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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Illinois Amends Mortgage Licensing and Residential Foreclosure Laws
by: Nicole LegereAmendments to the Residential Mortgage License Act Illinois recently amended the Residential Mortgage License Act of 1987 with changes to sections 1-3 and 4-2, and also by adding section 7-15. These changes address requirements for exempt company registration under the Residential Mortgage License Act of 1987, and allow for the sponsorship of individual […]
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New Hampshire Amends Provisions Regarding General Consumer Credit Laws
by: Amanda NicholsonThe state of New Hampshire has made changes to the laws governing mortgage bankers, mortgage brokers, loan servicers and services offered to consumers. The amendments apply to obtaining a broker or banker license and maintaining copies of documents. These amendments have also repealed the provisions limiting an individual from working as a mortgage […]
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Texas Amends Statutes Regarding Loan Officers and Licensing Fees
by: Matthew DaileyThe state of Texas recently adopted changes under the Texas Finance Code which grants rulemaking authority to the Finance Commission of Texas. The amendments concern mortgage loan originators and bankers and the licensing regulations that affect them. These amendments are effective as of September 15, 2013. 7TAC§§80.100, 80.103, 81.100, 81.103 – Licensing Any person […]
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CFPB Releases Second Update of Exam Procedures for Mortgage Rules
by: Anna DeSimoneAugust 15, 2013 the Consumer Financial Protection Bureau (CFPB) released a second update to its exam procedures in connection with the new mortgage regulations issued in January 2013. These updates cover the Ability-to-Repay/Qualified Mortgages, high-cost mortgages, and appraisals for higher-priced mortgage loans, as well as new amendments related to the escrows rule. The […]
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VA Increases Net Value Percentage
by: Sarah Lagattolla August 9, 2012 the Department of Veteran Affairs has announced that the percentage used to determine Net Value for properties will increase to 14.95%. The change will take place effective October 8, 2013. The Net Value is a key component in the formulas for determining whether a loan holder has the option […]
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CFPB Updates QM and ATR Small Entity Compliance Guide
by: Anna DeSimoneAugust 14, 2013 the CFPB updated its Small Entity Compliance Guide to the Ability to Repay and Qualified Mortgage Rule. The Bureau updated this guide to reflect finalized changes to the rule. The revisions amend the final rule issued January 10, 2013,which is set to take effect on January 10, 2014.Notable changes impacting […]
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Connecticut Enacts Provision for Private Transfer Fees
by: Louis Danastorg An Act Concerning Private Transfer Fees – CT Senate Bill 859 Connecticut recently enacted provisions concerning private transfer fees, Senate Bill 859, which redefines private transfer fees and invalidates the practice of imposing private transfer fee obligations against titles of real property. Under the new provisions, any fee payable at the […]
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Nebraska Changes Loan Broker Provisions and Amends Residential Mortgage Licensing Act
by: Louis Danastorg Legislative Bill 279-Loan Brokers Earlier this year Nebraska made changes to its state laws relating to loan brokers. Typically, loan broker describes any person that in anticipation of compensation from a borrower arranges for a loan and assists with the loan application process. Loan brokers are employed as agents that solicit […]
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New York Issues Banking Law Guidance for Subprime Loans
by: Nicole LegereThe New York Department of Financial Services (the Department) has issued additional guidance on the interpretation of state banking law. This is in response to recent readings of section 6-m of the New York Banking Law, which have resulted in a number of loans being incorrectly deemed sub-prime. Under section 6-m, a sub […]
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North Carolina Provides Alternative Procedure for Satisfaction of Security Interest
by: Louis DanastorgRecently North Carolina’s General Assembly introduced and ratified an alternate procedure for satisfaction of security interests-effective July 1, 2013. The revisions provide for the use of a satisfaction agent, who would be authorized to record an affidavit of satisfaction when he or she had reasonable belief the secured obligation had been paid or […]