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:
-
State of Virginia Modifies Provisions Regarding Recorded Writings
by: Louis DanastorgVirginia has amended its provisions relating to the form and effect of deeds, deeds of trust, and the recordation of deeds and deeds of trust. Section 17.1-223: Duty of Clerk to Record Writing and Make IndexWritings authorized by law to be recorded shall be recorded with all its certificates by or under the […]
-
West Virginia Revises Notary and Consumer Credit Protection Provisions
by: Louis Danastorg West Virginia Revises Provisions Regarding Consumer Credit ProtectionHouse Bill 4360 West Virginia has amended and reenacted provisions in section 46A article 2 relating to conduct that constitutes unfair or unconscionable conduct when collecting or attempting to collect a debt. Unfair or unconscionable conduct now includes: a) Seeking or obtaining any written statement or […]
-
New York Amends Meaning of Sub-Prime Terms
by: Nicole LegereThe New York Department of Financial Services recently amended several provisions of the sub-prime banking law in an effort to update specific terms relative to sub-prime home loans. Specifically, the amendments addressed the definition of the terms “week,” “good faith estimate” and “commitment” which are found in Part 43. Each of these terms […]
-
Washington Amends Statute of Limitations and adds New Provisions
by: Nicole LegereThe state of Washington amended several existing provisions by clarifying the statute of limitations. Additionally, two sections were added to establish new requirements for the protection of information and submission of reports. The first section verifies that information remains covered under privacy laws after being disclosed to the Director of the Department of […]
-
District of Columbia Amends Rules Regarding the Foreclosure Mediation Program
by: Lee GreenbergThe District of Columbia Department of Insurance, Securities and Banking recently amended its rules regarding the foreclosure mediation program. The amended rules clarify the operation of the foreclosure mediation program which assists homeowners and provides, where appropriate, an alternative to foreclosure. The rules can be found at Chapter 27C of Title 26 of […]
-
Maine Modifies Provisions to Facilitate the Multistate Licensing Process
by: Lee GreenbergThe state of Maine recently modified several provisions of the Maine Consumer Credit Code (S.P. 643 and 678) to facilitate the multistate licensing process. The modified provisions are effective on July 15, 2014 (or 90 days after legislative adjournment). Under the new legislation, the administrator must receive and act on all applicants for […]
-
Freddie Mac Issues Clarifications and Guidance for Rural Markets
by: Anna DeSimoneApril 1, 2014, Freddie Mac Issued Bulletin 2014-5: Properties Located in Rural Market Areas. The bulletin highlights Freddie Mac’s property and appraisal requirements and was issued in response to a Federal Housing Finance Agency directive to Freddie Mac to provide certain clarifications and guidance regarding property and appraisal requirements for properties located in […]
-
Fannie Mae Issues Reminders for Loan Servicing Compliance – Recap of STAR Rating
by: Anna DeSimoneMarch 28, 2014 Fannie Mae issued Servicing Notice: Late or Inaccurate Mortgage Loan Reporting announcing that effective May 1, 2014, Fannie Mae will begin issuing warning letters to and assessing compensatory fees on servicers that submit late or inaccurate reports.Currently, Fannie Mae sends a Failed Business Rules Report to a servicer that fails […]
-
OCC Issues Asset Based Lending Booklet
by: Anna DeSimone March 27, 2014 the Office of the Comptroller of the Currency (OCC) issued its “Asset-Based Lending” booklet, which is new to the Comptroller’s Handbook. The OCC’s “Asset-Based Lending” booklet provides guidance to examiners and bankers regarding Asset-Based Lending (ABL) activities and risks, prudent credit risk management and underwriting expectations, credit administration, […]
-
Lending Compliance Updates for State of Virginia
by: Emily Ross Mandatory Flood Insurance Amounts Limited On March 17, 2014 the Virginia General Assembly approved a change limiting flood insurance requirements by lenders. Previously, the Code of Virginia (6.2-412) stated that lenders cannot require a borrower to maintain property insurance coverage in an amount greater than the replacement value of the improvements that […]