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 Announces Increase in Higher-Priced Mortgage Loans Escrow Account Asset-Size Threshold
by: Anna DeSimoneDecember 30, 2013 the Consumer Financial Protection Bureau (CFPB) issued a final rule adjusting the asset-size threshold for certain creditors to qualify for an exemption from the requirement to establish an escrow account for a higher-priced mortgage loan under Regulation Z, which implements the Truth in Lending Act (TILA). The rule is effective […]
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CFPB Announces Increase in HMDA Asset-Size Exemption Threshold to $43 Million
by: Anna DeSimoneDecember 30, 2013 the Consumer Financial Protection Bureau (CFPB) issued a final rule adjusting the asset-size exemption threshold for banks, savings associations, and credit unions under Regulation C, which implements the Home Mortgage Disclosure Act (HMDA). The rule is effective as of January 1, 2014 and will apply to data collection in […]
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Fannie Mae Updates Lender-placed Insurance Requirements
by: Emily RossFannie Mae recently released updates to its lender-placed insurance requirements. These updates must be implemented by June 1, 2014. Servicers must work with their lender-placed, or force-placed, insurance providers to implement these changes by the required change date, but are encouraged to do so before this date. Fannie Mae has adopted the definition […]
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Arkansas Modifies Fair Mortgage Lending Act Provisions
by: Matthew DaileyOn January 10, the Arkansas Securities Department finalized amendments to the Rules of the Fair Mortgage Lending Act. The provisions are effective as of February 9, 2014. The following is a summary of the changes. RULE 5010-1 Licensee Duties-Servicing For new loans and transferred loans, payment instructions must be in the form and […]
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Wisconsin Enacts Provisions Regarding Mortgage Satisfaction and Real Estate Transfer Fees
by: Matthew DaileyThe state of Wisconsin enacted provisions relating to mortgage satisfaction and an exception to the real estate transfer fee. The bill replaces the old provisions with mortgage satisfaction provisions that are similar to the Uniform Residential Mortgage Satisfaction Act (URMSA). These provisions are effective immediately. Under the bill, a creditor who has a […]
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Inter-agencies Issue Statement on Supervisory Approach for QM and Non-QM loans
by: Anna DeSimoneDecember 13, 2013 the Board of Governors of the Federal Reserve System Federal Deposit Insurance Corporation National Credit Union Administration Office of the Comptroller of the Currency issued a Statement on Supervisory Approach for Qualified and Non-Qualified Mortgage Loans. The statement is provided below. The agencies are issuing this statement to clarify safety-and-soundness […]
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FHA Issues New Manual Underwriting Requirements
by: Anna DeSimoneDecember 11, 2013, HUD published in the Federal Register its final notice entitled, “Federal Housing Administration (FHA) Risk Management Initiatives: New Manual Underwriting Requirements.” The manual underwriting requirements are applicable for purchase transactions and all credit qualifying FHA refinance transactions. The effective date of the new manual underwriting requirements shall be announced by […]
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HUD Releases Qualified Mortgage Definition
by: Anna DeSimoneDecember 11 2013 the U.S. Department of Housing and Urban Development (HUD) released its final rule which defines a ‘Qualified Mortgage (QM)’ that is insured, guaranteed or administered by HUD. The final rule will be effective on January 10, 2014 and will apply to mortgages with a case number assignment on or after […]
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Iowa Amends Mortgage Filing and Transfer Rules
by: Louis Danastorg Senate File 445-Transfers of Real Estate and Filing of a Mortgage Release Certificate Effective immediately, Iowa’s General Assembly has amended Iowa’s Code relating to the execution, filing and recording of a mortgage release certificate. Application:The title guaranty division in the Iowa finance authority may execute and record a certificate of release in […]
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CFPB Updates its Rulemaking Agenda
by: Anna DeSimoneDecember 3, 1013 the Consumer Financial Protection Bureau (CFPB) posted a semi-annual update to its Rulemaking Agenda. A summary of the CFPB announcement is provided below: The fall 2013 agenda reflects that the CFPB is continuing to work on rulemakings mandated by the Dodd-Frank Act and significant issues in other major markets for […]