV Option for First Time Homebuyers
by Anna DeSimone, President December 8, 2014, Fannie Mae announced an option for qualified first-time homebuyers that will allow for a down payment as low as three percent. Building upon Fannie Mae’s successful lower down payment program offered through state Housing Finance Agencies, the 97 percent loan-to-value ratio (LTV) option will expand access to credit […]
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Freddie Mac Launches 3 Percent Down Payment Mortgages
by Anna DeSimone, President December 8, 2014, Freddie Mac launched Home Possible Advantage, an affordable conforming, conventional mortgage with a three percent down payment requirement designed to make responsible homeownership accessible to more first-time buyers and other qualified borrowers with limited down payment savings.In an effort to increase access to mortgage credit, this Single-Family Seller/Servicer […]
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CFPB Finalizes Minor Changes to Mortgage Rules to Ensure Access to Credit
By Anna DeSimone, President Changes Will Assist Nonprofits and Allow for Refunds of Excess Points and Fees for Qualified Mortgages October 22, 2014, the Consumer Financial Protection Bureau (CFPB) today finalized minor adjustments to its mortgage rules to ensure access to credit. The adjustments, which were proposed in April, include two changes that will help […]
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Banking Agencies Issue Final QRM Risk Retention Final Rule
By Anna DeSimone, PresidentOctober 21, 2014, the Federal Reserve, Federal Deposit Insurance Corporation (FDIC), Federal Housing Finance Agency (FHFA), Department of Housing and Urban Development (HUD), Office of the Comptroller of the Currency (OCC) and Securities and Exchange Commission (SEC) issued a final rule implementing the credit risk retention requirements of Section 15G of the […]
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CFPB Finalizes Rule to Promote More Effective Privacy Disclosures
By Anna DeSimone, PresidentOctober 20, 2014 the Consumer Financial Protection Bureau (CFPB) finalized a rule to promote more effective privacy disclosures from financial institutions to their customers. The new rule, which was proposed in May, allows companies that limit their consumer data-sharing and meet other requirements to post their annual privacy notices online rather than […]
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Freddie Mac Revises Miscellaneous Eligibility and Property Requirements
by Anna DeSimone October 15, 2014, Freddie Mac issued Bulletin 2014-18: Selling Updates. This Single-Family Seller/Servicer Guide (“Guide”) Bulletin announces: Revisions to Freddie Mac’s Mortgage eligibility and credit underwriting requirements to:1. Update Freddie Mac’s Home Possible® Mortgages offering2. Update eligibility requirements and provide guidance applicable to Higher-Priced Covered Transactions (HPCTs) and Higher-Priced Mortgage Loans (HPMLs)3. […]
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Freddie Mac Updates Third Party Verifications
by Anna DeSimone, PresidentOctober 15, 2014, Freddie Mac Issued October 15, 2014, Freddie Mac issued Bulletin 2014-18: Selling Updates. This Single-Family Seller/Servicer Guide (“Guide”) Bulletin announced a range of updates that are itemized in another Compliance Monitor newsletter. Outlined below are the Freddie Mac Selling Guide changes: 37.20: General requirements for verifying documents (10/15/14) To […]
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CFPB Issues Bulletin Regarding Mortgage Servicing Transfers
By Anna DeSimone August 19, 2014 the Consumer Financial Protection Bureau (CFPB) released a bulletin outlining expectations for mortgage servicers that transfer loans. The bulletin includes information on how mortgage servicers should pay special attention to new rules protecting consumers applying for loss mitigation help or trial modifications. The bulletin gives examples of some things […]
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Fannie Mae Updates and Clarifies Quality Control Requirements
by: Anna DeSimone July 29, 2014 Fannie Mae issued SEL-2014-10, “Selling Guide” updates. The update included changes to the following: Significant Derogatory Credit Events Property Insurance Requirements Lender Quality Control Policy Updates and Clarifications Notification Requirements for Misrepresentation or Breach of Selling Warranty and Fraud MBS Buyup and Buydown Ratio Grids Incorporation of Announcement SEL-2014-08, Fannie […]