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 Confirms Qualified Mortgage Rule Begins January 10th
by: Anna DeSimoneDespite letters from numerous trade associations, signatures from 117 members of Congress and 20 Senators strongly asking for a delay to the QM Rule, the CFPB has not issued any direct statements to lenders. The following letter was issued to the general public by Richard Cordray at 3 p.m. on Friday, December 6, […]
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Arkansas Amends Provisions Regarding Notarial Acts
by: Matthew DaileyThe Arkansas Secretary of State amended its provisions regarding notarial acts in the state. Under a 2013 Bill, Reg. 116.00.13 introduces the implementing of a system allowing for the electronic notarization of documents by a notary specifically commissioned to electronically notarize documents in the State of Arkansas. These provisions became effective on November […]
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FHFA Announces Overhaul of Fannie Mae and Freddie Mac Mortgage Insurance Master Policy Requirements
by: Anna DeSimoneDecember 2, 2013 the Federal Housing Finance Agency (FHFA) announced that Fannie Mae and Freddie Mac have completed the first major overhaul of mortgage insurance master policy requirements in many years. FHFA’s 2013 Conservatorship Scorecard calls for Fannie Mae and Freddie Mac to develop aligned requirements for master policies. Through this ongoing effort, […]
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Iowa Amends Banking and Financial Services Laws
by: Louis Danastorg Senate Bill 181: Relating to Matters under the Purview of the Banking Division of the Department of Commerce Recently, Iowa’s General Assembly enacted amendments and revisions to specific code provisions relating to public funds, state banks, debt management services, the Uniform Money Services Act, currency exchanges, delayed deposits, mortgage licensing, professional […]
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CFPB Finalizes “Know Before You Owe” Mortgage Forms
by: Anna DeSimoneNovember 20, 2013 the Consumer Financial Protection Bureau (CFPB) issued a rule requiring mortgage lenders to provide borrowers with two new mortgage disclosure forms that will replace the existing Initial Truth in Lending disclosure, the Good Faith Estimate and the Final Truth in Lending Disclosure. The final rule takes effect on August 1, […]
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HUD Issues Lender Self-Reporting Requirements
by: Anna DeSimone On November 13, 2013, HUD issued ML 2013-41. The Mortgagee Letter clarifies the self-reporting requirements of all Single Family FHA-approved lenders, including: What must be reported to FHA Timeframe for lenders’ internal reporting to senior management Timeframe for lenders’ external reporting to FHA; How findings should be reported to FHA; FHA’s review […]
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CFPB Clarifies Mortgage Servicing Rules
by: Anna DeSimoneOn October 15, 2013 the Consumer Financial Protection Bureau (CFPB) released a bulletin and interim final rule to provide greater clarity to the market concerning mortgage servicing rules that take effect in January 2014 in an effort to resolve interpretive issues prior to the January implementation. The clarifications address communications with borrowers, including […]
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HUD Clarifies Loss Mitigation During Foreclosure Process
by: Anna DeSimoneNovember 1, 2013 HUD issued Mortgagee Letter 2013-40 to clarify the Department’s requirements delineated in 24 CFR 203.502 and to communicate expectations for servicers who are engaging in loss mitigation during the foreclosure process. Mortgagees must implement the requirements in this Mortgagee Letter by January 1, 2014.The policies set forth in the Mortgagee […]
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OCC Issues Guidance for Third Party Vendor Management
by: Anna DeSimoneOctober 30, 2013 the Office of the Comptroller of the Currency (OCC) issued updated guidance on third-party risks and vendor management. The guidelines note eight specific areas where banking institutions are expected to make improvements to their vendor management programs related to third-party relationships. Risk Management Guidance The OCC recommends banking institutions better […]
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Texas Amends Application Procedures and Adopts Consumer Loan Rules
by: Matthew DaileyThe Finance Commission of Texas adopted amendments to 7 TAC §§2.101 – 2.105 and new §2.201 and §2.202, concerning residential mortgage loan originators applying for licensure with the Office of Consumer Credit Commissioner (OCCC) under the Secure and Fair Enforcement for Mortgage Licensing Act. Also, the commission has adopted §83.606, regarding Maximum Term […]